 Where to buy the best property
National property hotspots across Australia have been named in a new report released by St George Bank.
Redan in Victoria, takes out the prize for the cheapest place to live, with the current median value for housing at $190,000.
Ashburton, south-east of Melbourne, comes in with the highest price, making it the most expensive, recording a median price of $706,750. The report shows there are still many opportunities to buy affordable properties in ideal locations in capital cities as well as regional areas.
"Since December 2008, Australian median dwelling values have rebounded and, as at the end of June, they sit at their highest ever (median) level of $471,818," said St George Bank chief economist Besa Deda.
Transport, lifestyle, retail outlets and pricing were the criteria for selecting the suburbs.
Ms Deda says the government grants and low interest rates are to be credited for strong growth in some areas.
The "hotspots report" shows the population here in Australia increased by 406,000 persons in 2008, and this may affect housing pressure in the coming months and years.
RP Data was working under instruction from St George Bank to determine which suburbs are the best value in which to buy a home.
Some of the other standout suburbs were Granville (Sydney), Chadstone (Melbourne), Keperra (Brisbane), Bassendean (Perth), and Thebarton (Adelaide).
Home buyers are encouraged to use this data along with their own research to determine areas in which to purchase property. Current values of property as well the growth of an area are an important factor in choosing where to buy, and where the best investment would be. Suburbs where the housing values are low are not always the best suburbs to buy in, nor does an expensive area guarantee a great investment or return in your money. However, by looking at research like this, trends can be picked up on and suburbs can be shown to be strong areas of growth. Investors can use this data to purchase a property in an area that is still affordable but showing signs of a boom.
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