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A report on Property Observer website says Adelaide is no longer a “buyer’s market”.
The report cited valuation firm Herron Todd White, and said: “The number of days on the market has reduced, vendor discounting has tightened, sales transactions have increased and in that time [the last 12 months] there has been around a 3% improvement in median price. With the property market in Adelaide having reached the bottom of the cycle investors are now more confident that property will start to see some improvement in capital growth in the medium to long-term.”
With only a slight annual increase to Adelaide’s median price (currently $420,000 according to RP Data), the report suggested $500,000 would still buy much the same as it would have last year.
It noted $500,000 can currently buy in the inner suburbs, less than seven kilometres from the CBD, including Norwood, Parkside, Unley and Prospect, but “more and more difficult” in older established suburbs located close to popular shopping strips and centres, and dining and café precincts.
Professionals CEO, Ted Piteo, agreed with the report and said proximity to the city and ease of access along major transport routes, plus the ‘leafy’ appeal of many of Adelaide’s inner suburbs were perhaps the biggest selling points for these areas.