Capital cities across Australia have always seen a concentration of property wealth, making them a brilliant place for you to consider purchasing investment real estate in. As more people begin to move into these heavily-populated regions, now could be the perfect time to consider looking into the market and finding the latest addition to your property portfolio.
For example, any owners of property in Adelaide could do well to begin looking into options across the region. Future growth is expected following the release of the Bendigo Bank/Real Estate Institute of Australia (REIA) Real Estate Market Facts report, which illustrated the immense growth Australian capital city median prices underwent during the first quarter of 2014.
REIA president Peter Bushby said the weighted average median price growth for houses was recorded at 1.9 per cent nationwide, while the median price for other dwellings – including apartments and townhouses – rose by 1.7 per cent. Owners of investment real estate in capital cities could be set to make large profits selling their properties in the coming months – or maximise them by purchasing more houses ahead of future growth.
“The weighted average median house price for the eight capital cities is now $606,517 with Sydney, Melbourne, Adelaide, Canberra, Hobart and Darwin all contributing to the rise. Brisbane and Perth fell by 1.1 per cent and 1.6 per cent, respectively,” said Mr Bushby in an 11 June statement.
Overall, capital city median prices across the nation increased by 13.1 per cent over the year, while the median price for other property types rose by 9.5 per cent over the 12 months to March.
“The rental market tightened further and as a result, median house rents increased in most of the capital cities and solid increases were also seen in rents for other dwellings,” said Mr Bushby.