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Middle suburbs outperform the pack in latest sales data

15 Apr 13

Suburbs in middle Adelaide have outperformed those in the inner and outer in the latest quarterly sales data, according to the Real Estate Institute of South Australia (REISA).

Somerton Park, Henley Beach South and Plympton topped with growth of 19.5%, 19.2% and 17.3% respectively, comparing the March quarter to the same period in 2012.

REISA Vice President, Mr Ted Piteo, said that these areas have the right balance of distance to the city and excellent local amenities which makes them attractive to buyers.

“These suburbs are often found in the top performers, and these suburbs often carry stock with generous sized blocks which is also an attractive feature for buyers.”

More broadly, the quarterly statistics showed that metropolitan Adelaide recorded growth of 1.96%, compared to the same quarter last year and finished the quarter with a median of $390,000.

The volume of sales are similar to the December quarter and when data is finalised over the coming months, it is predicted by REISA that volumes will be a little stronger than the same time last year, with around 3750 houses changing hands in metropolitan Adelaide.

Examining the unit and apartment market shows little change over the past 12 months, with the median price moving down to $300,000, down slightly from $305,000 in the corresponding quarter.

Commenting on what local agents are seeing in the market place, Mr Piteo said that more people are starting to come out to open inspections and there appears to be a pick-up in the level of interest in buying property.

“REISA members are telling us that the low interest rates are encouraging people to think about bricks and mortar.  Although house prices have not moved considerably in recent times, they haven’t moved backwards either, and that is highlighting the stability of property in the longer term,” he said.

“Housing is a medium to long-term investment which has provided long term security for many Australians and REISA is confident the number of sales will continue to slowly rise over the course of 2013.”