Will prices in melb ever be the same as Sydney?

[Truly Exotic]

Seems unlikely now but does anyone think that melb prices will catch up to Sydney ever?

Or will Sydney always be the centre of Australia being the business hub?

Even though Melbourne is considered a better city for lifestyle

 

[Ausprop]

it's not a contest - high prices are just a reflection of local dynamics... otherwise we would conclude that port hedland is the centre of australian business, which come to think of it probably has some logic! sydney wages are not great and the popularity of melbourne as a business detsination is rising, so then it's just a case of looking at supply.

in fact let us not forget that melbourne use to be way more important than sydney - one of the most important cities in the british empire

 

[Scott No Mates]

There are many constraints in Sydney that do not apply to Melbourne, hence supply in Melbourne will always be better keeping prices marginally more contained than Sydney. Inner city prices will always be strong but remain short of Sydney. The demand on Sydney Harbourside properties willl command premium prices ($40M+) but the turnover of these sites is limited to the number of buyers in this price bracket.

Likewise Brisbane (that country town up north), inner city prices are similar to those of Sydney when you take into account the size of the inner city blocks in those inner suburbs however there has been a lot of conversion of industrial property to residential hence increasing the supply of units in close proximity to the cbd (along the river).

 

[Deltaberry]

If all the government forecasts on population and business movement proves correct, potentially in 25-30 years.

 

[luce.rocks]

Maybe if VIC transport got rid of trams, buses, trains, etc., or made them as unreliable/infrequent as Sydney transport, so that it became an equally intolerable commute to the CBD from the suburbs, Inner Melb prices would go the same way as Inner Sydney prices.

 

[Deltaberry]

The Sydney train is one of the most disgusting modes of public transport I've been on - on par with the London tube.

Maybe you're right.

 

[Truly Exotic]

I wonder Have any major cities that were say 25% or more less in value actually caught up and surpassed in Australia say in the last 30 years?

 

[Scott No Mates]

Perth? High risk/return.