Independent education institution The Property School has identified Port Adelaide along with the seaside suburbs of Christies Beach, Hallett Cove and the popular Exeter as the best areas to invest in at the moment.
The latest issue of Your Mortgage currently on sale features an in-depth analysis of Port Adelaide property market.
Peter Koulizos, professor and course designer with The Property School, said these suburbs are on the verge of an explosive growth as public and private investments continue to pour in the area. Affordable prices, an upcoming mining and defence boom and migration will also help propel growth according to Koulizos.
Employers such as The Australian Submarine Corporation have begun to build several Collins class submarines, as well as house air warship destroyers. On top of this, the northern suburbs of Adelaide are poised to benefit from the relocation of an army battalion from Sydney. The Northern Expressway is due to link the Barossa Valley with Port Adelaide, creating jobs and residential growth in the port area.
"People are attracted to the area because there are plenty of jobs available. This would definitely boost demand for housing and accommodation," said Koulizos.
Michael Georgiadis, principal of Ray White Port Adelaide, said the market is very buoyant at the moment across all the suburbs surrounding Port Adelaide, driven by the developments in the harbour region.
"A lot of properties are selling very quickly and values are climbing very high. The Port Adelaide redevelopment has allowed surrounding suburbs to increase in value and we're seeing a lot of interest from overseas buyers."
He added that the influx of inter-state and international buyers is driving prices higher.
"We're finding that a lot of homes that previously sold for around $250,000 are now selling for $300,000. Some bigger, substantial homes are selling for close to $800,000, when 12 months ago that was $650,000-700,000."
Georgiadis said homes are not staying on the market long at the moment.
"It's a very, very hot market at the moment; properties are selling well and not sitting on the market for long at all. People are afraid of missing out so properties are staying for just 20 days, if that."
