Real Estate

Most popular cheap suburbs according to online searches of real estate listings

Written by The ReReport

Property buyers seeking cheap real estate with a good chance of rapidly growing in value will find the best opportunities in regional Victoria and Hobart, new analysis has revealed.

Among the cheap suburbs with strong capital prospects were Hobart enclaves Lauderdale, Moonah and Old Beach, according to the study.

Affordable regional Victorian areas with similar growth potential were Ballarat and adjacent suburb Soldiers Hill, along with Geelong suburbs Grovedale, Newcomb and Bell Post Hill.

MORE: Major events to shape market in 2019

Burgess brother’s botched property play

Dad buys children each a house

These areas were the most popular suburbs with a median property price under $500,000, with local properties getting an average of 4000 views on

Their rising popularity at a time when housing markets were going backward across much of the rest of Australia suggested prices in these areas were primed to increase. chief economist Nerida Conisbee said this trend had already played out in Hobart suburb Margate, which had the biggest jump in views per listings over 2017.

The increased popularity drove an 18 per cent spike in prices over the past year — double the rate of growth across Hobart as a whole.

Brisbane and Adelaide prices increased by an average of about 1 per cent annually, while in Perth, Melbourne and Sydney median prices fell by more than 3 per cent, CoreLogic data showed.

Ms Conisbee said property investors keen to capitalise on the rising popularity of areas such as regional Victoria and Hobart may get a boost from the banking royal commission.

“The Financial Services Royal Commission has now wrapped up and it is looking increasingly unlikely that the outcome will result in more restrictive lending practices than what the banks have already implemented,” she said.

Fears that banks would be required to tighten their lending practices even further have been keeping many investors out of the market.

Ms Conisbee added that it was unlikely the Reserve Bank of Australia would be changing interest rates.

“Lower than expected GDP figures for the September quarter led to some speculation that the RBA will starting cutting interest rates. The reality is that it is too early to call,” she said.

Real Estate Institute of Tasmania president Tony Collidge said Hobart was less vulnerable to current finance conditions than other capitals.

“We have the smallest investor/rental sector and the lowest levels of foreign investment, which makes us less vulnerable to the recent tightening of lending rules across the finance sector,” he said.

Preliminary CoreLogic results showed 45.3 per cent of capital city auctions were a success last week.

Inside $1.6m home Meghan Markle left behind

Politicians blaming migrants for problems: poll

Couple turn $5 into $3m-plus

Just over 2600 properties went under the hammer over the week.

Melbourne had 1283 auctions with a clearance rate of 46.1 per cent. There were 853 auctions in Sydney with a 48.1 per cent clearance rate.


Lauderdale, TAS; Moonah, TAS; Old Beach, TAS; Ballarat Central, VIC; Newcomb, VIC; Grovedale, VIC; Soldiers Hill, VIC; Launceston, TAS; Haddon, VIC; Bell Post Hill, VIC

Source link