It comes as no surprise that investors from the two most expensive property markets in the country have their eyes set on Adelaide, the nation’s most affordable capital city.
According to data from realestate.com.au, Adelaide has had interest from more than 4.6 million interstate investors predominantly from Sydney and Melbourne, up 9% from last year.
Adelaide has avoided the extreme price surges impacting Australia’s east coast markets and has obtained steady growth, with 4,395 sales being settled across the Adelaide metropolitan area, representing an almost 10% increase on the previous quarter. The median house price in Adelaide is currently $465,000, representing an increase of roughly a third (+32%) in the past decade.
Real Estate Institute of South Australia CEO Greg Troughton said “We have been ‘slow and steady’ over the last decade and so the returns and opportunities compared to Melbourne and Sydney look salivating,”
Sydney buyers have mostly been eyeing seaside suburbs like Glenelg and Henley Beach, while Melbourne buyers have been on the lookout for character homes in suburbs on the city fringe.
Source: Realestate.com.au / The Advertiser