The Adelaide market is becoming top of mind for buyers as Sydney experiences a property downturn, according to realestate.com.au’s data.
South Australia’s capital is defying the overall downward trend and cashing in on interstate investors who are after value. Of the top 10 most in-demand suburbs in Australia, five are within Adelaide. Most of these areas are concentrated in the hills region to the city’s south such as Crafers West, Stirling, Aldgate, and Belair. Millswood, meanwhile, is more centrally located.
“Adelaide started to enter the list last year, and that’s continuing. That’s partly been driven by property investors coming out of Melbourne and Sydney, because we know that there is a lot of search activity coming out of those locations. Also, the economy’s doing pretty well in Adelaide, and that seems to be underpinning higher levels of demand than we’ve seen previously,” realestate.com.au Chief Economist Nerida Conisbee said.
Data also showed that Melbourne and Sydney property markets continue to drop, with both of the cities’ median price losing 0.8% in the previous quarter.
Perth and Darwin lost 0.5% and 0.7%, respectively, for the quarter. Both of the markets also recorded 3% decreases year-over-year.
Adelaide and Canberra were steady for the quarter, while Hobart was the only capital city to record a gain over the same period.
The list of most in-demand suburbs also includes Killarney Heights, Allambie Heights, Collaroy Plateau, and Birchgrove, which are all located in Sydney.
“The premium suburbs of Sydney are really attracting a lot of interest primarily because pricing has come back, and I think people feel they’re more accessible now,” Conisbee told news.com.au.
Melbourne’s Middle Park completed the roster.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
st kilda west
east victoria park
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus an appointment is free.
We value your privacy and treat all your information seriously - you can check out