Only Melbourne and Brisbane tipped Adelaide
in the capital growth stakes in the 12 months to September, with the SA capital achieving an impressive 13.52% year-on-year, according to Residex.
Growth for the September quarter was a solid 5.03%, as investors continued to take advantage of the relatively cheap prices offered in SA. The median price of $335,000 puts Adelaide neck and neck with Hobart as the joint cheapest state capital, while country SA has a more affordable average than anywhere else in Australia.
“Adelaide has experienced one of the tightest markets in decades over the past 12 months, so investors have been keen to buy here,” said Real Estate Institute of South Australia (REISA) President, Mark Sanderson.
“Our affordability compared to the eastern states, our reasonable returns, solid capital growth and strong employment opportunities are being recognised by investors across Australia and overseas.”
The Whyalla area, 70km south of Port Augusta
, experienced more significant growth than any other region, with Whyalla Norrie achieving 24.88% growth in the year to September, followed by 24.42% and 21.19% for Whyalla Stuart
and Whyalla Playford
respectively. The Port Augusta also experienced significant growth – 17.08% year-on-year, and 22.01% in Port Augusta West.
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