Real Estate

These are the suburbs buyers have been turning to in the past three months…

Written by The ReReport
As seen in the Source link, written by news.com.au on 2018-12-19 03:14:12

Adelaide’s mover and shaker suburbs for price growth in 2019 are likely to be found in the north and west, according to new data by realestate.com.au.

The property search website has released a list of areas that experienced a surge in buyer “clicks” per listing over the three months to the end of November.

Para Hills West, which sits in the Salisbury Council area, about 17km north of Adelaide’s CBD, topped the list, moving from 178 to 77 in the suburb popularity stakes.

Vale Park, Hampstead Gardens, Ingle Farm and Dernancourt from the north and northeast also made the top 10.

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In the west, meanwhile, buyers were increasingly turning to Largs North, Camden Park, Brooklyn Park, Ottoway and Rosewater.

REA Group Chief Economist Nerida Conisbee said increased buyer interest in particular suburbs was often a precursor to price growth.

“That’s what happens when we see people pool into a suburb that creates enough activity to push up pricing,” Ms Connisbee said.

Para Hills West has a median house price of $300,000 – well below the Adelaide-wide median of $457,500, according to CoreLogic.

Ottoway, Ingle Farm and Rosewater also have medians well below the $400,000 mark and Ms Connisbee said affordability was likely a key factor in their popularity.

She said more affordable suburbs, tended to attract renters and, in-turn, investors.

Para Hills specialist selling agent Jordan Hanchett agreed the area was attracting a lot of investors and developers, as well as young families and migrants.

Mr Hanchett, who works for Harcourts Sergeant, which is based in Salisbury, was not surprised to hear that Para Hills West gaining buyer attention.

He said a home on about 700sqm that he sold in the area this month was typical of many other recent sales.

The home at 23 Woodchester St, Para Hills West was in need of some renovation but attracted 29 groups to its first open, got six offers and was sold almost immediately with a cash unconditional offer.

“If you look over to Para Hills, next door, I’ve sold 23 properties in there this year and had 15 to 30 buyers through the opens,” he said.

“It’s still affordable – if you put the same sort of home on 700sqm in Broadview or Enfield it would double in price.”

Mr Hanchett said migration was also playing a part in increasing the area’s popularity.

He said many Indian families were “pulling together” to get a foothold in the property market and they often commented that they had other friends and friends and family nearby.

“The area does offer a fair bit too,” Mr Hanchett said.

“In Para Hills there’s a brand-new community hub and it has its own shopping centre, library, community centre and community club- there’s a fair bit for young families.

“It’s all about bang for your buck.”