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Lending on the rise as home values grow in Adelaide

16 Dec 2013 Christies Beach 0 Comment

Article by RP Data

Those pursuing a real estate career know all too well the impact the financing market can have on business, which is why recent news from RP Data should be met favourably by real estate agents all over Australia.

“The latest data from the Reserve Bank shows private sector housing credit increased by 5 per cent over the 12 months to October 2013, its highest annual rate of growth since June 2012,” said Cameron Kusher, senior research analyst at RP Data, in a December 2 media release.

The statement came as part of the results of the RP Data – Rismark International Home Value Index for November, which showed that when combined, home values increased 8 per cent in Australia’s capital cities on an annual basis.

Adelaide beat out many other capital cities in the results for the three-month period ending in November, including Melbourne, Brisbane, Perth and Darwin.

South Australia’s capital city posted a rise of 2.6 per cent in property values during this time period.

As for Adelaide’s price performance throughout 2013, Australian Property Monitors (APM) reported on December 5 that the median house price is set to increase 2 per cent by the end of the year, the first annual increase for the city since 2010.

Meanwhile, prices are expected to grow between 0 and 3 per cent throughout 2014, according to APM.

Affordability remains a plus for first home buyers

Despite recent increases in home values, APM reported that Adelaide has the lowest median house price of all mainland capitals.

This would help explain why first home buyer activity consistently ranks among the highest of all the capital cities in the area.

For real estate agents counting on business from new buyers entering the market, this is great news, especially as first home buyer activity has waned in recent months in many regions across the country.

 

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