Norwood the fifth most desired area nationally for housing!
ADELAIDE’S inner-city suburbs continue to be in-demand for real estate, with Norwood the fifth most desired area nationally for housing, according to the new REA Group Property Demand Index.
Across the country, property demand is at record highs, jumping 17 per cent in the past 12 months.
In September, national demand increased by 3.1 per cent for houses and 1.9 per cent for apartments driven by low supply levels, the report showed.
Adelaide dwelling demand increased 8.5 per cent over the past 12 months, with a jump of 4.5 per cent last month.
It also ranked Australia’s 10 most in-demand suburbs for both housing and apartments. Norwood was the only South Australian suburb to make the housing list.
REA Group chief economist Nerida Conisbee said availability of premium houses at a relatively affordable price made Norwood South Australia’s most in-demand suburb.
“Not only is it a desirable suburb, but also from a national perspective, South Australia does remain pretty affordable,” she says.
“So when people are looking around Australia at what they can buy, and what they can buy in Norwood compared to some of the premium suburbs of Sydney and Melbourne, it is a far better house, and likely on a far bigger block of land.”
Although the most in-demand states continue to be Victoria and New South Wales, demand across Adelaide is steadily increasing, Ms Conisbee says.
“South Australia is probably seeing about the right amount of development and about the right amount of interest in property,” she says.
“Demand conditions have been really ticking up, and that has also been reflected in price growth.
“South Australia sits in the middle, conditions are far better than what we’re seeing in Western Australia and Northern Territory, but not as good as New South Wales and Victoria.”
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