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Adelaide House Price Growth Expected to Top the Nation

adelaide house prices top nation

ADELAIDE’S property confidence is set to hit new heights with the state capital tipped to lead the nation in house price growth next year.

ADELAIDE’S property confidence is set to hit new heights with the state capital tipped to lead the nation in house price growth next year.

According to the latest NAB Residential Property Survey, Adelaide house prices are expected to increase 1.7 per cent in 2019, the equal highest forecast growth with Hobart.

It would take house prices to a median of $461,718 — up from $454,000.

While Adelaide’s predicted 1.7 per cent growth is modest, it is still significantly ahead of the forecast average for combined capital cities – showing a drop of 0.1 per cent.

It is also up 0.2 per cent on the 1.5 per cent growth forecast last year.

Sydney’s once-booming market, meanwhile, is predicted to slow even further to negative 0.7 per cent and Melbourne’s to slip by 0.1 per cent.

NAB South Australia General Manager, Gregg Harris said modest house price growth and a strengthening rental sector were driving SA’s market demand.

“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.

New market data released by CoreLogic shows Adelaide’s million dollar club has grown substantially over the past year, with predominantly eastern hotspots among the 32 suburbs now recording a median house price of at least $1 million.

That’s in comparison to only 22 suburbs in April last year, and nine this time in 2015.
“REA Group data has previously found Norwood is the state’s most in-demand suburb and many of our eastern suburbs customers seek pre-approved finance so they are ready to buy as soon as a suitable property becomes available,” Mr Harris said.

While Norwood is yet to experience a notable price growth, neighbouring suburbs Beulah Park, Kensington, Kent Town and Rose Park have grown by up to 10 per cent over the past year, according to out NAB Property Insights.

“Homeowners who outgrow or seek to upgrade their properties are also keen not to lose their footholds in the eastern suburbs market, with many opting to renovate or extend rather than sell,” Mr Harris said.

Credit: www.news.com.au