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Content Editor at Justprop.com.au, Sydney

Australia Property Prediction, each state’s biggest price improver for 2020

5Mo ago 0 Replies 147 Views
A property expert has taken his pick in a premiership of sorts, highlighting the town or city in each state where he predicts will see the greatest improvements in property value.

Here are his top picks and his reasons for predicting them across each of Australia’s six states:

Victoria – Warrnambool
Median house price: $360,000
Capital growth for the year ending October 2019: 4.3 per cent

Rents increased by 8.8 per cent over the last 12 months, while the number of listed properties for sale has fallen 27 per cent.

Queensland – Cairns
Median house price: $420,000
Capital growth for the year ending October 2019: 1.2 per cent

Transport infrastructure is also set to expand in 2020, inclusive of airport work, seaport upgrades and major highway projects, while a world-class convention centre should also begin construction in May.

South Australia – Victor Harbour
Median house price: $360,000
Capital growth for the year ending October 2019: 1.4 per cent

A lifestyle location and local tourism hotspot, Mr Pressley has flagged how new federal and state government investment, the approval of a new hotel and opening of a new shopping centre are all indicative of the town’s potential.

While the market has been flat for a number of years, he pointed out that household rents did increase by 9.5 per cent last year while sale supply dropped 19 per cent.

Tasmania – Kingborough
Median house price: $550,000
Capital growth for the year ending October 2019: 1.9 per cent
Tasmania ended 2019 as Australia’s fastest-growing economy.

As a municipality making up Greater-Hobart, it makes the list of Australia’s best-performing property market for the last three to five years.

Western Australia – Nedlands
Median house price: $1.48 million
Capital growth for the year ending October 2019: -8.2 per cent
Property prices in Perth’s inner-west Nedlands municipality are lower today than they were 10 years ago.

With the Western Australian capital economy seeing slow improvement, and the previous housing oversupply mostly absorbed.
While not expecting Perth’s property market “to set the world on fire any time soon”, property experts says that 2020 will produce the first year of growth for some years.

New South Wales – Forbes
Median house price: $250,000
Capital growth for the year ending October 2019: -6.3 per cent

Forbes has a population of just 10,000, but it hasn’t stopped the town from recording a 5.3 per cent average annual growth in median house prices over the last 20 years.

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