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Federal budget infrastructure spending will build on the boom that’s already taking place across the South Australian residential marketplace, according to a real estate network’s GM.
James Trimble is the general manager at Raine & Horne South Australia and he said the state is already benefiting from infrastructure development, but the promise of further funding — particularly for better roads — will make property demand even greater.
“There’s a saying that ‘build it and they will come’, a notion supporting the government’s $2.6 billion funding for the North-South Corridor – Darlington to Anzac Highway and other projects such as $148 million for the Augusta Highway Duplication Stage 2,” he said.
“However, we’ve been building for a while in South Australia, and interstate buyers have been coming and moving to those parts of Adelaide where infrastructure improvements are making life for a commuter easier.”
The GM said more people than ever from outside the state now see South Australia as affordable, a great place to live, and providing plenty of employment prospects.
Employment will be even more plentiful thanks to the upcoming infrastructure projects, which will reportedly support the creation of more than 5,000 direct and indirect jobs.
“In fact, the popularity of South Australia comes to a head over the last three months, with the largest net migration in a single quarter in 30 years. This is a trend that has been building over the last three quarters,” he flagged.
“The more people that we attract, the more projects we’ll be able to roll out across the next 20 years, and so for the next few decades, South Australia is going to be an even better place to live and work.”
The point, according to Mr Trimble, is that plenty of building for the future was already happening.
But given the recent budget announcements for further funding, it will turbocharge the activity and keep demand for quality, well-located South Australian real estate ticking over.
Commuter capabilities
Mr Trimble believes both commuters and property owners from Darlington to Morphett Vale and McLaren Vale will benefit from the $2.6 billion development of the North-South Corridor.
He said: “Commuters will benefit from faster door-to-desk accessibility, while we also anticipate a spike in demand for second homes from city dwellers who will nip down to McLaren Vale and the wine district for weekends.
“Likewise, the $148 million Augusta Highway Duplication project demonstrates regional South Australia hasn’t been forgotten.”
More insight into the infrastructure projects earmarked for funding in the 2021 federal budget can be found here.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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