Step aside New South Wales and Victoria, there is a new player in property sales. South Australia is seeing a boom in property sales, which is doing wonders for the state economy.
Property is now accounting for 10.8% of South Australia’s economic activity, says Daniel Gannon SA executive director of the Property Council. This could lead to an increase in job creation in an area where unemployment has increased from 6.8% to 7% in the last two months.
As the nation’s worst area for jobs jurisdiction, with Tasmania and Queensland as close runners-up. Could this property boom be the solution to the 168,000 out of work?
Australia’s appeal to foreign investors
So why are property sales booming in a state that is going through so many economic problems? Look no further than international investors. Regardless of the recent shift in the market and heightened capital value, Australian residential property is in high demand for foreigners. The ANZ-Property Council Survey found that foreign investments have accounted for 23.9% of all national property sales in the last three months.
Victoria and New South Wales saw the largest boom, with CoreLogic and the ANZ-Property Council reporting that foreign investors made up 30.8% and 25.4% of all sales in the same time frame. Is it the stable economy and solid price growth in real estate that make property here so attractive to investors?
E-conveyancing is providing an added boost to South Australia’s property market
Legislation allowing online property conveyance has been a very important change for South Australia’s real estate business. PEXA, the online property exchange, are reporting that e-conveyancing is shedding light on the new options for buying and selling property through a significantly easier process.
South Australia’s property industry is now being valued at $228 billion. Since joining the ranks of electronic real estate sales with Victoria, New South Wales, Queensland and Western Australia, the flood gates have opened for the area’s real estate industry.
Follow our blog for more helpful tips and to stay up-to-date on current real estate news.
If you have questions about buying or selling real estate or would like to speak to a real estate agent, contact us today. We’d be happy to offer advice.