Following the release of the Valuer-General’s median house price data for the 2019 December quarter, REISA President Mr Brett Roenfeldt said the latest figures showed how resilient the South Australian property market can be.

In the December quarter 4,213 houses settled across the Adelaide metropolitan area which is significantly up from the previous quarter and also up from the same quarter last year.

Sales across the entire state were also significantly up from the previous quarter and the same quarter last year. 

At a glance:

• 4,213 houses settled across Adelaide up from previous quarter and same quarter last year.
• Median price at $485,000 2.11 per cent increase from previous quarter and 1.73 per cent increase from same quarter last year.
• Largest growth over a 12 month period were Gulfview Heights, Norwood and Torrensville

“What a fantastic result for the South Australian property market," said Mr Roenfeldt.

"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.

"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." 

Suburbs which have seen the largest growth over a 12 month period were Gulfview Heights, Norwood and Torrensville.

Other big movers included Evanston Park, Glenelg North and Rosewater. 

Top selling suburbs in terms of recorded sales over the December quarter were the perennial Number 1 Morphett Vale, Mount Barker and Hallett Cove. 

“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," said Mr Roenfeldt.

"The consistently top performing suburbs in these lists are those that offer all three drivers."

More broadly, the December quarter statistics showed that the growth in the South Australian median price was a robust 2.47 per cent increase from the previous quarter and a significant and welcome 1.81 per cent increase from the same quarter last year.

The unit and apartment market cooled down from the previous hot quarter but still showed great results. 

The median price was down from the previous quarter but up 0.56 per cent from the same quarter last year.

The volume of sales was only slightly lower than the previous quarter and the same quarter 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.

The Iron Triangle

Within the areas of Port Pirie, Whyalla and Port Augusta some substantial infrastructure projects are helping to drive the positive movement in real estate.

"Whyalla has experienced some substantial lifts in median house prices, as much as 15.95 per cent, thanks to the investment of billions of dollars to upgrade mining infrastructure,," said Mr Roenfeldt to WILLIAMS MEDIA

"The flow on effect is a new hotel is being built in Whyalla, which means more job growth and employment.

"As people make money, there is more money to spend."

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