Whenever you're considering buying property, it can be daunting. You're not just buying a house – you're investing in a potential future for you and your family. And no matter how certain you are about the purchase you're about to make, there's probably a tiny nagging voice that's making you nervous. In such a situation, it's always nice to have a professionally done report with facts and figures to confirm what you initially thought.
This month, industry forecaster BIS Shrapnel's Residential Property Prospects, 2014 to 2017 report fills that role. If the report is to be believed, prospects for purchasing real estate in Adelaide should be good for the near future at least.
This is mainly due to the low interest rates which Australia has been seeing. If you keep up with the property market at all, it's likely you've heard about it – the Reserve Bank of Australia has kept the cash rate at the historically low number of 2.5 per cent, which has translated into low interest rates for home buyers. According to the report, these interest rates are helping to underpin affordability in housing.
"The current standard variable rate of 5.95 per cent is, outside of the GFC emergency low interest rates in 2009, the lowest level in over 40 years," said BIS Shrapnel senior manager and report author Angie Zigomanis.
"As a result, affordability in most capital cities remains at early-2000s levels, which should be supportive of price growth."
If this wasn't enough, according to Mr Zigomanis there will be increased construction of property in Adelaide due to the increased incentives for first home buyers, as well as rising vacancy rates keeping prices lower.
It seems like now might be the right time to get into the Adelaide property market.