AU Property prices to double in 20 South Australian areas
Property Here - Wednesday, April 24, 2013
PROPERTY prices in 20 suburbs and towns across South Australia are tipped to double in 10 years, latest figures show.
The latest RP Data Investors Report, released yesterday, highlights 15 suburbs and five towns where property prices have increased by at least 7.2 per cent a year over the past five years.
If the suburbs and towns maintain similar levels of growth over the next five years, property prices will double over the decade.
An asset's value will double over 10 years if it records an annual increase of 7.2 per cent.
"Housing market conditions have been much weaker over the past five years and the suburbs highlighted have achieved a strong performance despite the overall weaker market conditions," the report states.
The report shows unit prices in Adelaide are far more likely to double than house prices.
Thirteen suburbs are tipped to experience a doubling in the median unit price over the decade but only two - Springfield and Medindie - will double house prices.
Unit owners in the Norwood, Payneham and St Peters Council area among the most likely to experience a doubling of their property price.
St Peters, Evandale, Maylands, Payneham South, Marden, Firle, Felixstow are highlighted in the report.
Toop & Toop managing director Anthony Toop said the area was being fuelled by urban renewal.
"It shows a growing trend that people want to live in those areas but in something that is modern and low-maintenance," he said. "The Norwood, Payneham and St Peters area is really hot and very much in demand at the moment. It offers very attractive cosmopolitan living."
The only suburbs tipped to have a doubling in house prices over the decade were Springfield and Medindie.
"Both of those suburbs are very low volumes (of sales) but very high-ticket properties and vendors in those suburbs are not selling their properties for anything less than they want," Mr Toop said.
House prices in Kimba, Warooka, Wudinna, Melrose and Booleroo Centre are also set to double.
Suburbs/towns where property prices are tipped to double over 10 years:
Units: Maylands, Walkerville, Evandale, Seacliff, Felixstow, Peterhead, Firle, St Peters, Black Forest, Payneham South, Nailsworth, North Brighton, Marden.
Houses: Springfield, Medindie, Kimba, Warooka, Wudinna, Melrose, Boleroo Centre.
Source: RP Data
Read more: http://www.news.com.au/realestate/news/property-prices-to-double-in-20-south-australian-areas/story-fndba8zb-1226628169394#ixzz2RM7lfTMF