Agents throughout Melbourne but particularly in the inner-city have long been reporting an increase in inquiries from cashed up West Australian investors, who find the Perth market overpriced. According to Marcus Gilmore, managing director of MLG Realty in Perth, clients in WA have been increasingly requesting information about the Melbourne property market, and in particular Docklands.
"The perception in the market place is that Melbourne is heading into an aggressive growth phase, similar to the one experienced in Perth four years ago," said Mr Gilmore. "Our clients are eager to invest in the Melbourne market because it offers affordable properties and a great return."
Over the past few years, Perth’s median house price has increased dramatically. It is expected to overtake Sydney as Australia’s most expensive capital city.