With the Sydney, Melbourne and Brisbane real estate markets in full swing over the last 18 months we ask the hard question – Is South Australia set to follow suit or are there better opportunities else where?
Look behind the headlines and you’ll find a state thats affordable, with opportunities for good capital growth and rental returns, particularly in Adelaide.
What’s driving the South Australian real estate market?
- Wages have increased by 3.1% over the the past 12 months in SA (the fasters in the nation).
- Herron Todd White’s Month In Review Report show’s the SA property market continues its steady improvement, with signs of capital growth, above average auction clearance rates, reduced time on the market and falling vendor discounting.
- SA’s rental vacancy rates have also been falling.
What’s ahead for the South Australian real estate market in 2015?
- SA will stay relatively affordable when compared to other capital cities.
- A surge in home building activity may result in a slight over supply of dwellings in and around Adelaide in late 2015 – early 2016.
- Median price growth is predicted to rise above 5% per annum for the 2015 and 2016 calendar years.
- The manufacturing industry is suffering some losses with the closures of the Holden and GM car production operations in SA.
- The Olympic Dam is still on the back burner.
15 SA suburbs set for growth in 2015 for under $350,000:
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5 additional SA suburbs set for growth in 2015 for under $420,000:
- Surrey Downs
- Reynella East
- West Richmond
- Modbury North
Leading infrastructure projects in the works for SA:
- $1 billion project to redevelop Tonsley Park.
- Proposed $1.5 billion Ceres wind farm.
- The new Royal Adelaide Hospital, McErin Hospital redevelopment and Queen Elizabeth Hospital redevelopment.
Important population statistics for SA:
- Forecast population for 2015/16: 256,000
- Forecast population growth for 2015/16: 2.7%.
- Population growth hotspot: Angle Vale.
- Migration trend: Net interstate migration outflow.
SA’s 7 most under supplied real estate markets in 2014:
- Thebarton (units)
- Kilburn North (units)
- Middleback Ridge (houses)
- Norwood South (units)
- Prospect East (units)
- Christies Beach North (units)
- Whyalla Norrie East (houses)
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