Even in the face of the current global economic situation, the Adelaide real estate market continues to remain steady, with few fluctuations. With statistics showing the median house price dropping only slightly and the number of properties selling to be lower in comparison to this time last year, the Adelaide real estate market is continuing to show strength. Despite the global economic crisis our country is in there are some encouraging figures relating to the current property market, with reports showing that over the past year the median house price in Adelaide has dropped only just over 2%. This has much to do with the following.
The main reason is due to the active presence of the first home buyer. 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 possible, 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 volumes actually increasing it is easy to see that confidence is increasing in the Adelaide real estate market, especially when you take into consideration the lowering of interest rates. First home buyers are able to use the grant to get into their first home, and use benefits of the fall in 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.
If a first home buyer has a good deposit, of a minimum of 10% or more, and they have job security, it is a great time for them to enter the Adelaide property market. There are a few suburbs in Adelaide which are actually experiencing growth, such as Salisbury Heights and Sellicks Beach. Adelaide real estate agents are reporting that inquiry figures and sales of properties in these areas are, and have been, on the up.
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.