Second Focus On Adelaide
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Why is Adelaide becoming a top destination for interstate buyers and expats?
It's the Real Estate Podcast brought to you by Ray White, the largest real estate and property group in Australasia. And welcome to another episode of the Real Estate Podcast. Well, we've featured Adelaide on the show before. It's a hot destination for interstate buyers and expats coming back to settle there. And why not? With beaches that aren't overcrowded, the weather is arguably better than Sydney and Things to do, places to go, it's all within a 30 minute drive. And hey, it's got a lot going on. And with a house medium price of around $600,000, this city doesn't take a lot of working out as a place to go and settle and enjoy a lifestyle. without that whole metro hustle and bustle. And to sort of drill down on this a little bit more, I'm joined by Nick Saros, who is the principal at Ray White Port Adelaide.
G'day, Nick.
What lifestyle and coastal attractions make Adelaide appealing compared to Sydney?
Welcome to the Real Estate Podcast.
Great. How are you, Craig? It's a pleasure to be on your show.
Yeah, so it really is, isn't it? It's a bit of a destination place.
It is, mate. It's an amazing place, a beautiful place. I mean, I've been there for 58 years and I love it. I enjoy it. I'm a local.
We were just talking about that before we started. You're a local that has been there all your life. You've experienced a lot of the rest of the world outside of Australia. So that's probably quite a good talking point, isn't it? Like just where Adelaide stacks up with all of your travels throughout your adult life compared to home.
Yeah, absolutely. Well, my wife and I, we've always enjoyed our state and we've gone to many different places. You have the Allied Hills, a beautiful wine region, Handorf, which is a great old German township. It's, you know, really nice. You get some really nice Bockwurst sausages or ribs or schnitzels and they've got the music playing, the German music. It's just a great place to go. But we also have the McLaren Vale region, which is absolutely fantastic. It's world class, as well as the Barossa region. We have some of the best wines in the world right here on our doorstep, Craig, which is amazing. And the beaches, beautiful, pristine beaches that run all the way from North Haven, all the way down to Second Valley and up towards Karikalinga Way and down towards Port Elliot.
So we've got some beautiful little coastal townships and amazing beaches so you can just drive for a couple hours and you would have beautiful white sand so you've got so much here excellent fishing you're not going to get bored put it that way there's so much to do
Well, if you weren't selling real estate, you could also work for the Adelaide Tourism Board. I reckon that's a pretty good pitch. That's a bit of a sideline. Yes. And desirability. Okay, so that is definitely a key selling factor, as we've mentioned, for Adelaide right now. Maybe let's just step back in time a little bit. What happened in the South Australian market, perhaps towards the end of last year, and what is happening as we continue to move through the first quarter of 2022?
What is a fact is that over 100,000 Victorians got out of Victoria last year. So quite a few headed up north, but quite a few actually made it down to South Australia. So we were selling properties to Victorians that were resettling here. Some had lived in maybe 20, 30 years ago and they were just coming home. So we had an influx of Victorians. The market just went ballistic.
Who is Nick Psarros and what local perspective does he bring to Adelaide property?
It was just like nothing we've ever seen. It started amazingly well in January. February just got better. March got better. And we thought, okay, is this thing going to run out of steam? Then April and May and June came and it was even better. And it just got better and better and better. And it just peaked in December. It was absolutely crazy. You know, receiving offers in $100,000, $200,000, $300,000 over expected price.
And let's talk a little bit about the first home buyers, because as we mentioned, with the 600k medium price, what have you noticed with first home buyers coming into the market?
Yeah, what I've noticed with the first home buyers is they are moving out a bit south and north.
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