Forecast predicts SA high-end properties set to bloom in spring

KIM WHEATLEY
Fri Sep 03 19:40:39 EST 2010 Fri Sep 03 19:40:39 EST 2010

SOUTH Australia's top end real estate market is poised for a mini boom this spring, as it bounces back from the battering taken during the global financial crisis.

Agents are reporting positive signs, despite threats of a potential double-dip recession in the US.

In the past month, sales include homes in:

COLLEGE St, College Park, for about $5 million,

MILLS Tce, North Adelaide, for about $3.5 million,

GRANT Ave, Toorak Gardens, for $2.5 million,

FOURTH Ave, St Peters, for about $3 million,

ELM St, Unley Park, for about $3 million,

STANLEY St, North Adelaide, for about $3 million,

SHAKESPEARE Ave, Tranmere, for $2.1 million.

Toop and Toop managing director Anthony Toop said interest in prestige properties was so strong that last week he auctioned a Toorak Gardens home quoted at $2.2 million, but fierce competition forced it to $2.5 million.

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steve of north of adelaide Posted at 7:31 AM September 07, 2010

Rubbish, interest rates are going to go up, as banks claw back their SUPER profits. Why dont you go talk to the fininacial journo's. And thanks to all the bludgers in this country whom are raising our taxes every day, while just getting fatter and MORE of a burden on the workers.

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Not Fooled By Property Spruikers Hype Posted at 7:59 PM October 25, 2010

What a beat up .... Good attempt to keep bubble inflated with signs of leaks deflating the market. Get these good news stories in this week because next week to RBA might rain on the parade .... That old chestnut the AFL Final out of the way ..... of course that has been what was slowing sales

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Not Fooled By Property Spruikers Hype Posted at 8:00 PM October 25, 2010

Will Overseas Property Investors cash out with these kind of numbers? In Dec 2008 the AU / US exchange rate was around 65 cents & the median house price was $420K in Perth a Chinese investor (Remember their currency is locked to US Dollar) buying a house in Australia would pay $273K US in Dec 2008 for a Perth median house. Today the Median price is currently $490K ? which at todays exchange rate is $482K US so a foreign buyer SELLING today in US Dollars has made a profit of $215K or nearly 75% in under two years....GO YOU GOOD THING.... I can hear them shout in their best Aussie accents as they pick up their phones to call their agents to list their houses & lock in their profits as the likely chances of property going any higher is EXTREMELY REMOTE & why not cash it all in at these incredible once in a lifetime rates? After all that is why they bought in the first place to make money (WHO WANTS TO WAIT 30 Year Long Term like these CRAZY AUSSIES?) Two things are going to happen in the Aussie housing market 1) There will be Fewer Buyers buying further lowering DEMAND for houses & 2) Foreign Buyers selling out in droves increasing SUPPLY. A Double Whammy & not good for prices ?

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Sceptical of Adelaide Posted at 9:35 PM November 01, 2010

Laugh, I nearly cried. If it wasn't so obvious it would be scary. Prices in Adelaide have fallen for the past 4 months. How does that mean prices will rise? They may do, they may not. No one knows. I tend to agree with Not Fooled. The exchange rate means overseas investors are taking their money out, not putting it in. Bad decision Julia, you need to control your currency. You don't think a high dollar is good for Australia do you? Look at the USA and the UK, they are keeping their exchange rates low to attract inward investment and support exports. I feel the housing bubble is due to burst and force an exchange rate correction.

Comment 4 of 4