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It is typical for the third quarter to show a decrease in the volume of sales, and despite this, the Real Estate Institute of South Australia is optimistic for the months ahead.
The latest figures from the Valuer-General showed the median house price remained at record levels, with a growth of 0.4 per cent on the same time last year, REISA president Brett Roenfeldt said.
More than 3,600 homes were settled across Adelaide’s metropolitan area in the last quarter, which was less than the previous quarter and down on the same time last year. Sales across the state were also down from the previous quarter.
“There is no doubt that there is far less stock at the moment, and this has been the case for some time now,” Mr Roenfeldt said.
“The figures also show that realistically and transparently priced properties continue to sell well.”
The REISA boss is happy to see the media house price continue to remain high, which is a sign of the underlying confidence and resilience in the South Australia property market.
“This is why REISA has so forcefully opposed the state government’s land tax reforms. We must oppose measures that are doing nothing except to create uncertainty, undermine confidence and force our traditional mum and dad investors into spending huge sums of money in restructuring or giving up their property portfolios altogether,” he said.
Although the decline in sales volume makes the quarter challenging to comment on, Mr Roenfeldt takes joy in the record high median house prices and purchasers out there who are willing to pay a realist price.
“South Australia will always be one of the best places in the world to live, work, invest and enjoy a great lifestyle,” he said.
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