PHOTO: The Australian market is throwing up some surprises. TODAY
Surprising us all with their comeback, certain low-cost suburbs of Adelaide are now boasting impressive five-year property price growth figures, reaching nearly 80 percent and ranking among the highest in the nation.
This particular region, once considered the silent overachiever of the Australian housing market, had the least expensive suburb among all capital cities just four years ago. It was also named the most liveable city in Australia two years ago, and even claimed the title of the world’s third most liveable city. Today, it stands as a shining star in the market.
LJ Hooker agent Andrew Rose, specializing in the northern Adelaide suburb of Elizabeth East, where the median price has surged by 79.9 percent since 2018, posed a compelling question: “In which other part of Australia can you still purchase a standalone home on a spacious block of land for under $400,000, merely 25 kilometers away from the CBD?”
“What’s more,” he continued, “you can fetch a rental income of $400 per week! Yes, prices have skyrocketed, but they remain highly affordable. Prior to this boom, we hadn’t experienced any price increases for 15 years, since 2008. The market was extraordinarily stagnant. This boom is precisely what we needed.”
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