Home Valuation – Adelaide
When looking to have a home valuation done on your home, or one that you are considering buying it is important to have a good knowledge of what the local economy is like, and to have somewhat of an idea of what the demographics are.
In order to find this information out, you need to start by asking, questions like, what is the employment rate of the city in question? How are local businesses doing? What are the major industries throughout the city? Does the city host many festivals or events that draw tourists? How does the tourism that the city experiences impact the local economy? Am I considering moving to, or am I living in what some would consider a retirement community?
The metropolitan area known as Adelaide is home to over 1.3 million residents. The economy of Adelaide is stable, however, the city average income of Adelaide residents is slightly lower than the national average, with the average weekly family income being just under $1,500 versus the approximate $1,700 national average. In terms of employment opportunities throughout the city over the past decade there has been a trend of more part time or casual work as opposed to the sought after, and necessary full time. Due to the lower income average, and the trend towards part time versus full time work, the home valuations done throughout the city reflect the stable, yet unimpressive economical point that the city is at.
In terms of what industries the city of Adelaide is home to, the city has become a hub for many of Australia’s defence industries, with an impressive 72% of defence industries being located within the metropolitan area. The city is also home to three public Universities, as well as several private, three colleges, and multiple well recognized elementary and secondary schools. These educational institutions provide both job opportunities, and educational opportunities for residents to improve their education, and in time help their local economy. These opportunities help improve the results of home valuations done throughout the Adelaide area.
When it comes demographics, the city is made up of many cultures, with almost 30% of it’s residents born overseas. Some of the most dominant ethnic backgrounds of residents of the city are: German, Italian, Chinese, English, Greek, Lebanese, and Vietnamese. WIth so many cultures coming together, come various faiths and beliefs as well. The city of Adelaide is home to many Religions, and has embraced this by building several architecturally unique, and beautiful places of worship. In fact,the city is home to one of the oldest permanent Mosques in the country, The Central Adelaide Mosque. Many benefits accompany such diversity, including more educational opportunities surrounding various Religions and their history, and a more comfortable place to live for many international residents. These benefits definitely help to increase results of home valuations done in Adelaide. People want to live somewhere that they are respected, and allowed to embrace their faith, living in such a multicultural, and diverse city creates that environment, and promotes learning about different Religions.
Home valuations done in Adelaide take these things into account, and unfortunately these are two of the factors that once you have moved to a city you have no more control over. That is why it is so important to find out all you can about the economy and demographics of any new location you are considering moving to. If you are simply moving houses, but are planning on staying in your city, a home valuation will be able to give you insight into how your city and neighbourhood impact the value of your current home, as well as possible future ones.