Bowden named as a property hotspot
Two reports on the property industry released in the past week highlight the strength of the South Australian property market and reinforce Adelaide’s inner west – and Bowden particularly - as an area for growth.
NAB’s Quarterly Australian Residential Property Survey: March 2012, released last week, highlights Bowden in Australia’s Top Ten property “hot spots”, forecasting that the suburb will enjoy higher capital growth than anywhere else in South Australia over the next year.
The report also showed house price expectations are on the rise, with SA/NT house prices forecast to rise by 1.1% (previously 0.8%).
Similarly, the Property Council-ANZ Property Industry Confidence Survey released this week show an increase in property industry confidence - the second consecutive increase. Report researchers expect property market confidence to remain positive through 2012.
Bowden project director, Chris Menz, says the two reports are confirmation that “the timing is right” for the Bowden development.
“These surveys support our expectations for the Urban Renewal Authority’s urban infill redevelopment project at Bowden,” says Mr Menz.
“The redevelopment of Bowden will be one of the most significant urban developments in South Australia’s history, and we’ve received interest from developers, builders and purchasers who recognise the strength of the project.
“This new residential, retail and office development, right on the edge of the CBD, will bring to life a former industrial precinct in a way never before seen in Adelaide.”
The first blocks of land within the $1 billion Bowden urban development were officially released to developers and builders on March 26, with prospective purchasers required to submit offers by May 1.
The first off-the-plan homes are on track to be released to the public in late 2012.
The Bowden development spanning 16 hectares will eventually see the construction of more than 2,400 homes for approximately 3,500 new residents over 15 years and provide opportunities for businesses to operate in a vibrant, walkable community close to the city.
For more information visit the Bowden website at www.lifemoreinteresting.com.au.
For further information please contact Kathryn Crisell, Media Officer, on 08 8207 1317.