SA market pining for summer

Figures from the South Australian Valuer General’s September quarter housing data paint a largely flat picture of property sales across the state. However, industry experts believe incoming warmer weather and current low interest rates should drive summer sales.

The report found sales across metropolitan Adelaide and South Australia were down from the last quarter, with the media sale price falling 1.8 per cent to $410,000. The median price across South Australia is up 2.18 per cent after dipping slightly to $375,000 when compared to the same period last year.

Real Estate Industry of South Australia president Ted Piteo said any backward indicator may suggest the property market is slowing. However, such figures have been the case during the third quarter for many years.

Mr Piteo said as vendors and purchasers will become more active during the incoming warmer months the volume of recorded sales will increase - hopefully.

“It is true that the number of sales is down from the last quarter and the median has dipped but this has been the case for many years now. Winter is traditionally a slow period for sales and these figures merely mirror what happens every year during this time,” Mr Piteo said.

“What is pleasing, however, is that the median price continues to remain above $400,000 and in fact, is 3.8 per cent higher than the same period last year.

“Morphett Vale, Mount Baker and Mawson Lakes are the top three selling suburbs this quarter. First home buyers and investors will always be attracted to affordable suburbs that offer opportunities for development and which also provide the benefits of infrastructure and quality transport services.”

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