Australia’s hottest property market is … Adelaide

Australia's hottest property market is Adelaide

Adelaide was the only capital city where both house prices and unit prices increased during 2018, according to new data.

Domain has reported that Adelaide’s median house price rose 1.7 per cent to $538,000, while Adelaide’s median unit price climbed 0.7 per cent to $321,000 – both records for the city.

Hobart house prices jumped 8.8 per cent to a record-high $480,000 and Canberra house prices remained unchanged at $730,000 – but house prices declined in every other capital city during 2018. 

Unit prices also fell in all capital cities except Adelaide.

Median price – houses

City Median price Annual change
Sydney $1.06 million -9.9%
Melbourne $833,000 -8.4%
Brisbane $566,000 -0.1%
Perth $546,000 -3.3%
Adelaide $538,000 1.7%
Hobart $480,000 8.8%
Canberra $739,000 0.0%
Darwin $515,000 -8.7%

Median price – units

City Median price Annual change
Sydney $702,000 -5.8%
Melbourne $479,000 -4.3%
Brisbane $370,000 -7.9%
Perth $352,000 -2.9%
Adelaide $321,000 0.7%
Hobart $343,000 -3.5%
Canberra $413,000 -6.1%
Darwin $322,000 -13.0%

 

 

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How much are repayments on a $250K mortgage?

The exact repayment amount for a $250,000 mortgage will be determined by several factors including your deposit size, interest rate and the type of loan. It is best to use a mortgage calculator to determine your actual repayment size.

For example, the monthly repayments on a $250,000 loan with a 5 per cent interest rate over 30 years will be $1342. For a loan of $300,000 on the same rate and loan term, the monthly repayments will be $1610 and for a $500,000 loan, the monthly repayments will be $2684.

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Mortgage brokers are finance professionals who help borrowers organise home loans with lenders. As such, they act as middlemen between borrowers and lenders.

While bank staff recommend home loan products only from their own employer, brokers are independent, so they can recommend products from a range of institutions.

Brokers need to be accredited with a particular lender to be able to work with that lender. A typical broker will be accredited with anywhere from 10 to 30 lenders – the big four banks, as well as a range of smaller banks, credit unions and non-bank lenders.

As a general rule, brokers don’t charge consumers for their services; instead, they receive commissions from lenders whenever they place a borrower with that institution.

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