Adelaide and regional SA have each recorded more than 13 percent growth in their property values over the past year, new figures reveal.
Corelogic
This is the first time in Adelaide that the property value is at 8.9% and 8.2% respectively.
According to CoreLogic, home value index,” Adelaide and regional SA each recorded more than 13% growth in their property values over the past year, dwelling values rose to 13.9% in the 2020-2021 financial year, following 1.6% growth in June to a median value of $508,712”.
“Adelaide home sales are tracking almost 28% above the five-year average, and homes are selling in just 32 days on average which is the fastest average selling time since 2007” CoreLogic.
By far this is the highest annual rate growth in 17 years of Australia since 2004, where the hosing booming market was going down after the remarkable growth.
According to the Reserve bank of Australia,’ the forecast predicts house prices growth of 8% over 2021, then an additional 9% in 2022, before a final spike of 8% in 2023”.
We have seen a similar number from the Commonwealth and Westpac depicting the 10% increase in the housing prices for this year and the following year as well.
A huge shoutout
The great news for SA that the south road project has been approved allocating $1.96billion in this project providing ‘unarguable’ economic benefits and creating 4000 jobs.
The way everything is unfolding I must say, Adelaide, will shine to its best proving spectacular facilities and service and boosting great stimulus packages that show the strength of the current market.
We have also seen a huge spike in investor’s activity it’s simple the more buyers are willing to pay for the property, the more houses it sells for.
But it is also creating the problem that the investors are squeezing out the first home buyers and taking the advantage of the market.
The young generation in Australia look set to be stuck renting until something major changes.