When looking at the potential capital gains offered to property investors over the last 3 years, Port Adelaide comes in at number 58th in SA.
State is the 4th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -6.14% offered to property buyers. Sellers in Port Adelaide itself are offering an average vendor discount of -3.65% to real estate investors.
SA has seen average median house prices change by 3.61% which means that Port Adelaide, 5015 has done well for property investors by showing a capital gain of 19.23% over the last year
Over the longer term, Port Adelaide has seen property prices show investors a 4.73% return over the last 3 years. This is an improvement over the last 12 months
Port Adelaide, 5015 is offering SA ‘s 74th most discounted properties when looking at the average discount being offered by vendors. This puts it in the middle of discounts offered by this SA.
Advertised rents are around the $322.5 mark per week – giving a return of 4.33% based on the median price in Suburb
Port Adelaide may not have taken off the way investors had hoped when grand plans were announced for $1.5bn in redevelopments several years ago, but it could still be set for the type of growth that saw the regeneration of industrial suburbs in Melbourne and Sydney.Full summary
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Port Adelaide may not have taken off the way investors had hoped when grand plans were announced for $1.5bn in redevelopments several years ago, but it could still be set for the type of growth that saw the regeneration of industrial suburbs in Melbourne and Sydney.
“It’s industrial, but so were places like the Docklands [Melbourne] and places in Sydney, like the wharfs that they’ve turned around,” says Angelo Mena, managing director of Adelaide Property Finders.
“People are screaming about Christies Beach because it’s $300,000 to $350,000 to get into a reasonable place there and you’re close to the beach, but you’re 30-35km from the city. Port Adelaide is much closer.”
At around 15km from the CBD along Port Road, Port Adelaide is certainly accessible by car, and is just 20 minutes from Adelaide station by train.
The rental market is tight, with vacancy rates having however around the 2% mark since August 2010, according to SQM Research, and the average yield for houses is relatively strong at more than 5%.
“The vision that people had five or 10 years ago when they were planning all of this may have stalled, but it will come to fruition,” says Mena.