Adelaide’s property boom – where and how to get the best value for money…
Adelaide is emerging from its recent snap lockdown with both its reputation as Australia’s most liveable city and its property market more buoyant than ever, creating opportunities for savvy homebuyers to snap up a great deal in overlooked locations…
As more Australians realise that the lockdown lifestyle is here to stay, Adelaide is fast becoming a destination of choice for homebuyers and investors alike. As the city continues to showcase its ability to manage Covid 19, its recent ranking as Australia’s most liveable city is starting to appeal to homebuyers from all over the country who are snapping up existing homes, in turn creating upward pressure on local property prices.
The latest figures on Adelaide’s property prices from State Government show that you can’t get much bang for your buck for under $500,000 for an existing home anymore. Climbing from a median price of $510,000 in December 2020 to $520,000 in March 2021 – Adelaide’s median dwelling price now sits at $540,000.
This price climb might seem disheartening to first homebuyers – while Covid restrictions have boosted many young purchasers’ savings, the FOMO is real. Many local homebuyers are fearful that prices have escalated beyond their reach.
The important news is that creeping prices for existing dwellings are revealing better value for money in the buy-and-build property market. As home and land prices remain steady, there is a growing gap in median pricing for new versus existing homes. With most home and land packages in regional Adelaide remaining under $450,000, there is still an opportunity for purchasers to buy their dream home: they just need to build it.
And while building your dream home might take a little longer than simply signing a contract and collecting the keys – there are many positives beyond value for money to consider. Building your own home from scratch means you can get your Grand Designs on and incorporate features into your new home like a home office, dedicated home gym, butler’s pantry or a cinema room. Plus, local South Australians are more familiar with the buy-and-build locations on offer than their interstate counterparts.
With allotments at new developments around Adelaide connected to the CBD via brand new expressways – lifestyle destination developments such as Miravale, Virginia Grove and Aston Hills are only 35 minutes from the city. Local homebuyers know and love the Adelaide Hills and are familiar with the lifestyle the region offers. With a new superschool under construction in the North and Mount Barker being home to a new sporting hub and future aquatic centre – locals are also well placed to recognise the value being offered in the new home market.
So what are you waiting for? It’s time to binge The Block and get your Grand Designs on. Where will you build your dream home?
For more information on how to secure your dream address and get building – call one of our friendly land consultants at Lanser today.