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Metro Market Update - December Quarter

6 Feb 19

South Australia has again smashed the median record for the last quarter of 2018.  The median price of $480,000 sets a new high in the South Australian property market.

Following the release of the Valuer-General’s median house price data for the 2018 December quarter, REISA President Mr Brett Roenfeldt, said that the latest figures revealed a median price that had obliterated the previous record and demonstrated a fantastic and sustainable growth of 2.38% since the same quarter in 2017.

In the December quarter, 4,140 houses settled across the Adelaide metropolitan area which is significantly up from the last quarter and only slightly down from the same quarter in 2017.  Sales across the entire State were also significantly up since the last quarter.

“What a brilliant way to have closed 2018 – with a new record for the median price in South Australia.  It just goes to show that people are willing to pay good dollar for premium properties that are accurately and realistically priced.  Adelaide is truly a wonderful place to live and invest in.  Our lifestyle, affordability and commitment to major development and infrastructure will always make us a consistent player in the real estate market.  While the last quarter usually does see a pickup in volume of sales, it is great to see significant upswings not only across metropolitan Adelaide but the entire State” Mr Roenfeldt said.

Suburbs which have seen the largest growth over a 12 month period were Largs Bay, Stirling and Torrens Park.  Other big movers included Myrtle Bank, Somerton Park and Greenwith.

Top selling suburbs in terms of recorded sales over the December quarter were the perennial Number 1 Morphett Vale, Parafield Gardens and Aldinga Beach.

“Affordability, investment opportunity and lifestyle location will always be the key drivers for sales.  When affordability is right, the market remains confident and optimistic and sales and growth reflect that market sentiment” Mr Roenfeldt said.

More broadly, the December quarter statistics showed that the growth in the South Australian median price was 1.90% up from the previous quarter and a fantastic 2.38% up from the same quarter in 2017.

The unit and apartment market showed a terrific 4.07% increase in median price since the previous quarter but was down on the same quarter last year.  Sales were significantly up from the previous quarter but also slightly down from the same quarter in 2017.

“I am extremely pleased by these results.  A record median price coupled with a significant increase in sales clearly demonstrates the continuing resilience and strength of the South Australian property market.  I look forward to 2019 with optimism and excitement.” Mr Roenfeldt said.

Click here to view the full Market Update Report for December Quarter 2018