Investment property in Ardrossan 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 -3.88%
Over the longer term, Ardrossan has seen property prices show investors a 4.21% return over the last 3 years. This is worse than over the last 12 months
Sellers are offering property buyers an average discount of -3.28% to buyers in Ardrossan at the moment, which is less than average for the rest of SA.
At number 1457 in a list of fastest selling suburbs, Ardrossan is in the TOP 40% of suburbs in Australia with an average of days on market 69.33 for properties listed there.
With the median price for a house in Ardrossan being $278750 and the advertised rent reaching $250 the gross rental yield for property investors calculates out to be 4.66%
Buying activity in Ardrossan has been solid in recent months, says LJ Hooker Ardrossan and Port Vincent principal Len Easther, with buyers snapping up new land subdivisions in the area.Full summary
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Buying activity in Ardrossan has been solid in recent months, says LJ Hooker Ardrossan and Port Vincent principal Len Easther, with buyers snapping up new land subdivisions in the area.
“In the last 10 months there have been two land subdivisions that have been released, which is around about 55 allotments. Of those 55, about 32 have been sold, and they’re ranging in prices from $110,000 to $140,000,” he says. “Investors and owner-occupiers have been buying them.”
A major driver of the property investment market, he adds, is a major shortage of quality rental accommodation. Ardrossan’s residential vacancy rate is 1.4% according to SQM Research, and Easther explains that three-bedroom houses are particularly sought after by local employer Rex Minerals – as well as by private renters.
With Rex Minerals having made a significant copper discovery at its Hillside Project in 2009, several hundred resource workers are expected to head to the region in the coming years. The company also recently upgraded its $900m Hillside Project plans in October – suggesting a potential doubling of its original copper production forecast to 100 kilo-tonnes per annum.
Plans have also been announced for Suzlon Energy Australia to build a $1.3bn, 180 turbine, wind energy plant 20km from Ardrossan. The project is expected to create 500 jobs in the construction phase and 50 ongoing jobs upon completion in 2015.