If buyers were looking for another reason to consider property in Adelaide, the latest results from the Housing Industry Association (HIA) and Commonwealth Bank Housing Affordability Index could be it.
The findings from the index saw the affordability of homes decline across the country’s capital cities in December 2013 by 1.2 per cent. However, Adelaide did not follow this general trend.
Adelaide recorded an increase in affordability of 5.5 per cent. Not only is Adelaide one of the country’s most liveable capital cities according to the My City: The People’s Verdict survey, but is now one of the most affordable.
“Those in the housing market or who have been on its cusp of and then entered in recent years have experienced a considerable improvement in affordability. This improvement has been driven by an easing interest rate cycle which now sees borrowing costs at or near record lows,” said HIA Chief Economist Harley Dale in a March 27 statement.
For anyone wanting to break into the property market or looking to extend their property portfolio, this will be welcome news.
With the city building a reputation as a desirable destination to live, work and play, these results should see an increase in demand for real estate in Adelaide
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