When you hear discussions about the real estate market, you'll normally pick up the importance of demand and supply. A solid stream of new homes is typically a good thing, creating jobs in construction and reviving an area. So what's on the cards for the supply of property in Adelaide? If it follows the trends predicted in a new report from the Property Council of Australia and CoreLogic RP Data, then the only way is up.
The latest Australian Residential Development Outlook takes a look at some of the largest influences on residential development across the country, to predict what direction the industry will take over the next year or so. In good news for buyers of real estate in Adelaide, the study concluded that conditions are looking good to keep up the strong levels of new home building.
The report shows that, among a raft of other encouraging signals, low interest rates, housing finance, building approvals and household wealth all point to a positive period ahead.
Property Council of Australia executive director residential Nick Proud said growth is expected to stay well above average – in fact, there could be tens of thousands more properties for buyers to choose from!
"Residential development has emerged as one of the main drivers of economic activity across the country," Mr Proud said in a 21 May release.
Master Builders Australia has weighed in on this topic, too. In a 27 May statement, CEO Wilhelm Harnisch said that new figures from the Australian Bureau of Statistics show just how important new home building is to the nation's economic wellbeing – these ABS figures show a 4.8 per cent jump in the value of residential construction work between the December and March quarters.
With new home building likely to take the property market by storm over the coming months, it could be time to have a chat with the team at Ray White Adelaide about taking advantage of these great conditions.