Australia’s real estate market is witnessing a mixed bag in terms of sales, price growth and overall customer demand. However, there are many neighbourhoods which are witnessing high demand due to their relatively affordable home prices. For instance, in Tasmania, Lauderdale is a popular residential zone for buyers with median home prices touching roughly $470, 000 while Moonah is another popular hotspot with median home pricing of $434, 000. Old Beach is another coveted housing destination now with median home prices of $449, 000 while Launceston also rounds up the tally with prices of $455, 000 on an average.
For Victoria, Ballarat offers a median home price of $420, 000 while Newcomb comes with a median home price of $455, 000. Grovedale and Soldiers Hill have median home prices of $495, 000 and $440, 000 respectively while Bell Post Hill and Haddon have median home prices of $481, 000 and $500, 000 respectively. Tasmania is performing excellently as far as its real estate market is concerned, with regard to growth in prices, population and employment.
Affordability is a key factor propelling growth in these areas since it is really tough to discover homes priced below the $500, 000 threshold in Melbourne and Sydney. The regional housing market is also witnessing a boom in Victoria as per experts. The economy is doing well in Victoria and there is renewed buyer interest in regional Victoria due to the steep housing costs in Melbourne. Areas like Haddon, Grovedale, Ballarat and Newcomb are drawing a large number of first-time homebuyers and other younger families who desire more affordable accommodation and good lifestyles along with easy commuting distance to Melbourne.
However, prices should grow in all these areas over the next few months with huge demand from buyers. Other areas which are doing great include Wyndham Vale in Victoria and Petrie in Moreton Bay, Queensland along with Raceview (Ipswich), Port Adelaide (South Australia) and so on. Geelong is already seeing considerable growth due to overall affordability and multiple infrastructure projects along with a flourishing economy. Median home prices have also gone up by a whopping 17% over the last year in Wyndham Vale and this trend is likely to continue for the other areas mentioned above.
Queensland’s Petrie has become more popular due to the upcoming new campus of the University of the Sunshine Coast and high growth in population while Raceview is seeing an increase in population and should benefit from various infrastructural projects as well. Port Adelaide is seeing the implementation of defence projects which are worth billions and this should improve overall infrastructure in the area, making it more desirable for potential homebuyers.
