According to a report by The Herald Sun on May 1, the median price of a house in Melbourne has been surpassed by Brisbane for the first time in more than a decade, and if the current house price growth trend continues until 2025, Adelaide's house prices will also surpass Melbourne.
Experts warn that investors are leaving Victoria in droves in the face of one of the highest property taxes in Australia.
(Image source: Herald Sun)
PropTrack's latest Home Price Index reveals monthly and annual growth in each capital city as of April this year, with a typical home in Brisbane costing $818,000, surpassing Melbourne for the first time since 2010.
PropTrack revealed that the median home price in Melbourne is $805,000, with an annual growth rate of just 1.1%.
The Herald Sun predicts that standard property in Adelaide and Perth could also surpass Melbourne in 2025 if house prices continue to grow at an annual rate of 13.99 per cent and 20.16 per cent respectively, based on data from PropTrack.
(Image source: Herald Sun)
澳洲城市发展研究所（Urban Development Institute of Australia，简称UDIA） 维州首席执行官Linda Allison表示，维州投资者面临的房地产税负担令人望而却步。
"Our property taxes are among the highest in the country," she said. "Some people in the market may be looking elsewhere to invest in property because Victoria's environment is so tough. She added that higher taxes, such as stamp duty, windfall tax, foreign investor surcharges and high interest rates, have affected investor confidence.
"Consumers are also actually facing a crisis of confidence because interest rates are high and there aren't a lot of new options to choose from, making it difficult for consumers to take the first step," Allison said. "Especially for parent investors, they may be looking elsewhere because the tax environment is more favorable. ”
(Image source: Herald Sun)
Nelson Alexander's director Nicholas West said the Victorian government's post-pandemic measures, such as the Covid Debt Repayment Scheme, have shaken buyers' confidence.
He said: "Victoria has implemented a lot of measures that other states haven't done, and it's having an impact, and there's no doubt that there's a lagged effect of Covid. But he predicts that Melbourne will react better than many other states once interest rates fall.
"Given everything we have to offer as an international city, it's impossible for Melbourne to be at the low end of the median price of house sales, absolutely impossible," he said. "I think we're going to get into a recovery phase where we're going to see growth come back again. ”
PropTrack economist Eleanor Creagh said property investors whose main purpose is the pursuit of capital appreciation may be shy away from buying a home in Melbourne.
She added that there had been a clear shortage of listings for sale in Adelaide, Perth and Brisbane over the past year, with strong demand from buyers.
Eleanor Creagh (Credit: Herald Sun)
While every state faces serious housing affordability issues, Victorian Real Estate Association president Jacob Caine said Victoria is still leading the way in new home construction compared to the rest of the country.
"Although our supply problems are still severe, it's not that bad, which is why we're seeing a much more gradual increase in median home prices," he said. "Even though our rents are rising, we still present a more affordable outlook compared to a less populated city like Brisbane. ”