Down $50k: Unexpected suburbs defying home price growth<\/a><\/p>\n![\"\"\/](\"data:image\/svg+xml,%3Csvg)
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Prices could rise above $1m across many Melbourne suburbs.<\/p>\n
More than 50 new suburbs are on track to join Melbourne\u2019s million-dollar club within the five-year period, including Taylors Hill, Berwick, Reservoir, Altona North and Heidelberg Heights.<\/p>\n
Buyers\u2019 advocate Emily Wallace said the shift reflected families chasing space. \u201cNot necessarily first-home buyers, but home buyers wanting a yard for the kids.\u201d<\/p>\n
Melbourne\u2019s median dwelling price, based on sales of townhouses, houses and units, was projected to rise beyond $1m by 2030.<\/p>\n
Mr Moore said Melbourne\u2019s slower growth was the result of faster home building.<\/p>\n
BRISBANE AND GOLD COAST<\/p>\n
Queensland is set for the most eye-watering increases of all.<\/p>\n
The typical home price is on track to soar 84 per cent to $1.53m by 2030 if the past five years repeat.<\/p>\n
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Brisbane has already become Australia\u2019s most expensive capital after Sydney and more growth would see the market pull even further ahead of most of the country.<\/p>\n
Some suburb prices could double, particularly across Logan, Wide Bay and Central Queensland.<\/p>\n
Twelve of the state\u2019s current cheapest markets are projected to have prices near $1m by 2030. Logan\u2019s Kooralbyn is one of the standouts: its units could leap from a $291,000 median to $946,000, a rise of 225 per cent.<\/p>\n
Queensland prestige suburbs were projected to have extreme rises: Surfers Paradise houses would cost an average of $9m in five years, while in Mermaid Beach it would be $6.4m. Prices in Brisbane suburb New Farm would be $5.26m.<\/p>\n
Prestige agent Russell Rollington said $9m for Surfers Paradise was \u201cambitious but possible\u201d. He cited a recent $7m off-market sub-penthouse sale, which was more than double its 2020 price.<\/p>\n
ADELAIDE<\/p>\n
According to the report, if history repeats, Adelaide\u2019s median house price could increase from its current $841,000 median to a whopping $1.464m, based on the 75 per cent growth it has demonstrated over the past five years.<\/p>\n
Those looking to buy a unit will also need a significantly larger deposit if unit prices increase by the 64 per cent they have in the past five years. The median unit price would go from the current $573,000 to an eye-watering $938,000.<\/p>\n
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Adelaide was once one of the most affordable cities, but it has flipped into one of the more expensive.<\/p>\n
Adelaide houses would be the third-most expensive in the nation with a median of $1.47m, behind Sydney at $2.4m and Brisbane at $1.54m.<\/p>\n
Homeowners in Adelaide\u2019s northern suburbs look set to be the biggest winners.<\/p>\n
Another 209 per cent increase \u2013 the growth seen there over the past five years \u2013 would take Davoren Park\u2019s median to $1.578m.<\/p>\n
Elizabeth North and Elizabeth Downs houses weren\u2019t far behind, with prices up 197 per cent and 193 per cent respectively.<\/p>\n
HOBART<\/p>\n
About half of Hobart\u2019s suburbs would have $1m median house prices by 2030 if five-year growth trends repeated. They included Dodges Ferry and Rokeby, among others.<\/p>\n
The citywide median house price in Hobart would be $1m and the median unit price would be $738,000.<\/p>\n
DARWIN<\/p>\n
Darwin house prices would average $756,000 by 2030 and Darwin unit prices would average $451,000.<\/p>\n
Territory home prices are expected to surge by up to 107 per cent by 2030 if the pandemic price boom is replicated.<\/p>\n
The top performer of 2030 was expected to be the Muirhead house market, with 107 per cent growth across five years and the median house price jumping from $730,000 to $1.512m, based on trends since the pandemic boom.<\/p>\n
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REA Group economist Angus Moore said more housing supply was needed to moderate prices.<\/p>\n
Meanwhile, Dundee Beach would likely see the average cost of a house hit $564,000, up 66 per cent from the current median of $340,000.<\/p>\n","protected":false},"excerpt":{"rendered":"The prices home buyers pay now could pale in comparison to what they\u2019ll pay in just five years\u2019…\n","protected":false},"author":2,"featured_media":205767,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[138,219,111,139,69],"class_list":["post-205766","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/205766","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=205766"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/205766\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/205767"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=205766"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=205766"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=205766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}