According to the Australian Bureau of Statistics, the total value of Australia’s 10 million homes is closing in on $7 trillion. At the same time, there has been a major change in the pattern of house price growth across Australia’s major cities.

Housing Industry Association (HIA) Senior Economist Shane Garrett, notes that Hobart now has the fastest-growing house prices among the capital cities.

“Sydney had consistently topped the list in recent years but has since slipped to fourth place in terms of price growth,” he says.

“Tasmania’s capital had been stuck in the doldrums only a couple of years ago. Hobart’s impressive turn-around will give hope to other markets around Australia. The home building industry in cities like Adelaide, Perth and Darwin have been hurt by weak prices over recent years.”

“History shows that house prices eventually grow fastest in the markets which have seen low growth in the recent past.”

“People forget that between 2002 and 2012, Sydney home prices grew more slowly than any other capital city. History shows how this can turn around in a short space of time.”

During 2017, according to the ABS figures, dwelling prices rose fastest in Hobart (13.1%), followed by Melbourne (10.2%) and Canberra (5.7%).

Home price growth was more modest in Sydney (3.8%), Adelaide (3.6%) and Brisbane (2.1%) over the course of the year. Dwelling prices continued to fall in Perth (-1.7%) and Darwin (-6.3%) during 2017.

The Team at Infinite Real Estate are always receiving the latest market data and industry trends.

This enables us to develop Strategic Wealth Plans for our clients that focus on purchasing property in the best growth areas.

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