The South Australian property market continues to show unprecedented strength as it once again posts record median prices of $708,250 and $785,000 across South Australia and metropolitan Adelaide respectively. 

The volume of sales across South Australia and metropolitan Adelaide also rose 16.86% and 21.40% from the previous quarter. 

Following the release of the Valuer-General’s price data for the June 2024 quarter, REISA CEO, Andrea Heading said that despite the ongoing struggle to curb inflation and continuing high interest rates, the property market continued to show strength and resilience.

While the increases in the median price demonstrated that buyers were still willing to pay premium prices, the increase in the volume of sales also showed that more people were entering into the real estate market and were willing to pay transparent prices. In the June quarter, there were 6 suburbs with a median price of $500,000, 224 between $500,000 and $1 million and 143 over $1 million. 

“REISA is pleased that the new record median price and increase in the volume of sales underscores the strength and resilience of the South Australian real estate market.

However, it is also keenly aware that the issues of supply, inflation, high interest rates and punitive state land taxes will always have a deleterious effect on the real estate cycle. Once these factors are brought under control, an upward trajectory will seem more consistent and sustained” Ms Heading said. 

The results showed that South Australia posted a 4.93% median house price increase from the previous quarter and a 13.32% increase from the same quarter last year. Metropolitan Adelaide experienced a 3.29% median house price growth from the previous quarter and a 12.14% increase from the same quarter last year. 

Suburbs which have seen the largest growth over a 12 month period (with 10 or more recorded sales in both quarters) were Royal Park, Tea Tree Gully and Eyre with increases of 53.46%, 46.98% and 43.63% respectively. Other big movers included West Lakes, Marion and Davoren Park. 

Top selling suburbs in terms of recorded sales over the June quarter were Mount Barker, Morphett Vale and Paralowie. Other top performing suburbs included Blakeview, Aldinga Beach and Angle Vale. 

“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 Metropolitan Adelaide broke the median record again with a price of $569,950 and an increase in the volume of sales of 19.08% from the previous quarter. Just like the data for houses, these figures show that purchasers are willing to pay for properties that are realistically and transparently priced” 

“South Australia’s real estate market continues to do astonishingly well despite the low supply of housing stock and the prevailing high interest rates. We commend the State Government on taking the issue of housing supply seriously and we look forward to continuing our dialogue with them in addressing this and the complementary issue of housing affordability” Ms Heading said. 

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