This month’s state poll on 19 March will not halt the turbo-charged South Australian real estate market.

 Mr James Trimble, General Manager, Raine & Horne, said, “Typically, elections put the brakes on real estate markets as buyers and investors usually prefer to see which party will end up with the keys to power for the next four years.

 “But this year, there is no evidence of a slowdown for residential or commercial property in South Australia because neither side of the political coin is proposing policy changes that will impact the buying, selling or taxation of real estate in this state. 

 “As a result, residential markets in Adelaide, for example, are rumbling along with values up almost 26% year on year, while commercial properties are selling at yields of 4%, which is extremely rare in South Australia.

 “More interstate investors are increasingly recognising the value of owning commercial property assets in Adelaide, particularly as more major Australian and international brands continue to set up shop in the capital city.”

 In February, Premier of South Australia Steven Marshall announced that two major blue-chip companies Commonwealth Bank[i] and professional services heavyweight PwC[ii] have committed to the South Australian capital long-term. 

 Commonwealth Bank announced it will be the first tenant in Lot Fourteen’s Entrepreneur and Innovation Centre and will have 150 technology specialist roles within five years. This news was followed quickly by PwC Australia’s announcement that it will employ 2000 South Australians in the heart of Adelaide. 

 PWC and Commonwealth Bank have joined other global brands such as Google Cloud, Amazon Web Services, Accenture, Cognizant, Microsoft Azure and Nokia 5G that have recently established corporate offices in the SA capital. 

 Mr Trimble said, “These announcements by the Premier standing side by side with senior execs from major corporates demonstrate that Adelaide is a city where people want to work and live. 

 “Accordingly, with these heavyweight brands giving South Australia a significant tick of approval, even a looming election or mortgage interest rate rises won’t slow the South Australian real estate market any time soon.”

 To illustrate a large family home on a sizeable 995 square metre allotment with a 24-metre frontage in a beautiful leafy setting in the Adelaide Hills sold for $753,500. The property 6 Louis Avenue, Hawthorndene attracted 30 groups and sold above the vendor’s reserve price at auction.

 Mr Trimble concluded, “With residential stock listed for sale at record lows, vendors can look forward to more strong results over the autumn selling season.”

[i] https://www.premier.sa.gov.au/news/media-releases/news/150-jobs-as-commonwealth-bank-establishes-technology-hub-in-sa

 [ii] https://www.premier.sa.gov.au/news/media-releases/news/pwc-australia-to-create-2,000-sa-jobs-with-new-skilled-service-hub