The price gap between Sydney house values and those in other capital cities is smaller than it has ever been, RP Data reported on Friday.
RP Data national research director Tim Lawless said this is the result of a number of influencing factors, such as people’s perceptions of capital cities, changing economic conditions and more flexible working environments.
“Brisbane is the best example of how perceptions have changed; ten years ago it was viewed as a large country town. Today it is now one of the country’s leading city centres where it offers a diverse mix of business, cultural attractions and a growing demographic,” Mr Lawless said.
The gap between Sydney and Brisbane house prices has narrowed from 45 per cent ten years ago to just 17 per cent as of January this year.
Perth house prices have also caught up with Sydney’s substantially; they are now just 5.6 per cent lower than Sydney’s – from 56.6 per cent lower in 1998.
“Sydney properties no longer hold the high premiums they once enjoyed,” Mr Lawless said.
“However we do expect Sydney to retain its title as the most expensive capital city due to its position as Australia’s largest city and the fact that it has many iconic waterside locations which assist in building values.”
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