THE FASTEST GROWING CITIES AND REGIONS AROUND AUSTRALIA IN 2018
With 2017 seeing astronomical growth in Sydney and Melbourne, people have started to look further afield for better prices and the promise of the next boom. Here’s a rundown of some areas around Australia where demand continues to grow.
A recent realestate.com update stated that buyer searches for Perth properties have grown 12% in the past year.
While this rise in searches hasn’t resulted in increased prices yet, the most in-demand suburbs are premium areas in the inner west and northern beaches.
The market in Hobart cooled in 2015 but by 2017, it had the strongest price growth out of all Australian capital cities. This growth appears to be driven by jobs growth which has in turn increased rental demand. As the Tasmanian economy evolves from solely government and agriculture to a mix of tourism and education, Hobart is a serious prospect for growth in 2018.
Further price rises, on the back of growth in 2017, are expected for Adelaide in 2018. The inner suburbs of Adelaide and the Adelaide Hills are expected to be key growth areas throughout 2018.
Early signs of growth and recovery are beginning to make their way into the Townsville property market. The in- demand suburb of Castle Hill is about to hit a median price of $1 million.
As the Central Coast economy evolves, so are housing prices. Some Sydneysiders are moving to the region to enjoy a more relaxed lifestyle and affordable housing prices. This has also encouraged business growth in the region, making the Central Coast one of the most popular searches for commercial property behind Sydney and Parramatta. The most popular location in the Central Coast right now is Springfield due to its location and affordability.
Taking just one hour by train from Ballarat to Melbourne, demand for properties close to the train line is increasing. The Ballarat train line is also set for a major upgrade in 2018 to cater for growth in the area and a potential influx of people who will do the daily commute to Melbourne while enjoying the affordability that Ballarat has to offer.