House prices

[Smithers]

What's the latest on adelaide house prices? Have been reading Sydney and Melbourne are going through the

roof,again! Do you think they have caught up with where they were a few years ago and still rising or other?

Is the rate of increase more in the city than down south for instance? I know these southern suburbs are cheaper and more for your money etc. we won't get there for at least 12 months so just wondering where the prices are going, no signs of prices crashing as we have had here in the past!?

thanks

[Guest Guest75]

Pretty flat here at the moment apart from the odd "pocket". I reckon we are behind the other states by at least a few months.

We need the mining to kick back in.

[Anne B]

The latest from RP Data's volatile weekly index shows prices down in February. Adelaide prices are up 3% over the last 12 months, but have been flat since the start of the year. We have been house hunting for a while now, there was a big surge to sell before Christmas. We have been to open inspections in the western suburbs and they are packed with loads of people looking, however further south the market seem to be less frantic, less buyers, not so stupid. Since the peak in 2010 Adelaide prices are still down 2.6%.

 

There are lots of charts here: http://www.macrobusiness.com.au/2014/02/rp-data-weekly-australian-house-price-update-3/

[ratters2005]

Don't let the press hype fool you!

we are currently selling a large well presented 5 bed house in Port Noarlunga, we have been for over 3.5 months.

the area is meant to be still on the top of the areas to live, the price is right, still it's on the market

Confidence is not there as it was, people are less well off and if course the exchange rate it poor.

so we are now considering renting it out, the buyers are not out there.

[Guest Guest75]

Don't let the press hype fool you!

we are currently selling a large well presented 5 bed house in Port Noarlunga, we have been for over 3.5 months.

the area is meant to be still on the top of the areas to live, the price is right, still it's on the market

Confidence is not there as it was, people are less well off and if course the exchange rate it poor.

so we are now considering renting it out, the buyers are not out there.

 

 

You have a really nice house on the market at reasonable price expectation.

I agree, don't believe all the figures ,charts and stuff.

Do your groundwork, pound the pavement,talk to agents ( we know a decent one - Chris O'Brien)

[Jessica Berry]

We live fairly close to the city and several properties around us have sold straight away, literally the day after the open inspection/auction the sold sign goes up. Some of the properties have been purchased as investment properties. If we were to put our house up for sale now at a realistic price I have no doubt we would be able to sell very quickly. A colleague said she couldn't sell her property, what she meant was she couldn't sell it for the price she wanted (which was inflated), she dropped the price to market rate and it sold.

[ratters2005]

We know Chris, he is the agent selling ours...:-)

[Jessica Berry]

Someone I know has sold their property in 4 days, had 7 offers and got their top price for it. Property located fairly close to the CBD, bought by a private buyer not an investor.

[guspjmh]

Don't let the press hype fool you!

we are currently selling a large well presented 5 bed house in Port Noarlunga, we have been for over 3.5 months.

the area is meant to be still on the top of the areas to live, the price is right, still it's on the market

Confidence is not there as it was, people are less well off and if course the exchange rate it poor.

so we are now considering renting it out, the buyers are not out there.

 

 

We've just bought a house in Port Noarlunga, and we found it manic! There were three other offers on it, and others we looked at sold within a couple of weeks from becoming available.

 

We looked at a few houses and have been monitoring the market for about a year, the only ones which seemed to not move quickly were either those which needed loads of work doing, were on the busy murray road (not even a huge issue imo, as most are set well back) or were overpriced - not saying any of this applies to yours.

 

Genuinely interested as to why yours hasn't moved, when our experience has been the opposite.

Edited March 19, 2014 by guspjmh

[huggesy]

From a future first time buyer perspective I hope the market doesn't shoot up, we could just afford a property at the current prices if we had a deposit, but our home saver account doesn't mature for another 3 years (fantastic idea I saw posted on the forum) plus hoping not to still be in casual work then, thinking this would be a negative to get a home loan, has anyone had any experience of this?

 

South Australia has some really good incentives for first time buyers and that definately makes us feel positive that one day we could afford our own place for the first time ever!!!

[Anne B]

From a future first time buyer perspective I hope the market doesn't shoot up, we could just afford a property at the current prices if we had a deposit, but our home saver account doesn't mature for another 3 years (fantastic idea I saw posted on the forum) plus hoping not to still be in casual work then, thinking this would be a negative to get a home loan, has anyone had any experience of this?

 

South Australia has some really good incentives for first time buyers and that definately makes us feel positive that one day we could afford our own place for the first time ever!!!

 

The First Home Owner Grant for existing (rather than new) properties runs out on 30th June 2014.

 

http://www.revenuesa.sa.gov.au/grants-and-concessions/first-home-owners

 

 

We are suffering from home buyers fatigue at the moment. We have missed out on 2 properties we liked which have been snapped up really quickly. Problem is, I don't like being rushed into making decisions.. Last time I bought property quickly in a rising market I was stuck with negative equity for many years (in the UK), so I don't want to get sucked into panic buying.

Edited March 19, 2014 by Anne B

[Guest BurgessFamily]

Will be interesting to see what happens in June/July when the last of the grants disappears. The libs are also supposedly scrapping the first home savings bonus, which won't exactly help.

 

Houses have been selling and lots of build has been happening. Price has been flat though, and if you take inflation into account, perhaps they have been going backwards too.

[Guest Watkinsfamily]

We also recommend Chris - we bought our house from him 3 days after arriving here and he went above and beyond to help us out. An all round good guy. Good luck x

[kadina]

yes like guspjmh we too bought in Port Noarlunga quite recently too, houses were flying off the market I am genuinely interested too as to why you are not selling too

 

Don't let the press hype fool you!

we are currently selling a large well presented 5 bed house in Port Noarlunga, we have been for over 3.5 months.

the area is meant to be still on the top of the areas to live, the price is right, still it's on the market

Confidence is not there as it was, people are less well off and if course the exchange rate it poor.

so we are now considering renting it out, the buyers are not out there.

[Guest BurgessFamily]

 

wasn't long ago when days on market was under 50. I assume it could be seasonal.

 

Interesting to note that my employer is reluctant to employ anyone south of Darlington, due to distance.

 

 

For comparison...

 

Edited March 20, 2014 by BurgessFamily

[guspjmh]

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wasn't long ago when days on market was under 50. I assume it could be seasonal.

 

Interesting to note that my employer is reluctant to employ anyone south of Darlington, due to distance.

 

 

For comparison...

 

[ATTACH=CONFIG]7621[/ATTACH]

 

 

These figures vary from site to site and can be skewed massively in a small suburb by a few stinkers sitting on the market long term. Another site I use regularly (investmentpropertymag) lists days on market as 104 for houses and 90 for units in PN, compared with 78 and 84 for Mitchum, suggesting that these figures should be taken with a pinch of salt!

 

i agree on the geography aspect though, but surely with the train improving and motorway opening at some point, this concern will lessen.

Edited March 20, 2014 by guspjmh

[Jessica Berry]

i agree on the geography aspect though, but surely with the train improving and motorway opening at some point, this concern will lessen.

 

I wouldn't count on it!

[guspjmh]

I wouldn't count on it!

 

 

Old habits die hard eh?

[adelaidenow]

In our area, and i believe all round Adelaide, if prices are are at the correct price they sell reasonably quickly. It's the ones that are over priced that don't.

 

Prices have dropped all round the past few years, so that needs to be taken into consideration when selling.

[Smithers]

In our area, and i believe all round Adelaide, if prices are are at the correct price they sell reasonably quickly. It's the ones that are over priced that don't.

 

Prices have dropped all round the past few years, so that needs to be taken into consideration when selling.

So still a buyers market then? We will be looking to buy around Henley beach/ grange area a bit back from the beach!!

[Anne B]

So still a buyers market then? We will be looking to buy around Henley beach/ grange area a bit back from the beach!!

 

If you are looking in that area be prepared to pay a lot of money for very little! Anything cheap that needs renovating will either get bought by a builder who will knock it down and put 2 on the block, or else an investor who will do nothing to it and rent it out. Open inspections are packed and houses sell very quickly. People pay silly money for houses I wouldn't even want to live in. Be prepared to pay $200k-$300k more for a house around here than in the southern suburbs. And then hope that the house next door to your dream home doesn't get demolished and two 2-storey houses built on the block! Sorry to sound negative but I live in the area and feel it is way overpriced - the only thing keeping us here is that the kids are settled in schools here and the area is convenient for work. It certainly isn't value for money and we would love to relocate somewhere else.

[Guest Guest12727]

Sorry to sound negative but I live in the area and feel it is way overpriced - the only thing keeping us here is that the kids are settled in schools here and the area is convenient for work. It certainly isn't value for money and we would love to relocate somewhere else.

 

What is value for money varies with what people value. If you value a very short commute to the city (or walking/cycling to work) and being close to all the facilities an area like this offers, then these will play a role in what you think it is worth paying for. When you buy a house, you are also buying the land, and the land in areas near the City costs more - exactly the same as anywhere in the world.

 

If you take into account the extra costs in time and money to travel a further distance over say a 5 year period, the gap looks smaller. With price of petrol rising, longer commutes will only get more expensive.

[Guest BurgessFamily]

buy in Victor, it's 'only an hour' from the city and property is booming...

 

 

[Smithers]

What is value for money varies with what people value. If you value a very short commute to the city (or walking/cycling to work) and being close to all the facilities an area like this offers, then these will play a role in what you think it is worth paying for. When you buy a house, you are also buying the land, and the land in areas near the City costs more - exactly the same as anywhere in the world.

 

If you take into account the extra costs in time and money to travel a further distance over say a 5 year period, the gap looks smaller. With price of petrol rising, longer commutes will only get more expensive.

Like the look of the area from 2 previous visits and am looking on it as buying a home rather than investment. Done the big commute to work over here and not going down that road again! No pun intended!! Also the more expensive areas will always stay expensive anyway in my experience

[Anne B]

Anyone looking to buy property and investigating house prices in the area, schools etc there is a really good Chinese website which brings a lot of information together in one place.

 

http://house.ksou.cn/

 

 

 

My main gripe about the Henley/Grange/western suburbs/suburban beachside areas is the lack of beauty, countryside and trees. I'm a country girl at heart, would love to live in the hills/foothills, maybe somewhere like Coromandel Valley. I don't really like suburbia - it isn't good for the soul.

Edited March 22, 2014 by Anne B