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Metro Market Update - June Quarter 2019

28 Aug 19

The median price has remained stable and just below the record breaking median posted last quarter.  The results from the June quarter have been impressive with capital growth registering a 2.38% increase over the last year across metropolitan Adelaide.

Following the release of the Valuer-General’s median house price data for the 2019 June quarter, REISA Vice President Mr Robin Turner said that the latest results showed that all was well in the South Australian real estate market and that confidence had returned to both vendors and buyers with realistically priced properties selling readily.

“The latest figures show a significant growth in median price over the last 12 months and a substantial increase in the number of sales over the last quarter.  It is also encouraging that the median price has remained around the record breaking median posted last quarter.  Adelaide is still a most affordable city and these results clearly indicate that South Australia is appealing to both home buyers and investors alike”.

“There was an increase of almost 10% in the number of sales since the last quarter across metropolitan Adelaide and about 6% across South Australia.  Capital growth is one thing but when this is combined with increases in numbers of sales, it shows great confidence in South Australia”.

“With that in mind nevertheless, we also iterate the need for the State Government to engage REISA in the issues of stamp duty and land tax.  These taxes impede real estate purchasing and investment and they need to be addressed so that all South Australians can be assisted in participating in property ownership” Mr Turner said.

In the June quarter, 4, 006 houses settled across the Adelaide metropolitan area which is significantly up from the previous quarter and only slightly down from the same quarter last year.  Sales across the entire State were also significantly up from the last quarter.

Suburbs which have seen the largest growth over a 12 month period were Unley, Rosewater and Torrensville.  Other big movers included Brighton, Stonyfell and Aldgate.

Top selling suburbs in terms of recorded sales over the June quarter were the perennial Number 1 Morphett Vale, Aldinga Beach and Ingle Farm.

“Location and affordability will always be the key drivers of a purchaser’s decision to either buy or invest in property.  Affordability particularly when coupled with existing or exciting new infrastructure will always deliver suburbs that do well for first home buyers.  Likewise, these suburbs will be seen as very attractive opportunities for investment.   Location, in particular, proximity to the beach will always prove popular in offering lifestyle changes or recreational activities.”

More broadly, the June quarter statistics showed that the overall South Australian median price was exactly the same as the previous quarter and a robust 2.38% up from the same quarter last year.

The unit and apartment market showed a surprising decrease in the median price compared to the previous quarter and the same quarter last year.  The number of sales were also down for the same periods.  .However, with many apartments nearing completion, particular in Adelaide, we expect these figures to change.

Click here to view the full Market Update Report for the June Quarter 2019