Posts Tagged ‘Adelaide Real Estate’
Adelaide’s Property Market Overview
The Adelaide real estate market has continued to offer much resilience in the effects of the global economic situation. With statistics showing the median house price dropping only slightly and the volume of houses selling to be down when comparing them to this time last year, the Adelaide real estate market is continuing to show stability. Statistics show that there has been just over a 2% reduction in the average property price over the year. Which is quite impressive considering the global economic situation Australia is currently in. There are a number of reasons for this property market stability.
It is the amount of first home buyers in the market that is having a significant outcome. With the first home buyers grant being extended by the government, this group of buyers are now able to better afford to enter the property market, getting onto the property ladder in Adelaide has now become more accessible, where before it was not, it was often too difficult for a first home buyer to save up a significant enough deposit for their home, and then be able to afford the monthly repayments.
With sales figures actually increasing it is easy to see that confidence is growing in the Adelaide real estate market, especially when you consider the reduction of interest rates. First home buyers are able to use the grant to get into their first property, and use benefits of the fallen interest rates to be able to afford the current property market prices. These two considerations have combined to bring about a more active Adelaide real estate market.
Some areas in Adelaide, such as Sellicks Beach and Salisbury Heights, have actually increased in value over the past 12 months. For first home buyers who have a good deposit of at least 10%, they have job security, then these locations are an excellent purchase.
The Adelaide real estate market looks well placed to come through the global economic downturn strongly, with resilient conditions equipping South Australia’s economy and property market with a positive outlook over the medium to long term.