There is often speculation about the future of Adelaide’s Real Estate market; what it will look like, where the growth suburbs will be, and when is the right time to get into the market.
With the decline in the automotive industry over the last few years there has been a rise in unemployment, along with other economic challenges which have at least in some areas resulted in softer house price growth than had been hoped.
Having said that, Adelaide is seeing a resurgence in confidence, and it’s coming from the evolution in new industries which are rising where others have declined, such as the shipbuilding industry and new, innovation-focused businesses.
A recent report published by the ABC is predicting a median house price rise in Adelaide of around 9% to 2021, increasing from $510,000 in June of 2018, to $555,000 in June 2021. While this is a strong indicator for Adelaide and is based on median house price, it is also showing confidence in the future of Adelaide and the allure of this place to be somewhere that you can live and love, and achieve a great investment return.
They are not making any more land
There is one thing in real estate which always rings true, and that is that “they are not making any more land”. Essentially what this means is that there is only so much land on which you can build, and once it has been built on, it’s really a game of supply and demand which plays a major role in the value of the property. We feel this is especially true where coastal living is concerned in and around Glenelg, as there is only a certain amount of land which runs along the coast and offers the luxury of coastal life.
Often, we see people waiting for some sort of indicator from the banks or the papers of “the right time” to buy, but what we will say is that the best time to buy really depends on what is right for you. There may only be one opportunity to get into the absolute perfect place for you, and if you miss out because you’re waiting on someone else’s opinion to tell you what to do, it may be too late.
Living and loving the coastal life is about more than a predicted percentage growth rate in property value. While making money on the property you buy is important, there are so many intangible things that make your house a home, and your lifestyle the one that is perfect and right for you.
So, keep an eye on trends in the market, but don’t let them be the deciding factor of when you get to live and love the coastal lifestyle, because waiting for that perfect time might cost you more than you know.
Come and see us at McGrath Real Estate Glenelg to help get you into your dream coastal property, you’ll be glad you did.