GOOD NEWS!!! After a long phase of slow and steady growth, Adelaide is expected to boost up to a new level with growth of up to 9%. Almost double of the what the prices grew by in year 2017.
But choosing the right location and right finance will be key for getting on the property ladder.
As per property analyst Terry Ryder of Hotspotting, 2018 will be the year of middle and low-market suburbs.
His claims are based on data published in the Hotspotting’s Spring 2017 Price Predictor Index, which ranks Adelaide ahead of Sydney, Melbourne and Brisbane in terms of the number of growth suburbs.
Real Estate Institute of South Australia (REISA) CEO Greg Troughton also believe Adelaide is well overdue for major price growth.
“We are well overdue for that one-year burst of bigger than average median house price growth, so I would not be surprised (by the prediction),” he said.
Suburbs which are particularly expected to do well are the ones within the Marion council area and Charles Sturt council area, which is another middle market area.
Echoing this, according to Domain, Adelaide was one of the few capital cities to record an increase in median unit prices over the September quarter, jumping 1.6% to $313,074. The quarterly result is 2.6% higher than the same time last year.
“Second only to Hobart, Adelaide has one of the most affordable median house prices of all capital cities, and the most affordable median unit price,” said Domain chief economist, Dr Andrew Wilson.
But, not all of Adelaide will see property price growth; doing research is key to success.
REA Group’s new report predicts similar future for the South Australian city but is bit different when it comes to suburbs.
According to REA Group’s Property Demand Index report, the hardest suburb to find an available rental in, and subsequently the best investment choice, is Redwood Park, in the state’s northeast.
Melrose Park came second, ahead of Marino, Modbury Heights and Morphettville.
Reynella, Dulwich, Sheidow Park, Everard Park and Marion rounded out the top 10.
Statewide, demand for Adelaide homes has increased by 7.1 per cent over the past month and 10 per cent over the past 12 months.
According to Herron Todd White, there is a number of major infrastructure investments will have significant benefits to the local market. Particularly in the city, the Torrens to Torrens Roadway and the Darlington upgrades which will provide improved access for the north-south corridor and improved access to the CBD for southern suburbs residents.
Similarly, the O-Bahn tunnel project in the eastern parklands is now complete and will also boost the property market in the surrounding suburbs.
If you are looking to buy property this year, please contact me to have an obligation free discussion regarding arranging finance for the same on 1300 30 6767.