The shift in the ranks comes as prices continue to increase sharply across Adelaide, Perth and Brisbane, while Victoria’s capital and Sydney weaken.
Already a subscriber?Adelaide’s home values will overtake Melbourne’s for the first time next month, making it the country’s fourth most expensive city after Sydney, Brisbane, and Canberra, according to CoreLogic.
“I expect further, gradual falls in Melbourne, given the higher-than-average stock levels and what seems to be relatively low confidence, which might be a symptom of the higher taxation environment,” he said. “It’s also likely we will see another fall in Melbourne values through August, which increases the chances of Adelaide overtaking Melbourne’s median.”Perth’s home values will also eclipse Melbourne next month after the difference in their median values shrunk to just 1.1 per cent or $8614 in July.
The number of homes for sale in Brisbane, Adelaide and Perth is still more than 30 per cent lower compared with a year ago, while it surged well above the average levels in weaker markets such as Melbourne and Hobart.following the lower-than-expected inflation data could boost sentiment, Mr Kearns said.“There are a lot of households who haven’t been too constrained by the level of interest rates. I think this will make some borrowers a little bit more confident to be able to borrow and purchase.
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