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Melbourne attracts wealthy inve...

Melbourne attracts wealthy investors

Investors looking to purchase high-value properties are increasingly considering the city of Melbourne, according to new data.

Investors looking to purchase high-value properties are increasingly considering the city of Melbourne, according to new data.

Figures from RP Data reveal the number of properties in the region selling for more than $2 million has increased substantially as people seek to cash in on the booming market.

RP Data's Robert Larocca explained the number of properties sold in the Victoria capital that are worth more than $2 million is still below the levels seen in 2008 but they are still on the rise.

In 2008, 1.54 per cent of all sales were for homes worth $2 million, last year this percentage was 1.43 per cent.

The top suburbs in terms of value are Brighton, Toorak and Kew as wealthy buyers continue to be attracted to the wide range of property for sale in these key areas.

Recent figures from Fairfax Media show that compared to income, the price of buying property in Melbourne is 2.5 times higher than it was in 1964.

Posted by Ravin Chatlani.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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