Posted November 30, 2019 09:30:22A property in the Melbourne suburb of Werribee is worth $5.2 million and is the second-most valuable property in Australia after a $5 million house in Sydney.
The property in Werribees Ward is worth more than $5 billion.
The house is worth an estimated $10 million and the house in Werrie is worth around $8 million, the Sydney Morning Herald reports.
Rented realestate in the Sydney metropolitan area is now the most valuable real estate market in Australia.
The property market in the inner suburbs has been especially volatile, with house prices rising at a rate of 2.5 per cent a year between April and December this year, the Australian Securities Exchange (ASX) reported.
In the past, property values in Sydney have been affected by a property bubble that burst in March last year, with prices rising more than 10 per cent in the first three months of 2019.
Real estate investment trusts (REITs) have been among the big players in Sydney’s housing market, with the Sydney Property Investors Association (SPIAA) reporting that Sydney house prices have risen a whopping 32 per cent from July last year.
But, the recent spike in Sydney house values is not the only reason why Sydney house sales are so strong.
According to the Sydney Real Estate Board, house sales increased at a faster rate than in other metropolitan areas in Sydney last year and the number of homes sold in Sydney is up by almost 50 per cent since last year’s record peak.