Just look around, there is lots of economic activity in Adelaide with the June 2018 quarter experiencing a growth in confidence which is the highest in 10 years. This was indicated in a Survey developed by the William Buck Agency (Business SA – William Buck Survey of Business Expectations).
The ANZ Property Council has similar findings with SA Business confidence at a record high with the most bullish result in the nation.
These statements have been enforced by the following:
- A $476 million transformation of the old Royal Adelaide Hospital site;
- The SA Unemployment rate in July 2018 is only 5.7% which is the 3rd lowest in the nation;
- The launch of a $1 billion renewable energy program in Whyalla;
- Tesla has established the first Australian battery and electric cars service centre at Tonsley;
- The Navy has launched a $55 billion submarine project and $35 billion Future Frigates contract;
What does this mean for the property market?
People working on these projects will be living in Adelaide. They will be renting and purchasing properties so they can work in Adelaide.
If you have a rental property in a growth area where there is expected to be much economic activity then your rental property will be in demand. A well-maintained property in these areas will be expected to obtain an excellent rental income.
For more information about purchasing an investment property, talk to the Consultants at My Money House.