What city would I be buying for a property in 2024? And that's Melbourne.
The reason is you want to get into markets before all the property experts, the media, the commentators get in. Melbourne has been, in my view, in a depressed property market state nearly for the last three years. Now Melbourne, I'm not sure if you know, has the same or greater population as Sydney. Yet, if you buy a property or a house in Sydney, say, for an average of $1,000,000, million, the identical property with the same distance to the CBD would be worth about $600,000 in Melbourne.
And property fundamentals come back to supply and demand. So if you've got the same demand in terms of population and that population continues to increase, why wouldn't you go to an area where you could buy a house for nearly $400,000 cheaper when you've got the same demand? demand as another capital city. So why Melbourne? It's got the same population as just above Sydney. Your rents are stronger, yet you're getting a property for nearly 20 to 30 % cheaper than another capital city like Sydney.