The recently released ANZ/Property Council Survey index shows that South Australians are expecting good things from property this quarter.
The survey, which analyses confidence in economic growth, interest rate expectations, availability of debt finance and residential capital growth amongst other things, provides a comprehensive view of the country's confidence in the market heading towards the end of the calendar year.
South Australians are confident in the country's economy, but still see the state economy as not doing so well. Although the index rating was negative for the state economy, it is much improved since the last quarter – indicating increasing levels of consumer confidence
The availability of financial products and confidence in the interest rate were both positive for South Australians. House capital growth expectations were not only improved, but the highest for the year.
Nationwide people are expecting greater activity in the construction industry, both in the residential building and the commercial sector. This is in line with record expansion in the construction industry, and high approval levels for new construction.
Figures from the Australian Bureau of Statistics earlier this year showed record trends in building approvals. Geordan Murray, economist for the HIA, described the levels of approvals: "In the 12 months to August approvals reached 197,571 – a record high in any 12-month period.
This result demonstrates that accommodative monetary policy settings are facilitating a sustained recovery in new home building."
The Australian Industry Group posted results in its Performance of Construction Index this month which revealed that construction had reached its highest pace of expansion since the inception of the index, nine years ago.
This mix of financial expectancy and anticipated growth in the South Australian property market makes for an ideal environment in which to consider purchasing a rental investment property in Adelaide or the surrounding area.
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