Nottingham, United Kingdom (PressExposure) July 29, 2009 -- A recent report produced by the Australian government on South Australiaâs economic performance, has revealed how strong it is performing in these times of global economic decline.
The report is a study from the year 2000 until May 2009 and has some very positive indications indeed. It appears that since the year 2000 South Australia has gone from strength to strength and from the advent of the recession it has even continued to grow in many sectors, showing both the resilient nature and potential of the area.
Employment in May 2009 was at a record level at close to 800,000 whilst unemployment was just 5.6 % at the same time. Much, much better than in places like Britain. Population growth in the area is also up, the highest since records began.
These factors have led to the decline of new housing construction to be down just 2.1 % on last year, whilst the national average decline is 24.7 %. This has kept prices low, but the property market strong making South Australia a top property investment destination. Business investment too is at another record high at $10.3 Billion at the end of the March quarter 2009, reinforcing the belief that the economy will recover by next year and so making Australia the current investment choice.
South Australiaâs financial position could not be better given the current climate. It is ranked as having a AAA credit rating whilst Adelaide (the state capital) is ranked as being the cheapest capital city to both live and do business.
The state of South Australia also has potential to go from strength to strength in economic terms, it has an abundance of natural resources such as a huge mining reserves, renewable energy resources and $44.8 Billion of projects lined up. It also currently the 4th most affordable place to buy a house in Australia.
So what does this mean for the Australian property market now and in the future? David Redfern, Managing Director at DSR Asset Management Ltd. explains that âthe current prices for property are lower now than a year ago, whilst the rest of the economy is continuing to grow.
By next year the economy is set to recover and so then too will the prices of property. If I were going to invest or to buy property in South Australia now is the time to do so. The state has so much potential that it will in no doubt become extremely popular, increasing demand and driving up prices.â
DSR Asset Management Ltd. has some excellent opportunities to invest or buy property in Australia. From beach front land plots on Echo Beach to three bedroom houses in adventurous Lakeside in Adelaide itself, both with excellent investment potential. The report has shown that now really is the time to invest or buy property in South Australia.