Thursday, November 02, 2017

Adelaide’s property market is on the move… again!

The latest housing report by CoreLogic RPData has just been released showing positive signs for Adelaide and the majority of capital cities across the country. 

Adelaide continues to be the steady reliable performer and saw a healthy 5% growth in housing prices over the quarter. Nationally, Hobart achieved the highest average pricing growth over the quarter. Sydney and Melbourne are showing signs of slowing down, however have still recorded double digit growth, where Perth and Darwin were the only two cities to record negative growth over the quarter. 

Looking more locally, we've seen a high number of properties record double digit growth in median house price over the past 12 months. Top performing suburbs include: North Adelaide, Walkerville, Semaphore, Prospect, Belair, Woodville South, Fullarton, Somerton Park and Crafers.

This is consistent with what our team are experiencing. Team Toop are seeing between 800 and 900 active buyers each week at our open inspections. The market is running hot... and we don't see signs of this slowing down anytime soon. 

So what are the property predictions for 2018?

Adelaide is looking very strong. Property Analysts expect to see house price growth of up to 9%, ranking ahead of Sydney, Melbourne and Brisbane in terms of the predicted number of growth suburbs.

Those suburbs with house prices sitting around $450,000 (our median house price) are tipped to be the best performers. Over 45 suburbs made the list of areas to watch including Oaklands Park, Findon, Grange and Semaphore Park. 

We expect to see investor activity in Adelaide rise off the back of the slowing Sydney and Brisbane markets. In Adelaide there is a huge upside for Landlords. Here Landlords are reaping the benefits of a stable, yet consistent market of quality returns. Over the past quarter our Property Management team have seen yields of between 3.29% and 5.74% with the highest being achieved in Magill (4.67%), Enfield (5.02%) and Para Vista (5.74%).

Adding to this positive news is the number of projects that are underway in our state to help our resource sector. Looking ahead this will continue to be good news for the Adelaide property market.

We're in the middle of spring and the national Property Analysts agree, the Adelaide market is strong. If you want to make the most of our city's current conditions, give our team a call. We love talking all things property, and especially about the opportunities that exist here, right now, in our state.

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