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Metro Market Update - March Quarter 2019

30 Apr 19

The median price continues to hold its record breaking position from the last quarter at a price of $480,000.

Following the release of the Valuer-General’s median house price data for the 2019 March quarter, REISA President Mr Brett Roenfeldt said that the latest figures showed significant growth in the median price to $480, 000 – a 0.63% increase from the previous quarter and a robust and sustainable 2.99% increase from the same period last year.

“It is great news that the record breaking median price from last quarter has been equaled again this quarter.  The continuing rise in the median price through every quarter in the last few years in a testament to the underlying strength and resilience of the Adelaide real estate market.  It also clearly shows that the median price is sustainable and should continue growing in the future.  Purchasers are clearly willing to pay a premium price for a property that is realistically and transparently priced and offers a great opportunity for investment and development”

“We are delighted with these latest results especially given that we are heading into a Federal election.  We traditionally see a slow down in all things property related in the lead up to an election.  The Australian Labor Party’s stance on negative gearing and Capital Gains Tax ought to give pause to people wanting to enter the real estate market so it is heartening to see that people are still willing to pay for well priced properties” Mr Roenfeldt said.

In the March quarter, 3, 584 houses settled across the Adelaide metropolitan area which is down from the previous quarter (as it always is) and down from the same quarter last year.  Sales across the entire State were down from the previous quarter and the same quarter last year.

“There is no doubt that we would have liked to see more sales in this quarter but these sales are solid and the first quarter always sees a downturn in sales figures from the last quarter of the preceding year.  While of course, we always want sales to be growing every quarter, there is always seasonal variability in the results” Mr Roenfeldt said.

Suburbs which have seen the largest growth over a 12 month period were Gulfview Heights, Somerton Park and Noarlunga Downs.  Other big movers included Brighton, Plympton and Highbury.

Top selling suburbs in terms of recorded sales over the March quarter were the perennial Number 1 Morphett Vale, Hallett Cove and Aldinga Beach.  Other top performing suburbs included Paralowie, Happy Valley and Parafield Gardens.

More broadly, the March quarter statistics showed that the growth in the South Australian median price was 0.36% up from the previous quarter and a terrific 2.38% up from the same quarter last year.

The unit and apartment market showed a fantastic increase in the median price of 3.07% compared to the previous quarter and a smaller but solid increase of 0.30% from the same quarter last year.  Sales were slightly up from the previous quarter and slightly down from the same quarter last year.

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