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Mid-way through the last decade, when Sydney, Melbourne, Brisbane and Perth city real estate prices were all heading north at an incredible rate, there were those of us in Adelaide who felt like the last girl asked to dance. Why wasn’t Adelaide showing that same kind of growth? Why did our charts and arrows plod upward when those other cities had arrows rocketing up like Mount Everest?
Industry commentators here have often said that South Australia doesn’t have those dramatic upward swings of the other capital cities, but the good news is, nor do we have those dramatic declines.
It’s steady-as-she goes here.
The Professionals CEO, Ted Piteo echoes the thoughts of renowned property commentator Terry Ryder, when he says “the best kind of market is steady growth but no boom.”
“If there’s no boom, there’s rarely a bust. That’s the good thing about Adelaide,” Mr Piteo said. “This is a very stable city.”
Terry Ryder says there are few current indicators suggesting any boom in the real estate market nationally any time soon, however, most signs point north. “National figures for home loans, sales volumes, price movements, building approvals and affordability, among others, suggest a steady and sustainable recovery,” Mr Ryder said.
Some of the statistics mentioned included the value of housing loans rising 4.5% in March; a 6% increase in ABS figures showing the number of investors active in the property market (up from 30% in March 2012 to 36% this year).
Mr Piteo said he continued to expect Adelaide and South Australia to show modest growth in median house pricing during the remainder of 2013, as recent downward movements in interest rates filter through to the market.