The Blackwood District Market PlaceWednesday, January 30, 2013
The REAL FACTS about the market place we live in….known as the Blackwood District or the Mitcham Hills.
It is often thought we are too far away from everything.
It is one of Adelaide’s best kept secrets.
Consider this. The exact 10km radius from Chapman Street in the heart of Blackwood to the GPO is equidistant from the middle of the Glenelg Jetty to the GPO.
Imagine if these 8 suburbs were in Glenelg, Glenelg South, Glenelg East, Glengowrie, Somerton Park, North Brighton, Warradale, and Oaklands Park – they would all be $100-$500,000 dearer. In other words, this area is under valued by the market place. It is our considered opinion we can expect good capital appreciation into the future.
The Mitcham Hills encompass the beautiful suburbs of:
The median price for the above 8 suburbs for the years 2006 to now are as follows.
Year Volume of sales Median price Land area House equivalent area
2006 531 $350,000 1048sqm 160sqm
2007 600 $384,500 1066 161
2008 494 $415,500 1100 165
2009 539 $433,000 1057 165
2010 512 $450,000 1091 160
2011 453 $450,000 1113 167
2012 370 to 31/12/2012 $477,500 1060 170
The median house price has risen $27,000 to $477,500 in the twelve months to 31st December on a lower turnover of 370 sales (should be more than 600). The median house price is the middle contract price, not the average price, it is a more accurate method of assessing market trends.
This increase should be viewed cautiously because the sample of sales is small and the bottom end of the market is still largely missing pushing the bracket/median price up. However it does tell us prices are firming.
Contrary to popular belief, house prices are not coming down in this area.
Some print media reports are not reflecting the true picture in Adelaide let alone the Blackwood District.
Suburb sale samples are more often than not too small and are not credible.
It is not feasible for example, for a suburb to rise 20% and a neighbouring suburb to fall 20%. A larger and wider sample is the only credible form to consider.
The above is an accurate précis of House Sales in this area.
Volumes have been well down. When market places hold back, those volumes become pent-up demand. When they release, market buoyancy puts an upward pressure on prices.
This is a responsible report from RING PARTNERS – in your best interest.
For an informed update call us anytime on 8370 3211.