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State of Markets – SA February 2012

01 February 2012 Phillip Tarrant

Essential information, plus expert insight on what is shaping the national property market...

SOUTH AUSTRALIA

Fast Figures

  • 4.74% – average rental yield for units, Adelaide
  • $385,000 – median house price, Adelaide
  • $290 – weekly median advertised rent, Adelaide

End stamp duty: Treasury report
In order to prepare for an ageing population and to provide affordable homes, stamp duty should be ended in all states for seniors, said the new Realising the economic potential of senior Australians: Turning grey into gold report from the Department of Treasury.

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South Australia currently has the second oldest population in Australia, preceded only by Tasmania, according to the Australian Bureau of Statistics (ABS).

ABS data indicate the proportion of the population exceeding 65 years old is 6 per cent higher today than it was in 1970, and is expected to jump 8 per cent, to 23 per cent, by 2050.

Currently no stamp duty concessions are available in SA.

“Government regulations are inhibiting senior Australians from obtaining housing that suits their needs. State and territory government stamp duties discourage relocation to more appropriate housing,” the report said.

The report called for more efficient taxes, such as a recommended annual land tax.

Mine expansion an area to watch
The South Australia and Northern Territory governments’ approval of mining operations expansion is good news for property investors, according to Positive Real Estate.

BHP Billiton’s $30 billion addition to the Olympic Dam site is going to assist investors in the area, said Positive Real Estate CEO Sam Saggers.

“Investors who bought into the Whyalla market in 2008 should be aware that the recent news about the mining giant yields the potential to dramatically increase the value of their Whyalla investments,” Mr Saggers said.

Investors should look to the area and its surrounds for the benefits of the increased confidence that will come with the expansion, he said.

“The potential for fantastic growth in Whyalla and nearby areas is definitely looking up.”

State of Markets – SA February 2012
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