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Metro Market Update: First quarter 2015

6 May 15

The first quarter of 2015 has ushered in a stable real estate market and a continuation of the last quarter’s record median house price of $425,000 said the Real Estate Institute of South Australia.

Following the release of the Valuer General’s median house price data for the 2015 March quarter, REISA President, Mr Greg Moulton said that the latest figures showed a 3.09% increase in median price for metropolitan Adelaide over the same period last year and an impressive 4.00% increase for South Australia overall.

“It is fantastic that the median house price in Adelaide has remained at $425,000 which is the highest recorded median on record.  The rise in the median house price over the last year has been spectacular and the fact that the real estate market has been able to sustain that over the summer months clearly demonstrates the underlying strength of the real estate market and in particular, the willingness of purchasers to pay a premium price if that price is realistic”

In the March quarter, 3, 926 houses settled across the Adelaide metropolitan area which is just below the amount settled in the same quarter last year.  Across the entire State, sales were just down from the same period last year.

“While we would obviously like to see more sales and more buyers and sellers coming together, the figures show that there is still a solid volume of properties turning over which is important to know if you’re in the market”

“Historically low interest rates and a legislative regime that is completely focused on transparency and equity have resulted in an industry that is more focussed than ever on achieving a positive outcome for all parties to the real estate transaction” Mr Moulton said.

Suburbs which have seen the largest growth over a 12 month period were Gulfview Heights, Vale Park and Brighton.  Other big movers included Cheltenham, Marino and West Lakes.

 

Top selling suburbs in terms of recorded sales over the March quarter were perennial favourites Morphett Vale and Aldinga Beach with Hallett Cove joining them in the top three.

“The sales and growth stars this quarter are predominantly in two categories – those in more affordable areas which offer opportunities for development and those close to the beach which offer lifestyle and recreational choices.   These suburbs will always be popular for first home buyers, investors and those seeking to downsize or opt for a seachange” Mr Moulton said.

More broadly, the quarterly statistics showed that the median house price across South Australia recorded a growth of 4.00% compared to the same quarter last year.

The median house price for South Australia stayed at $390,000 – matching the record set last quarter.

The unit and apartment market showed a significant 4.23% rise in median price compared to the same quarter last year.   Sales were slightly up from the same period last year.

“I am pleased that the real estate market is holding steady coming into the new year.  Median house prices remain at record levels and the volume of sales is stable compared to the same period last year” 

“The underlying fundamentals are sound – vendors are selling, purchasers are buying – and the stability of the median house price indicates that all parties in the real estate transaction are approaching the market place with enthusiasm and a good dose of realism” Mr Moulton said.

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