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Property Sales Booming in Adelaide

By Brett Pilgrim

New home sales increased in both the month and the quarter of September 2013, according to the Housing Industry Association (HIA).

Total new home sales have reached their highest level in over two years, which is encouraging news for those looking to buy a brand new property in Prospect and other suburbs in Adelaide.

"Given the recovery in sales is occurring from a record low and that the upward momentum appeared to be stalling in mid-2013, this September outcome is very positive," HIA Chief Economist Dr Harley Dale said in an October 30 media release.

In the month of September sales of private detached property in Adelaide and other areas of South Australia increased by 4.6 per cent.

This increase, coupled with the recovery in the building industry, shows the property market in Adelaide is in a period of growth, which may be influenced by investors taking advantage of the current low cash rate.

However, Dr Dale believes the SA property market still needs growth, and the strong new home sales result still needs to gather further steam.

Along with an increase in sales, upward momentum for building approvals and new housing finance would provide confidence that the new home building recovery seen over the past year can continue through to 2014.

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