Real estate: South Australian suburbs set for bumper growth
Real estate experts predict the suburbs set for strong capital growth in the coming years. Does your suburb, or areas where you’re looking, make the list?
SA News
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Buying property in South Australia’s most in-demand suburbs and towns could prove to be a lucrative investment over the next decade or two, property experts say.
Magill, Unley Park and Stirling were in highest demand across metropolitan Adelaide over the past year, according to realestate.com.au.
Port Elliott, Macclesfield and Goolwa Beach were the state’s most popular regional areas.
Chief economist at realestate.com.au Nerida Conisbee said while it was difficult to predict which areas would experience the highest house price growth two decades from now, buyer demand was often a good indicator.
“It’s not a strict rule, but it does often come down to supply and demand,” Ms Conisbee said.
“So those suburbs with high levels of search activity (on realestate.com.au) relative to properties available often see growth.”
With several Adelaide Hills suburbs in the top 20 most in-demand areas, Ms Conisbee said it was a good area to watch for long-term growth.
Harcourts Magill agent Alexander Parzis said the market could change quickly but based on current demand, buying a house in Magill could prove to be a good long-term investment.
“It’s high in demand right now because of the pricing, it’s very reasonable still,” he said.
“Also the schools – it’s one of the main reasons families are moving into the Magill area. There’s also a lot of parks in the area.
“Rental properties don’t last long on the market and they get a great return, too.”
Mr Parzis said interest in Magill homes was only increasing, especially given there was such limited stock at the moment.
“This time last year … we were roughly receiving 4000 to 5000 views (online),” he said.
“Now we’re receiving around 13,000 to 15,000 views on a property.”
Jelena Solujic recently bought a house at Magill after months of searching.
“I was looking to buy a house to have a bit more space given we have a dog,” she said.
“It’s one of the suburbs I’ve been looking at over the past six months.”
Having lived in the area when she was younger, Ms Solujic said she loved its convenient location, close to both the city and Norwood.
She was hopeful her investment would prove to be a fruitful one in years to come.
“I feel quite confident (Magill) will remain in relatively high demand in the future,” she said.
Williams Real Estate partner John Williams said there was always strong demand for houses in Unley Park, which made it a great suburb to invest in for solid value growth.
“Blue chip stock is always the best property to buy, they’re the most consistent,” he said.
“Their value is always going to go up because they’re always in short supply.
“If you can get into Unley Park, then absolutely, it’s always a very good investment.”
Mr Williams said there was a string of factors that made the tightly-held suburb so popular but it was mostly its proximity to the city and the types of homes it offered.
“We’ve sold three to four in Unley Park in the past six or seven weeks, they all sold very quickly,” he said.
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