After traditionally flat results, the last quarter of 2014 saw an increase in sales, vendor and purchaser confidence, says the Real Estate Institute of South Australia.
REISA president Greg Moulton said recent data showed a five per cent increase in volume of sales over the last quarter, which was a 3.16 per cent increase in median price over the last quarter.
“The median house price in Adelaide is now at $425, 000, which is the highest recorded median on record,” Mr Moulton said.
“The change in median price over the last few quarters is fantastic and shows quite clearly the underlying strength of the property market.
“The other great figures are that the volume of sales increased for both South Australia and metropolitan Adelaide in 2014 compared to 2013.
“There was an increase of 2.63 per cent in volume of sales across South Australia and 2.40 per cent across metropolitan Adelaide,” he added.
Mr Moulton said consumer confidence will continue to increase as vendors price more realistically and agents are well versed in new sales laws that commenced last year.
“As all parties in the real estate transaction move towards a transparent and equitable outcome, the overall news for the real estate industry can be nothing but positive,” Mr Moulton said.