Units are selling in Evandale faster than anywhere else in Adelaide — taking on average just 23 days

UNITS in one eastern suburbs location are taking, on average, about three weeks to sell — that’s faster than anywhere else in Adelaide.

REIQ generic house sale

UNITS in Evandale are selling faster than in any other Adelaide suburb.

Latest RP Data figures show units in the suburb were on the market for an average of just 23 days in the 12 months to June.

Units in Torrensville (26 days) and Cumberland Park (27 days) were the next fastest sellers.

LJ Hooker Kensington principal director Nick Ploubidis said most buyers were investing in units they could renovate or rent out.

“Low-end units are scarce in the area so they sell quickly when they go on the market,” Mr Ploubidis said.

“It’s a beautiful area with wide streets and it’s close to St Peters, Joslin and Norwood — but more affordable than those suburbs.”

There was a 20 per cent drop in median unit prices in Evandale in the 12 months to June, from $402,000 to $320,000.

But Mr Ploubidis predicted prices would skyrocket because it was becoming a highly sought-after area.

Tusmore-based Scarce Real Estate property consultant Darren Crowley said many investors were able to get loans because interest rates were low across the board.

“There’s a lot of activity from investors and that comes down to the economic stability and the fierce competition between lenders,” Mr Crowley said.

He said investors were renovating properties to live in or rent and most tenants were university students.

The median rent in Evandale was $290 per week.

Harcourts Magill principal director John Joyce said it was a good time to rent and buy in the area.

“You can pick up a property for a relatively good price,” Mr Joyce said.