Good news! Adelaide’s real estate market growth is tipped to continue in 2017, following a solid performance last year.
NAB Economics is forecasting house prices in Adelaide to rise by a further 1.5% this year, while apartments are also tipped to rise by 0.75%.
Figures from NAB and CoreLogic RP Data, contained in NAB’s Housing Market Report released today, show house price growth in Adelaide reached 4.2% in the 12 months to December 2016.
“We have seen an improvement in sentiment towards the South Australian property market this year, following steady growth in Adelaide house prices last year,” said NAB General Manager of Retail for SA Gregg Harris.
“The figures show that housing market conditions have remained resilient, despite uncertainties around the local economy, with external factors such as the lower Australian dollar supporting price growth.
“However, the local economy still faces challenges that are likely to weigh on further price increases in the year ahead. These include migration rates and the slowdown of the automobile manufacturing sector.
“NAB has maintained its expectation for moderate economic performance in the state in 2017, which will limit employment and wage growth. This will have a flow-on effect for the local housing market.
“We are also seeing an increase in the average time on market and vendor discounting compared to this time last year.”
“We are providing our customers with valuable, suburb-specific information to help them make more informed purchase and investment decisions,” Mr Harris said.
“Buying a home can be one of the biggest decisions in someone’s life.
“We’d encourage customers to do their research, and once they’ve found the home for them, have a discussion with us about how to make their home ownership dream a reality.”
The findings from the latest NAB report are now available here.