The hunt for affordable housing, pristine landscapes, and the lure of regional community, saw a 5 per cent increase in sales in regional South Australia during the March 2017 quarter.
If you're looking for an affordable home, regional South Australia may have what you are looking for.
Known for its historic architecture and beautiful landscapes, sweeping waterways, and small communities, regional South Australia has a lot to offer.
And it seems the market has caught on. New figures from the Valuer-General's office show the median house price in regional South Australia rose 1.15 per cent in the March 2017 quarter to $265,000.
The number of sales were up across the board: up 5 per cent from the previous quarter, and up 10 per cent from the same quarter last year.
Alex Ouwens, president of the Real Estate Institute of South Australia, told SCHWARTZWILLIAMS a good agricultural season has seen confidence in the region bounce back.
"In the last year or so he farming and agricultural businesses have had good seasons, and the wine industry is coming back from some tough times, which is driving confidence," he said.
Ouwens said there was also a pick up in interest from investors looking for yield and capital growth no longer available in the eastern states.
The results fro regional South Australia are very pleasing, he said.
“I am absolutely thrilled that the volume of sales is up in regional South Australia. Traditionally, the numbers are less in the first quarter of a year than in the last quarter, but these figures are fantastic. A 5% increase in total sales shows that the regional market is healthy and bouncing along nicely."
Suburbs which have seen the largest growth over a 12 month period are:
The top selling suburbs in terms of recorded sales over the March quarter were the 'perennial top three' according to the REISA: Victor Harbor, Mount Gambier and Murray Bridge.
The Valuer-General’s data showed the median house price in metropolitan South Australia was $452,000, a 0.67% increase from the previous quarter and a sustainable 3.67% increase from the same period last year. Ouwens said this was a "fantastic" result.
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