Affordable living, multi-million dollar infrastructure plans, local amenity and the beach; where in the world can you find all this for $250,000?
Ask any property investment expert and they will tell you; infrastructure and local amenity is priceless when it comes to choosing an area to provide solid returns.
Imagine then, an area offering affordable living, both new and developed suburbs, massive infrastructure projects including new shopping centres, an expressway upgrade and new rail line, and to top it all off – it’s near the beach.
No, this is not a mythical place at the end of the property investment rainbow, although it is an area that looks to treat investors well in the year to come.
So where is this magical place; the southern suburbs of Adelaide.
According to a recent report by Herron Todd White, the southern suburbs of Adelaide have been slowly gaining in popularity due to a combination of improving amenities and proximity to the southern beaches.
‘Demand within this area appears to have increased over the past 12 months, possibly in anticipation of improved access, and it is expected that this increased demand may see capital values improve during the year,’ the report states.
Transportation in the area is set to receive a major boost thanks to the recent opening of a $291 million dual rail track from Noarlunga Centre to Seaford, which also includes two new stations with park 'n' ride facilities at Seaford Meadows and Seaford.
In addition to this, travel times to and from the city will be greatly reduced when a major Southern Expressway project is completed mid this year.
This $407.5 million duplication of the Southern Expressway is a key part of the development of Adelaide's north-south corridor and, when complete, will deliver an 18.5 kilometre multi-lane, two-way expressway between Bedford Park and Old Noarlunga.
According to the Real Estate Institute of South Australia (REISA), southern suburbs which have seen the largest growth over a 12-month period were Glenelg North and Noarlunga Downs. These topped the list at 48.63%, and 27.14% respectively. Other big movers included Port Noarlunga and Brighton.
Top selling suburbs in terms of recorded sales over the December quarter were Morphett Vale and Aldinga Beach.
“It is not surprising that increased growth and sales are being seen in beachside suburbs,” REISA President, Mr Piteo said.
“South Australia is renowned for its beautiful beaches and homes that allow easy access to the waves will always be in demand.”
Port Noarlunga is offering a median unit price of $250,000 with a gross rental yield of 5%. Typical time on the market is 90 days and 13 sold were throughout January.
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