South Australian market update 2024 September Quarter - REISA

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Nov 4, 2024

South Australian market update 2024 September Quarter - REISA

REISA CEO, Andrea Heading said that while the high interest rates and the traditionally slower third quarter had impacted upon the volume of sales, optimism and consumer confidence in the real estate market remained robust.

REISA

REISA CEO, Andrea Heading

The South Australian property market continues to demonstrate its strength and resilience by once again posting record median prices of $723,000 and $800,000 across South Australia and metropolitan Adelaide respectively.

Following the release of the Valuer-General’s price data for the September 2024 quarter, REISA CEO, Andrea Heading said that while the high interest rates and the traditionally slower third quarter had impacted upon the volume of sales, optimism and consumer confidence in the real estate market remained robust. In the September quarter, there were 2 suburbs with a median price of $500,000 or less, 223 between $500,000 and $1 million and 155 over $1 million.

“Once again, we have smashed the record median price across South Australia. This clearly shows that purchasers are willing to enter the real estate market and purchase premium properties that are realistically and transparently priced. While there was an expected drop in the volume of sales from the previous quarter, they remained well above those recorded for the same period last year. Ms Heading said.

The results showed that South Australia posted a 1.83% median house price increase from the previous quarter and a 13.50% increase from the same quarter last year. Metropolitan Adelaide experienced a 1.91% median house price growth from the previous quarter and a 12.36% 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 Marion, Newton and Royal Park with increases of 47.95%, 45.03% and 41.25% respectively. Other big movers included Christies Beach, Salisbury North and St Agnes.

Top selling suburbs in terms of recorded sales over the September quarter were Mount Barker, Morphett Vale and Davoren Park. Other top performing suburbs included Andrews Farm, Blakeview and Munno Para West.

“The suburbs which continue to demonstrate strong sales really highlight the key drivers of South Australia’s real estate market which are location, affordability and potential. Those suburbs which provide attractive investments in infrastructure and development potential as well as rental return 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 $585,000 but showed a decrease in the volume of sales. Mirroring the results for residential houses, these figures also 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 continuing low supply of housing stock and the prevailing high interest rates. We look forward to interest rates coming down in 2025 to encourage first home buyers back into the market and the realisation of the State Government’s commitment to increasing housing stock and easing affordability concerns” Ms Heading said.

REISA Board and Office Holders

Andrea Heading, CEO

Paul Edwards, Legislation and Industry Adviser

Wendy Granozio, Operations and Member Services

Emma Slape, Chief Executive Officer of Turner Real Estate

Matthew Smith, Managing Director and joint Owner of Klemich Real Estate

Suzannah Toop, CEO and Director of Toop+Toop Property Management

Cathie Brown, CEO of the Leaders Institute of South Australia

James Black, CEO and Director of Perks Accountants and Wealth Advisors

David Colovic, Principal at LK Law (formerly Lipman Karas

Marc Taintey, CEO of the Fairmont Group

REIA Board of Directors