With the V8 Supercars accelerating through the streets of Adelaide this month, the state’s real estate markets are set for a solid first-quarter of sales and growth, according to James Trimble, General Manager for Raine & Horne.
CoreLogic says that Adelaide continues to buck the broader national trend with some positive real estate growth compared to the eastern states. “At the same time, Developer Cbus Property has unveiled plans for a $300 million commercial project in the heart of Adelaide’s CBD,” says James.
“Located on the corner of Pirie Street and Freemasons Lane, the 17-story building will be a major addition to the city’s skyline.”
James adds the key to the long-term success of Adelaide’s real estate markets involves a more conservative approach to residential development. “Rather the key is to build attractive infrastructure such as offices towers that will attract people back and reduce the population drain away from the state.”
It’s not only Adelaide that makes South Australia either, confirms James. “The South Australian Government has recognised BHP’s Olympic Dam at Roxby Downs with major development status,” he says. The miner hopes to expand Olympic Dam’s copper production by 75%, from 200,000 tonnes per annum to 350,000 tonnes per annum.
“There are also plans for an extended jetty in Port Augusta to enable larger ships to dock in the northeastern port,” says James. “It’s not just Adelaide getting all the good news. There is a spread of good news across the state and this will benefit real estate markets across South Australia.”