Wondering where to buy in Adelaide? Here are the top 5 hottest up & coming SA suburbs to buy & rent.
Compared to other capital cities, Adelaide is affordable – in fact this year, Adelaide and Brisbane are tipped to go head-to-head for the title for highest growth.
Having been crowned as the third most liveable city, fast becoming known as the Silicon Valley of Australia, and a world leader in alternative energy development – it is no wonder Adelaide had 25% property growth in 2021.
So then, with its ultra-low vacancies and good affordability, if the Adelaide market up-cycle is just getting started – where will the hotspots to buy or rent be in 2022?
Alex Ouwens, Director at Ouwens Casserly Real Estate tells us that regional suburbs have become the hot pursuit for buyers. These are his top 5 suburbs that he tips have the great potential to provide consistent and steady returns on your investment.
Onkaparinga is widely known as the ‘Gateway to the Fleurieu Peninsula’. For the longest time, Tourism has played a crucial role in driving the local economy, but with the Federal government contributing $2.7 billion towards the complex $5.4 billion project creating thousands of jobs positions Seaford as the heart of one of Adelaide’s most substantial growth markets.
With so much potential, Seaford’s median house sits at $450,000 compared to Adelaide’s median dwelling value at $560,000. With great schools, a low vacancy rate (0.1%), improved transport links, population growth, economic growth drivers, and its proximity to CBD – Seaford ticks’ the boxes for the interested investors promising an attractive lifestyle at affordable prices.
Median house: $450,000 | Growth average: 3% | Median yield: 4.3%
Salisbury defied the negative impacts of the pandemic through medium-small construction projects generating thousands of jobs. The upcoming Edinburgh Defence project investments are expected to strengthen the local economy by $4 billion a year & create 11,000 jobs over the next 10 years.
All this activity has buoyed the market; rising rents, good yields, and extremely low vacancy rates stand to provide opportunities for entry-level investors attracted by the affordable house prices and high rental returns.
Median Houses: $355,000 | 1 year growth: 12% | Growth Average: 3% | Median Yield: 4.7%
Torrens Park, Mitcham
Located within 15 km of the CBD, Torrens Park is an affluent area built around the health and education sectors; the housing prices typically range higher side from $600,000 to $800,000. Mitcham is marked for a $1.5 billion transformation, creating 10,000 construction jobs during the construction phase and generating $150 million for the South Australian economy.
Torrens Park has one of the lowest vacancy rates in the nation. With the $13 million spent on sporting and community facilities in the area – Torrens Park is a perfect place to invest your capital.
Median Houses: $1,075,000 | 1 year growth: 21% | Growth Average: 9% | Median Yield: 2.4%
Largs Bay, Port Adelaide
Port Adelaide is about to go through a massive transformation, with upcoming projects from a $535 million upgrade to the Osborne Naval Shipyard to new hotels and residential complexes with commercial and retail outlets to generate thousands of jobs.
Largs Bay’s property market is strong, characterised by low vacancy rates and solid rental yields.
Median houses: $520,000 | 1 year growth: 18% | Growth average: 3% | Median Yield: 3.8%
Gawler is the ‘future urban growth area’ in Adelaide’s 30-year planning documents. Investing in Gawler can open a myriad of opportunities for you; since the completion of the Northern Connector (Opened in March 2020), it now links Gawler to the Port of Adelaide and the CBD. Moreover, the electrification of the Gawler train link will further enhance the connectivity.
Already positioned as a gateway to the Barossa Valley, the real estate market is underpinned by strong rental demand and very low vacancies, providing long-term stability to the investors.
Median houses: 335,000 | Vacancy rate: 0.2%
Interested in property investment? Contact our OC real estate experts to better understand the current market today & find out the benefits of managing your investment property through Ouwens Casserly.
Article originally published via Glam Adelaide.