Investment property in Port Adelaide has done poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -10.07%
Across a shorter period, Port Adelaide, 5015 has seen a median price increase of -0.74% over the last quarter.
With the median price for a house in Port Adelaide being $335000 and the advertised rent reaching $380 the gross rental yield for property investors calculates out to be 5.90%
Investment property in Port Adelaide has done not badly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 8.92%
If we look at median property appreciation over just the last three months, Port Adelaide has given property investors a paper return of 6.79%. This puts Suburb as 35 on a list of fastest fasting appreciating suburbs in SA
Vendor discounting in Port Adelaide is giving property investors an average Vendor Discount of around -7.45%. This puts suburb at number 33th in SA when ranking the most discounted suburbs.
Port Adelaide is 89th on a list of best yielding suburbs for rents in SA with a 4.70% return
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.