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The South Australian economy is not going that well. Manufacturing is declining. Thus, house prices are falling slightly. Gen Ys are not heading for Adelaide. The city is not for finance. But house prices are indeed rising. At least property is affordable - median is $425,000.
Declines in industrial employment across the state means some regions have falling prices. Generally the state is strong. Housing values are only just behind Sydney's. However, market fragmentation means there are rises and falls across Melbourne.
Times are good in the Northern Territory. Minerals are being exported and this has led to a surge in development and house prices. Prices have declined in Darwin as boom times turn. Young professionals are attracted to Darwin. This stops prices from falling too quickly.
Are you seeking investment in something that increases in value, or searching for a home to reside in Australia? Real estate in this country has always offered good return on investment.
Housing affordability is at crisis point. Prices are strong in Queensland. With foreign buyers facing tough government barriers prices will level out. Despite record low interest rates and a sellers market, prices for Brisbane properties have fallen 3.3 per cent.
NEW SOUTH WALES
Being the strongest state for prices, New South Wales will probably be the first to experience a major decline in values later this year. The median house price for Sydney is approaching a million dollars. Houses are still rising faster than anywhere else in the country.
Mining is no longer booming in WA. It has had a detrimental effect on property, though, low interest rates have stopped a major fall in prices. Development is going on apace in Perth. Job losses have not been so bad. Population growth in Perth increased demand.
The economy in Tasmania has been down far longer than in WA. There are signs of an improvement. The only way to go now is up. House prices in Hobart have risen by 2.9 per cent. Let's hope jobs and income are solid when interest rates rise.