South Australia’s affordable property prices offer capital appreciation potential, while its vibrant cities, beautiful landscapes, and quality of life make it an attractive location for both renters and buyers.
WHY INVEST IN SOUTH AUSTRALIA
South Australia’s government incentives and favourable policies for property investors can further enhance the potential for returns on investment, making it a compelling choice for property investors.
The 2023 population forecast for South Australia is 1,854,000, and is forecast to grow to 2,141,000 by 2041.
The North-South Corridor is identified as one of Adelaide’s most important transport corridors as it will be the major route for north and south bound traffic, including freight vehicles, running between Gawler and Old Noarlunga, a distance of 78 kilometres.
The South Australian Government committed $43 million of funding towards the Granite Island Causeway Project delivered by The Department for Infrastructure and Transport (DIT).
The pipeline for Infrastructure projects in South Australia is set to create thousands of employment opportunities.
955,300 employed people, 62.0% employment rate (abs statistics)
The median house value across Adelaide has increased by $211,097 to $950,000 in the past few months, however, Regional South Australia is also growing at an unprecedented rate and continues to defy the odds by maintaining the highest levels of growth in the country across CoreLogic’s one month, three month and 12-month growth calculations
VACANCY RATES/AVERAGE WEEKLY RENTS (CAPITAL CITY AND REGIONAL)
Adelaide houses continue the record-long stretch of rising rents following the thirteenth consecutive quarter of a rise. In particular, Adelaide units saw an acceleration of rental growth over the September quarter, rising almost two times faster than the previous quarter to reach a record high of $450. Despite the record, Adelaide is the most affordable city to rent a unit , as rents have previously seen more substantial growth in other capital cities.
Adelaide’s vacancy rate remains close to a record low, currently at 0.3%.
- Adelaide capital house prices: $550 / 12.2% increase YOY
- Adelaide capital unit prices: $450 / 12.5% increase YOY
- SA combined regional house prices: $398 / 10.41% YOY
- Reference: Domain September Rental Report 2023