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The South Australian government lauded the strength of its property market following the release of new data showing growth in dwelling approvals and solid annual property price growth in the state.
Data from the Australian Bureau of Statistics (ABS) showed that the total number of dwelling approvals in the state grew 10 per cent over the month of November 2022 to be 1,226 — the highest increase on the mainland.
Further testament to the festival state’s market vitality was its strong annual dwelling approval figures, which showed buildings greenlit by the government rose 15.2 per cent over the year to November 2022.
The figures propelled South Australia to stand out from the rest of the capital city pack, with all other mainland states experiencing significant decreases in dwelling approvals led by Western Australia (33.8 per cent), Queensland (25.5 per cent), and Victoria (17.4 per cent). Nationally, dwelling approvals are down by 15.1 per cent.
Following the building approval figures, the South Australian government also cited the recent data from CoreLogic for December — which indicated house prices remain steady in Adelaide — as further proof that the wine state is not easily succumbing to the market downturn.
Data from the property market research firm showed that dwelling values in Adelaide fell by 0.4 per cent during the last month of 2022 — a smaller contraction figure compared to larger monthly declines recorded in other cities such as Sydney (-1.4 per cent), Canberra (1.2 per cent) and Darwin (0.5 per cent).
Additionally, the state’s capital recorded the highest median house price increase of all Australian capital cities over the year at 10.1 per cent, which lifted median property prices to $649,041.
State Treasurer Stephen Mullighan stated: “These latest figures show South Australia’s housing market remains strong, especially compared to the eastern states, with housing prices remaining at current high levels and demand for new housing up.”
He also noted that the state’s housing market had not experienced the volatility observed in the eastern states, adding that it’s “good news for property owners”.
“While the strength of the property market is positive for those already owning houses, we know we need more supply to help others get into home ownership,” he explained.
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