Buyers turn south amid east coast downturn

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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.

 

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