Although it still currently holds a lower median house price, Melbourne exceeds Sydney when it comes to home value growth.
The Australian reports that, according to property researcher CoreLogic, the reason for the quicker pace south of the border is a mixture of strong interstate migration and comparative affordability.
The Sydney market has generally held the upper hand, but Melbourne began to overtake the NSW capital in the last few months.
CoreLogic head of research Cameron Kusher explained that while the economies and job prospects remain solid in both states, people are choosing Melbourne for a perceived realistic chance in the housing market.
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