Buy, Buy – or Bye-Bye!

Dare we say it, Mr Twain was on to something with these words. The fact is, the supply of land and the homes being constructed on it is falling short of the demand from population growth.

This is true across the country but is particularly prevalent in South Australia. We just can’t build homes fast enough. To put things into some perspective, Adelaide has the fifth largest population of the capital cities, but has the second highest population density (after Melbourne). So, what does this mean for homeowners and those on the market? Simple. Buy up while you can. Even if you are already an owner, it’s worth looking at ways to release equity and begin a property portfolio. Our team at Connekt can offer invaluable advice on this.

The good news is our State Government is aware of the issue and is taking action, with more residential infill development project approvals in coming years than in the state’s history. Importantly, Plan SA is ensuring these approvals maintain green cover for our streets, the continued creation of additional parks, and the broadening of recreation spaces.

The Government’s raising of the bar on residential development is not before time. Forecasts have revealed that Adelaide and its suburbs will need over 90,000 new homes built in the next decade. Plan SA reports that there around 170,000 blocks suitable for development in existing neighbourhoods, which could produce around 275,000 additional homes.    

You might be wondering where our population growth is coming from? Interestingly, this year, our state is expecting to host over 30,000 students – the most ever. But students are only the tip of the expanding iceberg. Here’s how South Australia’s population is growing: