House prices

[julie-ruth]

Just wondering what is the economy doing in Adelaide at the moment we know the UK is bad but are house prices raising fast there or leveling or dropping like they are here?

 

Just been into the estate agents this morning and agreed a drop of marketing price of £25,000 but expecting an overall drop of £40,000 than our original marketing price from just 2 months ago.

 

We could rent but we are coming over on a 119 visa so we are staying for at least two years and we have no family in Dorset all our relatives are in Cornwall. So no-one to keep an eye on the place.

 

So thinking of the bigger picture when we get there is it best to wait and rent or go for it and buy before we are priced out of the market?

[Guest Libby1971]

The number of people living in Adelaide has risen dramatically in the last few eyars due to the 495 visa as well as the lower house prices drawing people to SA who have been priced out of other areas eg Brisbane and Perth. This is having the exact effect that you would expect when lots mof people want something that there is not enough of...houses, and the prices are rising. People are now moving further out of the city in order to get a house that they can afford, which increases their journey towards the city.

 

How much they are rising is not known at the moment. Ours has gone up for $40k in the last year with no work being done on the place.

 

Adelaide is having a boom period. The interest rates are rising although this unlikely to have a really significant effect. There are stats available on this in the papers but I can't remember any!!!

 

Libby

[Guest tiggs]

The number of people living in Adelaide has risen dramatically in the last few eyars due to the 495 visa as well as the lower house prices drawing people to SA who have been priced out of other areas eg Brisbane and Perth. This is having the exact effect that you would expect when lots mof people want something that there is not enough of...houses, and the prices are rising. People are now moving further out of the city in order to get a house that they can afford, which increases their journey towards the city.

 

How much they are rising is not known at the moment. Ours has gone up for $40k in the last year with no work being done on the place.

 

Adelaide is having a boom period. The interest rates are rising although this unlikely to have a really significant effect. There are stats available on this in the papers but I can't remember any!!!

 

Libby

 

i agree with all of that - the general view of oz is that prices are dropping slightly but this doesnt seem to be happening in Adelaide .

the 2006-2007 stats had Adelaides fastest growing suburbs rising by up to 65% - but this has definitely slowed in the last 6 months - from personal observation i would say prices have only risen slightly in that time.

 

Mind you in saying that the 3-bed 'homette' (lol) with courtyard garden just over the road from us has just gone on the market for only $50K less than we paid for our house on quarter acre back in march:err:

 

Adele