This article is from the Australian Property Journal archive
SOUTH Australia’s real estate market keeps breaking its own records, as confidence in the state refuses to fumble.
According to REISA, median prices in the first quarter have set an all-time record, while sales volumes have slipped slightly from the last quarter, they are still well above number in the same quarter last year.
In metropolitan Adelaide, the new median price of $518,000 for the quarter is up 1.51% from the previous quarter and up 8.14% on the same period in 2020.
“These results clearly demonstrate the resilience and strength of the South Australian real estate market and underscore its ability to not only meet the challenges that impacted on it last year but to surge forward and prosper,” said Barry Money, CEO of REISA.
The overall South Australian median price was up 1.81% from the previous quarter, up 4.56% from the 2020 pcp.
Sales volumes have increases by 20.6% from the same quarter last year, falling only marginally over the quarter.
“Our members tell me that not only are vendors and purchasers entering the marketplace in massive numbers, they are doing so with confidence and a willingness to pay premium prices for properties that are realistically and transparently marketed and priced,” added Money.
St Peters, Gawler East and St Clair have seen the largest growth over the year, with sales increases of 62.89%, 43.38% and 41.13% respectively. With 76% of Adelaide suburbs experiencing growth in the 12 months to March 2021.
“As always, price growth and volume of sales are determined by the key drivers of location and affordability. Suburbs that can demonstrate excellent infrastructure, development potential and locations that appeal to lifestyle changes will always appeal to buyers and investors alike,” said Money.
Over the quarter the top selling suburbs were Morphett Vale, Mount Gambier and Mawson Lakes, with Aldinga Beach, Paralowie and Parafield Gardens following close behind.
“I am delighted by these results and I look forward to the South Australian real estate market sustaining its momentum over the coming months,” concluded Money.
