According to a CoreLogic study, the recent rise in housing values ??after a two-year slowdown is pushing home prices up again, widening the gap between luxury and average markets.
In fact, stocks are now up 4.7% since the discovery of a floor in June, with Sydney and Melbourne being above the rest in terms of price growth.
Both cities have seen their stocks recover more than 8% since their trough in May, and this growth is faster than expected, said Tim Lawless, head of research at CoreLogic.
"Housing affordability worsens again, and the value gap between capitals widens as the Sydney and Melbourne values ??appreciate faster. compared to other capitals, "he said.
The difference between housing values ??in the two largest capitals and those of the others has, in fact, increased dramatically in the last decade.
For example, while Sydney was the most expensive real estate market, there was a short period in 2006 when Perth surpassed it because of the mining boom.
Read also: The crisis of construction hits the economy
However, the current median value of Sydney at $ 956,249 is 111% more expensive than $ 453,393 in Perth. Ten years ago, the gap between the two cities was only $ 53,962.
The Sydney gap with Melbourne has also widened since 2009, from 11% to 24%.
"With strong growth in Melbourne in recent years, the city has always been the second most expensive real estate market for some time, however, this was not the case 10 years ago when Canberra and Darwin had a higher median home value, "said Lawless.
The unitary market tells a similar story. The median unit values ??of Sydney and Melbourne are above the national average.
Lawless said that if this growth continues, more buyers would consider other cities as more attractive. However, he said that there was one important thing that other cities should have to win the interest of potential buyers.
"A key ingredient that is still missing in capitals outside of Sydney and Melbourne is employment.An affordable entry point to the housing market is less meaningful when employment opportunities are rare, "said Lawless.
Suburbs:
Windale
,
higher kedron
,
mt colah
,
Homebush
,
bligh park
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