Wash-up from 2004,
outlook for 2005
The South Australian property market stabilized last year, as prices
levelled and the number of sales returned to volumes typical of normal
market phase conditions.
This market change came off the back of several years of phenomenal
growth in house prices – Adelaide’s median house price doubled in
just five years. South Australia’s country areas have also performed
well over this time, as most matched the metropolitan growth of 100
per cent.
And, unlike the larger eastern state capitals, Adelaide did not experience
any negative growth in 2004. This demonstrates the strength of our
robust market.
For Sydney and Melbourne, 2004 was really a mixed bag, as prices
dropped slightly. Adelaide, however, continued to grow at a steady,
consistent pace, which showed the good health of the market.
We are now showing the eastern states just what an important player
we are in the national real estate market.
Although most areas were good performers for growth in 2004, several
suburbs and regions stood out – particularly in the outer suburbs
– as homebuyers looked a little further afield for an ideal property
within their price range.
The north and north-eastern suburbs have played a key role in outer-suburb
growth, as Elizabeth, Salisbury, Modbury and Greenwith all recorded
more than 20 per cent growth in 2004.
The popularity of our beachside suburbs also continued: the outer-southern
suburbs of Aldinga Beach, Christies Beach and Seaford all recorded
excellent growth during last year.
The inner and middle areas of Adelaide rose in median house value,
although the growth was more modest. But good demand for quality properties
in these areas still exists; and more properties are expected to be
placed on the market early this year.
Millicent and Whyalla contributed significantly to the growth in
the regional areas in 2004, while Port Augusta and Murray Bridge also
played key roles. The four towns recorded huge growth rates of 57.7
per cent, 48.5 per cent, 40 per cent and 27.9 per cent respectively.
The popularity of our beachside towns, such as Port Lincoln and Port
Pirie, also continued last year: Port Lincoln’s median house price
rose by 21 per cent and Port Pirie’s by 11.1 per cent.
The South Australian real estate market is now in a healthy, stable
market phase, and similar conditions are expected throughout 2005.
Real estate tip
To many homes, a swimming pool makes a popular addition and a strong
selling point. But pool owners are required to comply with specific
legislation.
Under the Swimming Pools (Safety) Act 1972, all swimming pools
must be fenced off by a fence, wall or building. The pool enclosure
must:
- Be a minimum height of 1.2 metres.
- Prevent a small child from passing beneath or through it to gain
access to the pool.
- Not provide foot or hand holds that a small child could climb
to gain access.
Also required by legislation is that to any gate or door in the enclosure
must be fitted a latch or mechanism that prevents a small child opening
it when closed.
Landlords who own properties with pools should regularly check that
their safety measures meet the legislative standards.
The act defines a swimming pool as “any excavation or structure
capable of being filled with water and used for the purposes of swimming,
including anything being used as a paddling pool”. So even inflatable
paddling pools should be restricted by a fence.
If you consider buying, selling or renting a property with a pool,
take the time to check that it complies with the regulations.
