The Census 2016 figures released on Tuesday morning reveal Melbourne will overtake Sydney by 2050 as the most populous Australian city — with an average of almost 2000 new residents moving here each week.
NAB found FHB owner occupiers accounted for 21.2 per cent of new property sales in the quarter and FHB investors bought 14.4 per cent – a total market share of 35.7 per cent, the biggest such proportion since the survey started tracking the FHB breakdown in 2014.
Home values in Melbourne are growing at a faster pace than in Sydney on the back of strong interstate migration and comparative affordability, according to property researcher CoreLogic.
Melbourne's median house price has risen for the fifth consecutive quarter. The citywide median jumped 2.9 per cent to $822,000 in the three months to June 30, according to the Real Estate Institute of Victoria.
