Prices are rising in a small rural town in Melbourne, and discerning investors have begun to take action, the Daily Mail reported.
The best-performing part of the Australian housing market is Wallan, a small town 45 kilometers from Melbourne`s North District, with a permanent population of just 11,000. But over the past year, home prices have soared by 46.8%.
According to research by real estate data firm CoreLogic, Wallan`s median house price is now 533062 yuan. Just five years ago, Wallan`s median home price was only one hundred and ninety eight thousand seven hundred yuan, an increase of 63.1%.
A lot of families are investing here because it`s not only very close to the city, but it feels like a small rural town.
Developers are also beginning to pour in and build lots of houses.
Prices in Wallan rose inversely, while prices in Sydney and Melbourne continued to fall. Of the five best performing urban areas in Australia, four are in sub-developed Victoria, and one is in Tata.
Before 2017, the city`s regular housing price doubled to various housing market rankings, but this time even the top 50 of the city`s best-performing housing market is rarely seen in the new state.
Behind Wallan was South Hobart, Tata, where median house prices rose 35.3%.
South Hobart`s current median house price is 623094 yuan. It`s up 64.1% from 2013.
Hastings prices in Mornington Peninsula, Victoria, rose 33.6 percent, followed by Cockatoo, 48 kilometers southeast of Melbourne.
Tim Lawless, director of research at CoreLogic, said house prices in each of Australia`s top 50 best-performing urban areas grew by more than 18 percent.
Recent data show that prices across Australia fell for the first time in six years, largely affected by weak markets in Sydney and Melbourne.
Sydney`s median home price fell 4.5 percent in the year to June 2018, the biggest drop in a year in 10 years.
In some areas, home values fell by more than 10%, while prices on the north coast of the city fell by 12.2%.
