Know about Adelaide property market conditions
The housing market of Australia is completely affected and the downfall in housing prices is the clear indication of this. The property valuers and experts say – “The demand and supply put the direct impact on the property prices. The concept is clear when supply is high and demand is low the price of the house goes down and when supply is less and demand is more the price of property touches the sky.”
The Adelaide property market is going with the same effect home stocks are increasing and sales activity is declining thus indicating the weak property market. According to the report, the property valuer reveals the actual market conditions of the property the Adelaide market sales down by 1 percent and overall last week. Individual home sales drop has been recorded by 4 percent, unit sales by 3 percent and vacant land sales by 44 percent.
The demand has affected by the slow rise in the population growth in Australia which directly affects the sales volume. As per the report – Australia state’s population growth is at .8 percent and lower level of migrants put the direct impact on the housing demand.
Talking about the number of properties present in the property market of Adelaide is – 13,900. The annual increase in housing has recorded 4 percent. In the last week of September 7,268 number of houses were on rent.
According to the recent reports the Adelaide property values fell by .1 percent through September. But the Adelaide unit prices increased by .8 percent in the last month and 1.1 percent in the month of June. The Adelaide local property and unit property prices are as different as chalk and cheese. Where the unit prices raising, on the other hand, the local property prices are falling down by 2.9 percent.
Expert property valuers are saying – “The housing recovery is well enough and truly underway in Western Australia.” But they also revealed the reason behind the falling Adelaide property prices – local economic conditions, lack of confidence in consumers, and unfavorable demand-supply ratio.
It’s a little bit difficult to understand Australia’s property market. As it is very broken into pieces, driven by local factors including population and jobs growth, consumer confidence to buy the property and supply and demand ratio and more.
Expert property valuer suggests – Buying properties in the areas where there is significant growth can be seen in employment, population and infrastructure developments. These are the growth drivers in the property world. It’s a good time to buy the property for first home buyers and real estate investors to buy property at a time when they have less competition to face.
However, selection of the right property is more important. Hire a property valuer for valuable suggestions and best property valuation services. Feel free to contact us we have a team of experts with us to guide you.