Property value increases in Ardrossan have tracked lower than the SA average of 1.79% over the last 12 months.
Across a shorter period, Ardrossan, 5571 has seen a median price increase of -13.00% over the last quarter.
Ardrossan is 38th on a list of best yielding suburbs for rents in SA with a 6.04% return
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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.