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Buyer confidence rises in Adelaide

28 Apr 2014 Richmond 0 Comment

Home values across the capital cities increased by 2.3% in March, following a slow month in February, according to figures from RP Data.

All the capital cities, with the exception of Perth, recorded positive growth.

In Adelaide, there was an increase of house values of 1.4% over the month. This is 4.6% higher than the same time last year. The median price of houses in Adelaide is $390,000, keeping our city as one of the more affordable capitals in the country.

In terms of units the median price change was only 1.1%, which might suggest that houses are a better investment option than units in Adelaide.

Speaking in a national context, respected property analyst Terry Ryder, suggested units were challenging houses as the dwelling of choice in Australia.

Mr Ryder cited the Bankwest Housing Density Report that revealed 43% of new home approvals are medium-density dwellings. This is up from the 39% national average in the previous year.

“Partly this is about affordability. In Sydney, the median unit price is $221,000 less than the median house price. In Melbourne the difference is $138,000, while in Darwin it’s $165,000,” Mr Ryder said.

“But it’s more to do with lifestyle choices. Busy lives and the value people place on their leisure time points many buyers to a low-maintenance dwelling that doesn’t have gardens to weed and lawns to mow.

“For those who want to be close to the inner city at a reasonable price, an apartment is the favoured option.

“But buyers need to be careful. Several of our inner-city unit markets are over-supplied and it’s likely to get worse… Buyers need to be choosy and do plenty of research into vacancy rates and building approval levels before committing,” Mr Ryder said.

RP Data said the news was also positive for owners or potential buyers of rental properties in Adelaide, as rental yields rose a further 4.3% during March.

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