The South Australian property market has once again demonstrated its resilience and optimism by posting a new record median price once again and substantially increasing the volume of sales from the previous quarter.
The South Australian property market has once again demonstrated its resilience and optimism by posting a new record median price once again and substantially increasing the volume of sales from the previous quarter.
Following the release of the Valuer-General’s price data for the 2023 June quarter, REISA CEO, Andrea Heading said that the improving economic outlook has certainly had an effect on the volume of sales this quarter. Consumer confidence is also set to bounce back once inflation and interest rates cool and stabilise at more moderate levels.
The record median price however, once again, demonstrates that purchasers are still clearly willing to enter the real estate market and to pay premium prices for properties that are realistically and transparently priced.
“REISA is pleased that the volume of sales increased by over 10% this quarter and that record median prices have been recorded across South Australia and Metropolitan Adelaide. The fundamentals of South Australia’s real estate market remain strong and healthy and definitely are once again on an upward trajectory in terms of sales and pricing” Ms Heading said.
The results showed that South Australia posted a 4.17% median house price increase from the previous quarter and a 9.46% increase from the same quarter last year. Metropolitan Adelaide experienced a 3.70% median house price growth from the previous quarter and a 5.26% increase from the same quarter last year.
The volume of sales across South Australia and metropolitan Adelaide demonstrated a significant bounceback with increases of 13.94% and 17.96% respectively from the previous quarter.
Suburbs which have seen the largest growth over a 12 month period (with 10 or more recorded sales in both quarters) were Gawler East, Smithfield Plains and Norwood with increases of 41.52%, 37.01% and 33.00% respectively. Other big movers included Gawler South, Elizabeth Downs and Sellicks Beach.
Top selling suburbs in terms of recorded sales over the June quarter were Mount Barker, Morphett Vale and Munno Para West. Other top performing suburbs included Andrews Farm, Aldinga Beach and Paralowie.
“Suburbs which continue to demonstrate strong sales really highlight the key drivers of our real estate market which are location, affordability and potential. Those suburbs which provide attractive investments in infrastructure, development potential and amenities will always perform strongly for first home buyers and investors”
“Units and apartments across Adelaide showed a slight increase in the volume of sales since the last quarter while increasing substantially across metropolitan Adelaide. It is great news that units and apartments continue to hold their own in the current economic climate” Ms Heading said.
“South Australia’s real estate market continues to do well but is still significantly impacted by the lack of adequate and affordable housing supply. We will continue to advocate for policies and strategies that address these issues and ensure that home ownership is a realistic dream for South Australians” Ms Heading said.