East Adelaide 'may offer opportunities to home loans customers'

Aussies who are trying to secure home loans may find they get a good value property if they look in the eastern suburbs of Adelaide, it has been claimed.

Anthony Vella, director of Vella Real Estate, asserted that the area is a "buyer's market" at the moment, reports the Eastern Courier.

In Pasadena, an examination of five sales revealed that house prices plummeted 28 per cent from $511,875 to $368,000 year-on-year.

"There are currently 2,500 houses on the market in the Adelaide metropolitan area, compared with 1,500 at the same time last year," Mr Vella observed.

The expert noted that the proliferation of available properties in the area means that prospective house purchasers can take their time when looking into which home they want to acquire.

People who have already been online to compare home loans and have secured financing may want to consider the eastern area of the city.

According to figures from RP Data, the cost of property in Adelaide dropped 5.2 per cent in September 2010 compared to the same period 12 months ago.

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