The property market in Adelaide is doing well and this is clearly indicated with house prices forecasted to rise even more next year. As per reports, house prices should be going up by at least 1.7% for 2019 in Adelaide which is similar to the highest growth forecast for Hobart. Home prices would then touch $461, 718 in median values as compared to $454, 000 at present. This growth is also higher by 0.2% from the 1.5% that was predicted to take place last year.
South Australia, in general, is witnessing higher demand due to comparatively reasonable house prices and a growing rental sector. Confidence has gone up in the Adelaide real estate market according to experts and should be there for the long haul. Eastern hubs in Adelaide occupy pride of place among the million-dollar suburbs which are 32 in number. Median home prices in these areas are now a minimum of $1 million. Norwood is one of the most coveted suburbs in the entire State along with Rose Park, Kent Town, Kensington and Belulah Park.
Buyers looking to upgrade their homes are also keener on staying in eastern suburbs and several people are choosing extensions or renovations instead of selling out. There is huge emphasis on industries like cutting-edge manufacturing, technology and space exploration which is also doing wonders for the economy in South Australia as per experts. People are hugely positive about the realty market in South Australia and Adelaide in particular. Property rates are still 40% lower as compared to the national average in Adelaide and this is fueling huge demand.
Suburbs like Glenelg South, Hazelwood Park, Royston Park, Kensington Park, Kensington Gardens, Gilberton, Woodville, Stonyfell, Trinity Gardens and Dulwich have witnessed considerable growth in Adelaide and experts feel that the current momentum is here to stay for a long period of time indeed.
