Melbourne is becoming an increasingly popular choice for those looking for Australian property.
Those looking for Australian property investments are increasingly looking to areas such as Melbourne, Perth and Adelaide, an expert has suggested.
Turi Condon, writing for the Australian, has claimed that Brisbane and Sydney have fallen out of favour due to rising prices and high city costs.
As a result of this trend, raw land prices in Melbourne have increased considerably and a number of developers are seeking new sites in Victoria and a number of regional centres in the state of Queensland.
Mr Condon added: "Developers do not seem fazed that worsening affordability may crimp demand in Victoria. There will be some respite, with the state government widening the city's urban growth boundaries."
He concluded that developers are turning away from traditional choices in favour of better short-term profit centres.
Recent figures published by Australian Property Monitors have shown that top-end Australian properties in Sydney take longer to sell, with the Sydney Morning Herald reporting that it takes an average of 85 days on the market before the deal is done.
Posted by Steve Douglas
Those looking for Australian property investments are increasingly looking to areas such as Melbourne, Perth and Adelaide, an expert has suggested.
Turi Condon, writing for the Australian, has claimed that Brisbane and Sydney have fallen out of favour due to rising prices and high city costs.
As a result of this trend, raw land prices in Melbourne have increased considerably and a number of developers are seeking new sites in Victoria and a number of regional centres in the state of Queensland.
Mr Condon added: "Developers do not seem fazed that worsening affordability may crimp demand in Victoria. There will be some respite, with the state government widening the city's urban growth boundaries."
He concluded that developers are turning away from traditional choices in favour of better short-term profit centres.
Recent figures published by Australian Property Monitors have shown that top-end Australian properties in Sydney take longer to sell, with the Sydney Morning Herald reporting that it takes an average of 85 days on the market before the deal is done.
Posted by Steve Douglas
