Adelaide house prices23 February 2016 by News Desk
Adelaide is Australia’s current property hot spot with house prices rising at a higher rate than any other capital city in the country.
Adelaide has seen property values rise by 1.3 per cent over the past four weeks, a higher rise than any other capital city in Australia. Latest figures suggest prices will continue to rise in the city.
Adelaide property prices are increasing faster than those in major cities such as Sydney and Melbourne where house price growth, along with Brisbane and Perth, was just 0.1 per cent in the past week.
“Adelaide is an affordable place to live compared to other major cities,” says Darrell Todd, CEO of thinkingaustralia. “You get a lot more for your money in Adelaide.
“A $500,000 property in the city will be bigger and better than any place you could buy for the same money in Sydney, Melbourne or Brisbane.
“South Australia and its’ capital city offers home-buyers great value and a great place to live and work.”
House-hunters currently buy around 70 per cent of homes listed for sale in Adelaide, the fourth highest clearance rate across all state capitals. Houses currently take 69 days to sell, compared to Melbourne (51 days), Canberra (56 days), and Sydney (64 days), according to the latest CoreLogic RP Data Property Market Indicator Summary.
Meanwhile across the country there has been a rise in the number and value of new home loans. The total number of new mortgages approved increased by 9.8 per cent in the year to December 2015.
Australia banks and mortgage lenders have seen a rise in the number of home-owners seeking re-finance in order to get a lower interest rate or to pay for home improvements.
Australia saw the value of re-finance approvals increase by 36% during 2015. Excluding re-finance loans, the number of ‘new’ home loans has increased by 4.6 per cent over the past 12 months.
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