Several suburbs in Australia are notching up higher home sales in spite of a general sluggishness in the country’s realty market. The best performing capital cities in Australia are currently Adelaide and Hobart as per reports. The housing sector has been witnessing a boom in Tasmania for quite some time and the same is true for Adelaide as well. Hobart is currently the best performing realty market in the country at present although several suburbs from Adelaide also occupy pride of place on the list of highest performing realty destinations.
Reports have tracked views per listing and South Hobart clearly wins in this regard. The economy in Tasmania has been flourishing in recent times and tourism has grown hugely due to initiatives like the MONA (Museum of Old and New Art) being ranked by Lonely Planet as a top destination. Buyers from Asia and other global markets are investing in Tasmania real estate for the flourishing tourism sector here and also the availability of high quality educational opportunities. Adelaide, on the other hand, is profiting from affordable housing availability and sufficient economic growth.
Adelaide is quite affordable for buyers which explains its recent growth trends and also there has been sizable economic progress through sectors like manufacturing and defence. Investors are clearly seeking more reasonably priced properties in other cities and suburbs as opposed to buying in costly markets like Melbourne and Sydney. Colebee in western Sydney is the top selling market in New South Wales and is followed by upper north shore Normanhurst in Sydney, Woronora in the south, Wheeler Heights in the north and Queens Park in the east.
Pearcedale is a township located around 49 kilometres away from Melbourne and is the top selling suburb in Victoria along with St. Andrews which is located roughly 36 kilometres away from the city. Balaclava in inner Melbourne is another entrant into the list along with Fitzroy and Eltham North. In Queensland, areas like Paddington, The Gap, Ashgrove in Brisbane, Grange and Woolloongabba are high sellers. For Western Australia, areas like Watermans Bay, Shenton Park and Leederville are seeing growth while the ACT has areas like Higgins, Page and Spence taking pole position.
Buyers are also taking to affordable suburbs in Hobart and Adelaide due to the government incentives worth $850, 000 offered to first-time homebuyers. This trend is expected to continue for the near future at least according to experts.