Confidence in the Adelaide economy is sky-high, and this is translating to the city’s real estate market, says James Trimble, General Manager, Raine & Horne.
“Major events such as the Tour Down Under cycling classic, Superloop Adelaide 500 V8 Super Car race, and the Adelaide Fringe Festival, recognised as world's second-largest annual arts festival, have attracted record crowds including plenty of interstate and overseas visitors,” said James. “All eyes have been on Adelaide for the first quarter of 2019, which has put on a good show.
Likewise, South Australia’s property markets have put on an energetic show over the last quarter. “The Adelaide market has remained strong and stable, while our South Australian regional offices are also reporting strong activity, with plenty of groups at open homes,” confirmed James. “The desire for established homes in regional areas such as Mount Barker is strong because many of the new builds are on 500 square metres. Many older homes are built on 800 square metre blocks.” Demand for established homes is more than twice as strong as it is for new builds, James added.
The positive start to 2019 for residential real estate in Adelaide is also attributable to robust economic news, says James. “We have significant investment in the defence sector thanks to the Australian Government’s program of continuous naval shipbuilding, and then in December, we had the announcement that Australia’s new $12 million space agency will be built in Adelaide,” said James. “The decision to build this agency in Adelaide reinforces South Australia as a hub for innovation and technology.
“Moreover, the decision will create thousands of new jobs over the next decade, which will be very helpful for property values in Adelaide longer-term.”