The latest market update from the Real Estate Institute of South Australia (REISA) shows strength in the southern state’s property industry, particularly in the Adelaide metro area.
The Market Update: Sales Results June Quarter 2017 Edition tracks property sales across South Australia, using changes to median prices to indicate the overall health of the mortgage market in metro and regional areas.
Overall, the South Australian property market recorded a 0.73% improvement median sale price compared to the previous quarter. Compared to the same quarter in 2016, the median sale price improved by 2.72%.
Looking more closely, metro Adelaide saw a 6.9% increase in sales activity over the past three months, with 4458 houses settling. The median house price was historically high $452,000 – up 1.12% from the same time last year, though down 1.74% from the previous quarter’s record of $460,000.
In regional South Australia, the quarter’s median house price of $264,500 was down 0.75% from the previous quarter, but up 0.76% on median 12 months previously.
|Index||2Q 2016 Sales||2Q 2016 Median||1Q 2017 Sales||1Q 2017 Median||2Q 2017 Sales||2Q 2017 Median||Quarter Median Change||12 Month Median Change|
|Regional SA – Major Towns||503||$262,500||517||$266,500||466||$264,500||-0.75%||0.76%|
According to REISA CEO, Greg Troughton, these June figures show the underlying strength of the SA real estate market to be sustainable and sound.
“What is so fantastic about these sales figures is that they are even up from the last quarter of 2016 – traditionally the quarter which shows the highest volume of sales each year. This is great news for first home buyers who wish to enter the market or those wishing to invest in a rental property.”
It remains to be seen whether the strength of SA’s real estate will impact the state’s overall economy, which has been struggling of late with concerns including unemployment and the controversial proposed state bank tax.