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South Australia finished the year strong, which is an indicator of resilience in the state’s property market, REISA president says.
The latest figures from the Valuer-General’s median house price report showed a spike in prices across the state.
More than 4,000 houses were settled across the Adelaide metropolitan area in the December quarter, which was more than the previous quarter and the same quarter the year before.
Additionally, the entire state saw an increase in sales.
“We have another record-breaking median price at $485,000, which is a 2.11 per cent increase from the previous quarter and a fantastic 1.73 per cent increase from the same quarter last year,” REISA president Brett Roenfeldt said.
“The volume of sales recorded this quarter is nothing short of breathtaking and illustrates that more stock is beginning to appear on the market and that investors and buyers are entering the market and purchasing stock that is affordable and realistically priced.”
Sought-after areas in the December quarter were Morphett Vale, Mount Barker and Hallett Cover.
“I always like seeing these results, and they consistently reinforce the fact that the key drivers of purchaser spending are affordability, location and the opportunity of investment. The consistently top-performing suburbs in these lists are those that offer all three drivers,” Mr Roenfeldt said.
The median house price across the state was up by 2.5 per cent last quarter, while units and apartments were a bit softer, down from the previous quarter, but up by 0.56 of a percentage point from the same time last year.
“I am delighted by these results, and I look forward to 2020 with a huge amount of confidence in the South Australian property market,” Mr Roenfeldt said.
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