The prices of the Australian housing market within Adelaide suburbs have been booming for quite some time now, with no signs of slowing down anytime soon.
With the demand for housing rising since the beginning of the pandemic, property prices have been increasing at record-breaking rates.
It is predicted the Reserve Bank will prolong the low rates at least until late 2023.
With the incentives making it easier to enter the housing market such as the First Home Loan Deposit Scheme and the low RBA rates, housing demand has increased significantly.
The housing boom has been so significant that builders are fighting for timber as suppliers cannot keep up with the demand since the homeowner building grants being introduced over one year ago.
With many Adelaide residents seeking to enter the housing market, it can be difficult to determine which suburb to buy in.
CoreLogic’s newest report may just provide the solution to that question.
Let’s look at their proposed more affordable Adelaide suburbs to buy in, and look at why this is.
Adelaide more affordable suburbs to buy in
CoreLogic has analysed Adelaide suburb-level listings, comparing their stock of housing available and dwelling value increases to determine the likely most affordable areas to buy in.
The list of South Australian suburbs with lower housing prices are as follows:
- Para Hills West
- Bedford Park
- Everard Park
Why they are more affordable
New housing trends have emerged in the past year due to the lockdowns which were in place due to the spread of COVID-19.
What was once viewed as convenient and suitable in the housing market quickly changed once the state-wide lockdowns occurred.
Many people who underwent lockdowns in highly populated areas experienced the pain of being stuck in a small home with minimal backyard.
It is because of this the demand for outer-suburb housing with larger spaces and backyards are now peaking, with housing prices increasing at record breaking rates.
As for the inner-city areas, the demand has not increased with many looking to relocate away from the cities.
With less demand for inner-city and high-urban density housing, the housing market in the city and its inner-suburbs is becoming more affordable with lower prices than outer-suburbs.
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Home Finance Calculators
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