Property value increases in Pooraka have tracked just higher than the SA average of 3.24% over the last 12 months.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Pooraka has increased when compared to the 5 year average annual rate.
State is the 5th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -6.50% offered to property buyers. Sellers in Pooraka itself are offering an average vendor discount of -5.64% to real estate investors.
On average over the past year, suburb has had 7.33 sales per month, which equates to 88 per year.
Pooraka is 120th on a list of best yielding suburbs for rents in SA with a 4.80% return
Pooraka has had a quite poor year for property investment returns compared to the rest of SA, giving investors a capital gain of -5.36% to date .
Taking the average capital gain, or increase in median house value, Pooraka,5095 has racked up an average of -5.36% over the period. This ranks it number 1152th in the whole country for real estate investors looking at median house price increases.
Property buyers and investors in Pooraka 5095 should be seeing an average reduction in asking price of around -6.96% . This means that Pooraka is holding prices well when compared to other suburbs in SA.
On average over the past year, suburb has had 3.25 sales per month, which equates to 39 per year.
Located around 12km north of the Adelaide CBD, Pooraka has good access to the city via the Main North Road and is a couple of kilometres away from the nearest train station at Dry Creek.Full summary
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Located around 12km north of the Adelaide CBD, Pooraka has good access to the city via the Main North Road and is a couple of kilometres away from the nearest train station at Dry Creek.
It’s a suburb whose property market was a beneficiary of increased market confidence as 2011 progressed, says Raine & Horne Ingle Farm principal Wayne Masters.
“Australians still need and want to purchase homes,” he says. “We are seeing good levels of enquiry from local and interstate buyers, and we expect confidence to improve throughout the remainder of the year.”
And he believes that Pookara will continue to prove popular with both investors and owner-occupiers, thanks to the type of home that it has to offer.
“In Pooraka you can secure older-style three bedroom homes with large yards, which are ideal for families,” he says.
“These properties provide a point of difference to modern homes, which are typically on smaller blocks, and sell for between $290,000 and $350,000.”
He adds that many of these blocks can be developed, subject to council approval, which will be of particular interest to investors who are hoping to add value through development as the market recovers from its slow patch.