By 2020, the average home will cost $1.3 million, according to a report from property consultancy Zillow.
While that is a significant drop, it is a drop in the ocean for the median house price of $1 million in Melbourne.
The report also found that average rental prices in Melbourne have been falling for a decade.
In the last year, Melbourne’s median rent rose by 5.6 per cent, but it was the lowest increase in more than 20 years.
That is despite the recent interest in renting.
“We are in a transition period where people are looking to move out of central areas to be closer to their families, particularly young families,” said Zillower’s senior property analyst Chris Hill.
“The housing market is getting a little bit older.
We are also seeing a shift in the type of homes people want to buy.”
The market has also been quite slow to come to grips with the rise in house prices.
There are many factors that contribute to that.
Zillowing predicts house prices will continue to rise, and by 2035, there will be around one million more homes in Melbourne than there were in 2015. “
It’s a mix of factors: more people looking to buy, a greater amount of supply, more young people buying in, and the growth of the residential real estate market.”
Zillowing predicts house prices will continue to rise, and by 2035, there will be around one million more homes in Melbourne than there were in 2015.
The peak in Sydney was in 2019, but has since levelled off.
Meanwhile, Melbourne is currently the most expensive capital in the world to live in, according the Zillows report.