Wednesday, March 16, 2011

Australia's most livable city, set to be the most vibrant

Clipsal time! Fast cars, crowds of people and a vibrant night life, not to mention an incredible boost to our local economy. It’s a time you don’t want to miss out on, yet on the property scene it’s also the reason for this weekend’s drop in open homes.

Next weekend we’re likely to see a spike in these numbers as current sellers get back on track and a new wave of property is released to the market. It’s all in the timing. With just 4 weekends of selling time remaining before Easter, these properties will be hitting the market hard and fast – just watch the auction numbers peak around the 16th and 17th of April.

There’s certainly no shortage of supply at the moment. Buyers are playing their cards close to their chests, in no hurry to make a move, while sellers continue to gradually adjust to a softly declining market. Meanwhile, on the development scene, there are no signs of anything slowing down.

It makes me wonder… are we in danger of over-developing our city and suburbs?

If we were in a boom right now, I probably wouldn’t even be raising the question. Properties would be in high demand, selling quickly, and subsequently there would be a ‘shortage’ in housing. But right now this is far from reality and too many new homes could result in some significant financial pain in the short term.

The ’30-Year Plan for Greater Adelaide’ outlines a growth in population of 560,000 people for our metropolitan area over the next 30 years, bringing our total population to 1.85 million by 2036. With an average of 350 new people living here each week we quite obviously need to plan in advance for their arrival, that’s a given; But how much of this housing is already in place? There are a number of existing developments on the market right now which are only partly sold. The last thing needed is to compound this problem. However if what we’re really looking at is changes of lifestyle, upgrading our city and increasing the volume of affordable houses, then Adelaide could be about to undergo some significant changes.

With the Adelaide Oval set to become an even more prominent sporting arena, Rundle Mall to receive a $400m redevelopment and the Torrens precinct due for rejuvenation, self confessed ‘Urban Futurist’ and Lord Mayor, Stephen Yarwood is forging ahead to step our city living to the next level.

“The Adelaide City Council is the fastest growing council in Metropolitan Adelaide per capita… the baby boomers want to move back into the city, young people may not necessarily want 2 dogs, 2 cars and there’s lots of different opportunities – it’s going to be about housing diversity”

The CBD alone has been earmarked to increase by an additional 15,040 dwellings, with a minimum 2,250 earmarked to be ‘affordable’. Now home to over 23,000 overseas students, Adelaide continues to be their city of choice when it comes to studying in Australia – a position we want to retain.

The Property Council named Adelaide as ‘The most livable city in Australia’ – if we get this right, we’ll also be the most vibrant.

To learn more about the city’s development, watch the full interview with Stephen Yarwood at www.toop.tv, episode 69.

Mandy Wurth, General Manager
www.toop.com.au
© Toop Real Estate Group

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