Thursday, January 04, 2018

Goodbye 2017, Hello 2018!

We have launched into 2018 and it's looking to be another exciting year for real estate! 

A new year always sparks some of the big real estate questions... What are the predictions for our property market? How will Adelaide perform compared to the rest of Australia? Where are the hot spots going to be? And, has the market peaked?

The great news for South Australia is that after years of steady growth, Adelaide's property market is set to take it up a notch. Research experts have predicted house price growths of up to nine per cent in 2018, a four per cent increase from last year. Figures show that other capital cities have passed their peak while Adelaide continues to be the steady performer with plenty of upside in terms of value for money.

Despite the predicted price increase in South Australia, it is still a place of opportunity and one of the more affordable states in the country. SA's affordability index (37.3) remains above the Australian average of 31.8 index points, suggesting SA still holds its place as an attractive option for interstate investors.

Last year Adelaide received significant media attention and was recognised nationally for our excellent investment conditions. Suburbs such as North Adelaide, Walkerville, Semaphore, Prospect, Belair, Woodville South, Fullarton, Somerton Park, and Crafers, were the city's top performers, recording double-digit growth in their median house prices in the past 12 months. We expect to see an even larger number of interstate investors looking to our city in 2018. This is fantastic news for Adelaide sellers and provides assurance when making such important decisions.

On the ground Team Toop are seeing continual signs of confident buyers. The momentum we experienced in December has seamlessly flowed into the new year, with our buyer enquiry staying strong over the holiday period. We have been receiving enquiry from new buyers entering the market, as well as existing buyers who are keen to resume their property search. They have experienced the lack of stock currently available in Adelaide, and how this has made purchasing a property very competitive, and are eager to secure a property as soon as possible. Local developers and interstate investors are still showing strong interest, and we are also seeing an influx of interstate executives relocating to Adelaide entering both the sale and rental markets. 

This week our team has been busy meeting home owners who are either looking to take advantage of this current buyer demand, or who would like more information about their particular suburb, and insights into exactly what this spotlight on Adelaide means for their home, and its potential value.

We love real estate, we love our city and we are excited about Adelaide property in 2018. January is a fantastic time for real estate. Buying conditions are great, and people have more time to explore and search for homes during the holiday break. While many are still in holiday mode, Team Toop are well and truly back into it, and we look forward to meeting you at our open inspections soon!

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