The affordable neighbourhoods starting to shine in the property market downturn
- melbournepropertyh
- Jul 4, 2022
- 1 min read
Home values are much higher than a year ago in a string of affordable outer suburbs of Sydney and Melbourne despite both cities leading the recent market slowdown, new figures show.
But some local agents have a cautious outlook, saying their local markets have started to cool recently as interest rates rise.
In Sydney, the highest growth over the past 12 months has been in pockets of the Hills District, south-west, Central Coast and Blue Mountains, CoreLogic’s latest Home Value Index released on Friday found.
For Melbourne, many of the top gains have been in the outer south-east and outer west, along with the more expensive Mornington Peninsula and the recovering CBD.
Absent from the list are other sought-after areas, often by the beach, which boomed during the earlier days of the pandemic and the shift to remote working. Their stellar price growth has not been sustained at the same pace, leaving cheaper locations to catch up – although this may not last.
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