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12th January, 2022

Why buying an apartment now is an appealing proposition

It’s no secret the housing market in Adelaide is hot.

According to property insights and analytics firm CoreLogic, Adelaide’s house prices rose by 20.07% over the past year. Alongside this, CoreLogic data has also revealed an unprecedented increase in housing construction costs on the back of a surge in demand for new builds and renovations. In simple terms, the cost of buying and building homes in South Australia is going up.

Eighty Eight O’Connell’s Director, Sales Georgie Taarnby said it’s with these factors in mind that buying an apartment now – at current pricing – becomes an even more appealing proposition.

“Many of the people visiting our Display Suite are looking at what’s happening with the market and thinking about how this changes their future planning,” she said.

“We’ve all experienced uncertainty over the past two years as a result of the pandemic, and South Australia has really come to the fore as a place that offers both stability and great quality of life.

“However, the result is an extremely competitive housing market which, for many people, can make finding the right property challenging.

“Purchasing an apartment now, with pricing confirmed, can provide a strong sense of certainty. It’s also a great option for those who might not be quite ready to move out of their current home but who want to plan ahead.”

Georgie said Eighty Eight O’Connell’s location was another important factor for potential buyers.

“North Adelaide has long been a highly sought-after suburb and its growth in median house prices has mirrored what’s happened across Adelaide as a whole,” she said.

“Latest Real Estate Institute of South Australia data shows that the median house price in North Adelaide went up by more than 20% in the third quarter of this year compared to the same time last year.

“All of this means being able to lock in an apartment at today’s pricing is certainly worth considering. And, at Eighty Eight O’Connell, it becomes even more of a compelling proposition when you add the many incredible amenities on offer to the equation.”