State of Markets - SA December 2012

Fast figures

• Vacancy rate – Adelaide: 2.4% (SQM)
• Median rent - Adelaide: $370 (SQM)
• Dwellings rented – Adelaide: 28.1% (ABS)

Buyers flock to Adelaide
The four most sought after suburbs for property in the country are in Adelaide, according to the country’s most popular property listing website.

Realestate.com.au compiled the ten most sought after suburbs, with prospective buyer searches spiking in certain areas.

The inner-city suburb of Parkside in Adelaide topped the list, with a ratio of 119 buyers per house according to data on realestate.com.au.

The chief product officer at REA Group – owner of realestate.com.au - Henry Ruiz, said the list gives a good forecast for upwards pressure on property prices.

“Our website data gives unique insights into consumer demand for particular suburbs, which translates into increased participation in the market three or four months down the track,” he said.

“Home owners living in these highly sought after suburbs can expect strong interest in their home if they consider selling in the next few months,” said Mr Ruiz.

Olympic Dam expansion may proceed
A new letter from BHP Billiton to the minister for mineral resources and energy, Tom Kotsantonis, has requested an extension for the Olympic Dam expansion approval.

Speaking after a meeting with BHP, “very careful consideration” will be given to the request and the reasons for seeking an extension to the original date of 15 December 2012, said Mr Koutsantonis.

“This careful consideration will include our own due diligence into the changes now being suggested by BHP Billiton as a lower-cost alternative to the proposed expansion comprehensively set out in the company's EIS," he said.

The $30 billion was previously shelved by BHP, who is now requesting an extension until 2016.