Interstate demand fuelling Adelaide property market

Interstate demand fuelling Adelaide property market

INTERSTATE demand for Adelaide properties it at an all-time high and up nine per cent from this time last year.

Cashed-up investors from Sydney and Melbourne are circling Adelaide’s residential property market, with local agents reporting a boom in inquiries from interstate buyers unable to afford properties in their own cities.

Spurred on by affordability and higher yields than those on offer in the eastern states, data shows more than 4.6 million property seekers from Sydney and Melbourne eyed off Adelaide properties in 2017, nine per cent more than the previous year.

While Sydney buyers were predominantly drawn to seaside suburbs such as Glenelg and Henley Beach, Melbourne-based buyers agents had their eyes firmly set on character homes on the city fringe, driving both price growth and demand.

Originally published as Interstate investors swoop on Adelaide’s hot property