The South Australian property market continues its upward trajectory by once again extending its record breaking median price streak.

Following the release of the Valuer-General’s price data for the 2022 June quarter, REISA Interim CEO, Cain Cooke said that the results were particularly extraordinary given the ongoing COVID tribulations and the commencement of substantial interest rate rises.

“The outstanding results from this quarter both in the median price and volume of sales clearly demonstrates the continuing confidence that vendors and purchasers have in their real estate transactions and the underlying resilience and strength of the real estate market” Mr Cooke said.

The results showed that South Australia posted a 3.64% median house price increase from the previous quarter and a fantastic 21.28% increase from the same quarter last year. Metropolitan Adelaide experienced a similar surge in median house price growth recording a 1.31% increase from the previous quarter and a hefty 22.55% increase from the same quarter last year.

“The volume of sales across South Australia and metropolitan Adelaide reversed the cooling off trend shown in the first quarter of 2022 with increases of 5.49% and 6.48% respectively. Sales were also up across South Australia from the same quarter last year.

“The median price across Metropolitan Adelaide has once again risen to a new record high of $661,750. The sales and median results show that the June quarter was still very much within a booming house market cycle with vendors and purchasers continuing to transact across the board in both affordable and premium properties” Mr Cooke said.

Suburbs which have seen the largest growth over a 12 month period (with 10 or more recorded sales in the current quarter) were Toorak Gardens, Findon and Somerton Park with increases of 96.55%, 68.86% and 68.34% respectively. Other big movers included Walkerville, Old Noarlunga and Beaumont.

Top selling suburbs in terms of recorded sales over the June quarter were Morphett Vale, Munno Para West and Mount Barker. Other top performing suburbs included Parafield Gardens, Andrews Farm and Paralowie.

“Units and apartments across Metropolitan Adelaide also maintained their impressive standing with a median price of $422,775 which was only 0.05% below last quarter’s record result but an increase of 3.94% from the same quarter last year.”

“While these results demonstrate the strength of the real estate market, they also highlight the inevitable flow on effects of housing affordability and supply. A median price that just goes up and up every quarter makes home ownership a fleeting dream for many South Australians and certainly may deter purchasers who plan on buying an investment property. Rental supply and affordability are key priority areas of REISA and we are pleased to be engaging in dialogue with the Government to find solutions to this problem” Mr Cooke said.