Despite suffering a slight downturn in recent years, Adelaide’s home loan sector and property market is slowly growing and is catching up with the similar cities like Brisbane and Canberra. A highly liveable city, Adelaide always has a healthy property demand due to the fact that most of the South Australian population live there.
What do I need to know about Adelaide?
Unlike many of Australia’s major cities, Adelaide is highly planned in a grid configuration. This planning has provided ample parking, multi-lane roads and several parklands. The city sits on the southern coastline and features a number of popular beaches and tourist attractions.
As one of Australia’s most historic cities, Adelaide has been known for decades as the ‘City of Churches’. This makes the city highly attractive to tourists, with foreign and interstate travellers alike journeying to Adelaide for holidays.
What about Adelaide’s economy and property market?
Adelaide is the hub of the local and state administrative and government bodies, as well as having financial institutions, defence industries, health services and manufacturing providing most of the employment and driving the city’s economy.
Historically, Adelaide has been one of the wealthiest of Australia’s capital cities with a booming property market. This has been the case since around 2012 when a sharp decline in the market occurred. Adelaide is slowly recovering from this with prices now growing steadily. The reduction in the manufacturing industry in the state did contribute to this downturn and resulted in lower employment figures. Thankfully, lost employment opportunities and production has now been taken up by other industries.
How does Adelaide compare to other capital cities?
Although Adelaide does not have the level of industry of some other Australian cities, the presence of a defence industry and financial institutions does put the city on a par with Brisbane but just below Sydney and Melbourne. What the city lacks in industry it makes up for with a high liveability factor and less congestion. Adelaide’s economy is also more stable than cities that rely on external factors and commodity prices to bolster its economy.