South Australia boasting best property market in a decade
Savvy buyers looking for a lucrative property investment should look no further than South Australia, a report has revealed.
According to the HIA-Commonwealth Bank Housing Affordability Index, Adelaide has emerged as a buyer's market, with figures showing now is the perfect time to enter the city's residential property sector.
Comparing Adelaide's median house prices and average earnings, the index showed housing affordability climbed by six per cent - the highest recorded increase of all capital cities.
Robert Harding, HIA SA executive director, said contributing to the latest figures was Adelaide's flat property market, which saw the average house price dip 2.6 per cent during the last quarter.
"I'm not one to talk up the market but to be quite honest, it's a really good time to buy," Mr Harding explained, Fairfax reported.
And some experts believe the Adelaide real estate market is at its best in almost ten years, with the South Australian capital boasting the healthiest housing affordability since 2003.
Property investors looking to make a safe purchase may be attracted to the Adelaide housing sector, with recent figures revealing 20 of the city's suburbs are now cheaper to pay off a mortgage in than fork out rent.
"With lower mortgage rates, tight rental markets resulting in some rental increases and lower home values, many buyers may see now as a good time to either re-enter the market or buy their first home," RP Data research director Tim Lawless said.