Sydney, Melbourne house prices: Investor exodus gathers pace in Melbourne and Sydney

bailed out of Melbourne in May, a 34 per cent jump from a year ago, as the state government’s tax changes and lacklustre investment returns accelerated the exodus, data from Suburbtrends show.across Victoria were listed for sale, further depleting the state of the already scarce rental supply, said Kent Lardner, founder of Suburbtrends.

In Sydney, a total of 2372 investor-owned properties were listed for sale, a 17 per cent jump from a year ago.Nationally, a total of 13,198 ex-rental properties were listed for sale last month, up by 10.7 per cent from a year ago and accounting for 19.3 per cent of all listings. “I’m looking to buy more properties right now. But this new land tax rule makes me think twice about buying more properties in NSW.”

CoreLogic research director Tim Lawless agreed that, generally, investors were motivated by capital gains, so they would be attracted to stronger markets like WA and Queensland, where values were rising more rapidly and investors also had the benefit of higher rental yields and lower taxes. Total stock across the city had jumped by 17 per cent in May compared to a year ago, and now around 13 per cent above the five-year average as listings rose faster than they were being sold, according to CoreLogic.

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