HOUSE hunters are looking to the Hills in particular, as Adelaide emerges as one of the nation’s top property markets.
A property outlook report released by leading property website realestate.com.au today lists Crafers West as the nation’s third most-searched for suburb by its buyers over the last quarter, behind South Hobart and Battery Point in Tasmania.
Aldgate comes in at number five.
REA Group Chief Economist, Nerida Conisbee describes Adelaide’s market as “relatively red hot” in terms of price growth compared to the rest of the country.
Its success is mirrored in CoreLogic data which shows Adelaide dwelling values rose by 0.5 per cent over the three months to the end of August, the highest increase recorded for any capital city. MORE HERE
REA group Chief Economist Nerida Conisbee says Adelaide’s market is “relatively red hot”
While the market slows nationally due to factors including increased lending scrutiny, Ms Conisbee describes the City of Churches as an “investment hot spot”.
“Adelaide is doing well, even though buyers are under the same finance hurdles as the rest of Australia,” she says
“Relative affordability and what appears to be better jobs growth are the key drivers.”
Ms Conisbee says investors tend to favour Adelaide’s inner suburbs and she was interested to note the popularity of Crafers West and Aldgate.
According to the report, the Hills are outranking the plains when looking at the most searched-for suburbs in SA specifically — Crafers West, Aldgate, Glenalta, Hawthorndene, Belair and Stirling are all in the top 10.
Adelaide and Australia’s most searched-for suburbs on realestate.com.au in the past quarter.
LJ Hooker Stirling Principal Josh Biggs grew up in Aldgate and has been selling in the Adelaide Hills for 20 years.
He was not surprised to hear of the Hills’ popularity, having noticed increasing numbers of families moving to the region in recent years, mostly from the Adelaide plains.
“It’s always been popular but in the last year or two there’s been a bit more of a move up to the Hills,” Mr Biggs said.
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He said increasing numbers of Baby Boomers were downsizing, meaning there had been an influx of family homes on the market.
“There’s a bit of generational change (and) definitely I think affordability is a big thing,” he said.
“For around $700,000 in a suburb like Crafers West you get really good value for money — you’ll get a two bathroom, four bedroom home on half an acre.”
Mr Biggs said buyers who were priced out of the family homes in the prestige eastern suburbs, which generally sell for more than $1 million, often looked for family homes 15 minutes away in the Hills.
The greenery and sense of community were also big drawcard for hills buyers, he said.
Harcourts Adelaide Hills Principal Trent Shorland said development companies had been advertising the Mount Barker area strongly in recent months, and suspected this was having a flow-on effect to other Hills areas.
“The advertising is driving a lot of traffic — it’s driving people to the Hills,” Mr Shortland said.
He had noticed increased market demand for both homes and rental properties in the area recently.
“I’ve noticed more people at opens- we had 20 plus groups for a house in Hahndorf on the weekend.”
Anton Delbin at his home in Crafers West, which is on the market at 12 Hillview St.
Vendor Anton Delbin, who is selling has four-bedroom Crafers West property on Hillview Street is among those downsizing, but he plans to remain living in the Hills.
He moved to the area 20 years ago with his wife, Carmen Sylvester, and says its greenery and serenity made Crafers West the perfect place to raise their two children.
“Here you can live like a king,” he said.