New data shows that the median price record has been broken and one Aussie market has now a new all-time high median house price.
South Australia has recorded in the March quarter a median price of $470,000, a 1.08 per cent increase from last quarter and a 2.84 percent increase from the same period last year.
Following the release of the Valuer-General’s median house price data, REISA president Alex Ouwens said that it was a positive reinforcement of South Australia’s viability.
“It is good news that the all-time median price record continues to be beaten from quarter to quarter. Yet again, the South Australian real estate market upped the ante to post a sustainable and healthy median price,” Mr Ouwens said.
Mr Ouwens said that South Australia offers some of the best opportunities for first home buyers in the country.
“We are by far the most affordable and liveable city in Australia, so there are still great opportunities for first home buyers,” Mr Ouwens said.
REISA looks forward to working with the government to continue building for a stronger real estate market in the state, the president said.
“We look forward to our meeting with the new South Australian government in the near future to discuss how we can, together, make the real estate sector more professional than before,” Mr Ouwens said.
South Australia is one of the last states that does not have compulsory ongoing professional development and it was one of many projects that REISA is looking to improve.
“We will continue our quest for a more equitable spread of taxation across sectors, especially relating to stamp duty, which is a monster tax that blocks our first home buyers out of the market and traps people in inappropriate accommodation for their circumstances,” the REISA president said.
In the March quarter, 3,968 houses in the Adelaide metropolitan area were settled, which was down from the previous quarter, as were sales across the state.
“The first quarter always sees a downturn in sales figures from the last quarter of the preceding year. Despite this, the sales figures are solid and represent the continuing underlying strength of the real estate market,” Mr Ouwens said.
The unit and apartment market showed a slight decrease in median price from the last quarter but is still up by 6.41 per cent from the same time last year.