If you've been keeping a close eye on the headlines over the past few days, there's been no shortage of commentary on the government's 2015-2016 budget. Amidst all the debate, you've probably been wondering what the decisions mean for property in Adelaide – and the news could be good.
Supply and demand is an equation that's commonly brought up in conversation around real estate, and there's been a fair amount of debate about how to keep construction thriving. In positive news for homebuyers in Adelaide, the budget could give a tangible boost to the supply of new homes in the South Australian capital.
Already, according to the Housing Industry Association, there were a record number of approvals for new homes during March across the country – and their numbers grew an encouraging 35.2 per cent in South Australia alone, in seasonally-adjusted terms. With the Reserve Bank's latest rate cut on hand to put wind into the building industry's sails, the budget has provided more promise to the real estate market in Adelaide.
The government has pledged a $5.5 billion package towards small businesses and employment, which Master Builders Australia CEO Wilhelm Harnisch said should help keep the new home building market on its upwards track. In fact, he noted that there are more small businesses in the building and construction sector than any other industry – and the tax cuts should gift builders across Australia a great deal of relief.
"The $5.5billion small business package will massively boost confidence, activity and jobs in the industry," Mr Harnisch said in a 12 May release.
"Master Builders called for short term tax measures to boost building activity and maintain the momentum of the housing upturn and these measures have exceeded builders' expectations."
This is an encouraging sign for the future of real estate in Adelaide, and will hopefully be the kick start the market needs. If you'd like to get ahead of the curve and find out more about the fantastic selection of homes on offer in the South Australian capital, make sure to touch base with the team at Ray White.
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