This month, NextHotSpot.com.au has contributed the market report for SOUTH AUSTRALIA
The spectre of last year’s postponement of BHP’s Olympic Dam development has continued to keep the SA economy relatively subdued and real estate markets along with it. The tide will inevitably turn one day, but it’s di cult to predict when this will be. Areas of Adelaide with infrastructure enhancements in transport, education and medical facilities present opportunities for investors to prepare for impending growth.
At the macro level, BHP’s Olympic Dam project has long been seen as the ‘make or break’ issue for the entire SA economy. While this has been proven to be not entirely correct, there is no doubt that the decision by BHP to delay development of this massive resource has restrained short term growth.
Ironically, the delay has prompted action that makes the long-term future appear more secure, but the benefits are some way o yet. Rio Tinto has started exploring the Vulcan site virtually next door to Olympic Dam, and the SA government has opened up the Woomera area for resource exploration. Even disregarding Rio’s current issues, the process to begin construction, let alone see production benefits, takes time.
We think SA will come good, but we’re waiting for the signs of when.
Parts of Adelaide stand to perform well in the long term, typically areas with lifestyle appeal, recent transport improvements and, most critically, affordability.
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