The surprising Australian city tipped to lead the way in house price growth as Sydney market drops

The surprising Australian city tipped to lead the way in house price growth as Sydney market drops

While Sydney has dominated expensive property prices for years, an unlikely Australian city is experiencing substantial price growth. 

Adelaide is being pinned as the 2019 house price growth leader with house prices expected to increase by 1.7 per cent. 

This is a 0.2 per cent increase from last years price growth of 1.5 per cent, suggesting a lengthy trend.

The median house price in the South Australian city would see an increase from $454,000 to $461,718 according to the latest NAB Residential Property Survey.

Adelaide is pinned as the 2019 house price growth leader according to latest NAB Residential Property Survey

House prices expected to increase by 1.7 per cent in 2019, a 0.2 price increase from last years 1.5 per cent price increase

The median house price in the South Australian city would see an increase from $454,000 to $461,718. Pictured house in Glenelg, Adelaide where median house price is over one million dollars

The percentage increase beats the 0.1 per cent forecast average of combined capital cities, realestate.com.au reported.

In a relief for Sydney-siders struggling to buy property, the market is expected to decline to 0.7 per cent. 

Gregg Harris from NAB South Australia General Manager said the modest house prices – compared to other Australian cities – were driving the increased market demand and price growth. 

Ten suburbs in Adelaide have risen to a median house price of one million dollars in the past year, bringing the total to 32. Pictured house in Glenelg South 

 ‘Our research shows that confidence in the South Australian residential property market over the next year has lifted, while confidence over the longer-term is also strong,’ he said.

Sydney

-0.7 per cent

Melbourne

0.0 per cent

Brisbane

0.0 per cent

Adelaide 

1.7 per cent

Perth

-0.2 per cent

Hobart

1.7 per cent

Capital City Average

-0.1  

SOURCE NAB RESIDENTIAL PROPERTY SURVEY Q2-2018 

The housing prices are around 40 per cent lower than the national average, suggesting a newfound demand as an increasingly livable city.

It’s also been revealed that ten suburbs in Adelaide have risen to a minimum one million dollar median price in the past year, bringing the total to 32.  

CoreLogic have provided the new data which shows the increase from 22 suburbs in April last year and nine in 2015. 

President Andrew Ouwens of Real Estate Institute of South Australia said that the exploration of space and hi-tech manufacturing have instilled confidence in the South Australian market.

‘When it comes to our real estate market, people are now most optimistic about SA property growth prospects than anywhere else in the country,’ Ouwens said. 

‘All in all, Adelaide is on track for sustainable, solid and steady growth over the coming few years, playing catch up to the Eastern property boom,’ said.

The housing prices in Adelaide are around 40 per cent lower than the national average

While prices increase in Adelaide, there is relief for Sydney-siders as the market is expected to decline to 0.7 per cent

  

News Source DailyMailsNews

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