Pandemic shakes home market – Information on-line

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Living near the center of a big city, and not paying a fabulous amount of money for a house, has become a domain of science fiction in Australia.

However, as a consequence of the Crown pandemic, the market has gone through strange turbulences in the past 12 months, so due to migrations of people to the periphery, but also due to the departure of a large number of temporary foreign migrants, some settlements within 10 kilometers of central city districts have become more accessible.

Despite initial skepticism and uncertainty in the market, real estate sales, especially in the capitals of states and territories, have not stagnated despite all the developments. Moreover, house prices rose further earlier this year and even exceeded their previous peak in 2017.

The CoreLogic National Home Value Index rose 0.9 percent in January 2021 to one percent of pre-kovid levels, up 0.7 percent from previous peak from September 2017

Although real estate prices have remained relatively stable, and even generally increased, in some places there has been a decline or a slight increase in prices. Thus, real estate in some suburbs near the very centers of the Ozi metropolis has become more affordable.
If living near the center plays a significant role for someone, a survey of the real estate portal “Domain” shows that it is now more accessible for certain suburbs.

Arncliff is the most accessible in Sydney

Within a radius of 10 kilometers from the center of Sydney, it is almost impossible to find a house under a million dollars, but several settlements currently stand out at significantly lower prices than the others. The cheapest is Arncliff, located south of the Sydney CBD.
There, the average price of a house is close to 1.2 million dollars, which means that the most favorable ones can be found for less than a million. Some “townhouses” in this part of the city can be found for 900,000 dollars, and small one-bedroom apartments for a little over half a million.
Just behind Arncliffe is nearby Tempi, located right next to Sydney Airport. If you don’t mind the noise of planes constantly landing and taking off, the average price of a house in this part of the city is 1,250,000 dollars.

Maidstone first in Melbourne

In Melbourne, real estate prices are generally more affordable than in Sydney, so that also applies to settlements within a radius of 10 kilometers from the center. The forefront of the suburbs is in the inner west, above all Maidstone, where the average house price is $ 750,000, which is far lower than the average price on the level of the entire city (936,000).
In Maidstone, it is possible to find a smaller “townhouse” for 580,000 dollars, and there are two-bedroom apartments for 325,000.

This suburb is followed by the neighboring West Futskray and Futskray, where the average house price is between 825,000 and 850,000 dollars. In addition to the proximity to the city center, these settlements are attractive to many because of the size of the plots, especially those with older houses, since for less than a million dollars you can shop up to 850 square meters of land.

Brisbane attracts investors

The third largest Australian city, Brisbane, is becoming more and more interesting to investors, due to more favorable real estate prices and the possibility to lease them without major problems. The northern suburbs of Kepera are at the top of the list of the cheapest houses within 10 kilometers of the center.
The average house price there is $ 565,650. Until a year ago, Tingalpa in the east held the title of the most favorable settlement, but since the beginning of the pandemic, a price jump of as much as 14 percent has been recorded there, so this suburb is now in second place with an average price of 570,000 dollars.

North Perth is the most favorable

Perth is the most favorable settlement, 10 kilometers from the city center of Westminster in the north, where the average house price is 330,000 dollars.
This suburb especially attracts younger people who are buying their first property, and a somewhat less developed infrastructure is considered a disadvantage.
However, the famous beaches of Trig and Scarborough are about a ten-minute drive away, and the advantage is that the plots are mostly large, and zoning allows for denser construction and parcelling, and thus potential earnings.

Cross section of the most favorable suburbs

Sydney

Average price Annual increase Distance from the center
Arnklif 1,196,000 8.5% 10 km
Times 1,250,000 11.9% 8 km
Botany 1,355,000 4.2% 9 km

Melbourne

Average price Annual increase Distance from the center
Mejdston 750,000 4.6% 10 km
West Futskrey 820,000 6.5% 9 km
Futskrej 849,500 7.7% 7 km

Brisbane

Average price Annual increase Distance from the center
Kepera 565,650 5.1% 3 km
Tingalpa 570,000 14% 10 km
Salisburi 625,000 3.9% 9 km

Pert

Average price Annual increase Distance from the center
Westminster 330,000 0.0% 10 km
Nolamara 370,000 1.4% 8 km
Radcliffe 390,000 -8.2% 9 km

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