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Property sales soar in Adelaide

7 Aug 14

House and unit sales have increased considerably throughout the country so far this year and Adelaide has emerged as one of the nation's standout performers.

RP Data released figures from the first three months of the year, which show 82,051 house sales and 30,417 unit sales were recorded across the country as a whole.

The three months to March represented the strongest first quarter for house sales since 2009, while unit sales were the highest since 2009.

Increases have also been witnessed over the past 12 months, as house sales were 7.9 per cent higher than in 2013 and units experienced a rise of 4 per cent.

Adelaide's results were just as impressive. With 4,802 houses sold in the March quarter, this represents a rise of 13.6 per cent compared to the same time last year.

Unit activity was also strong, increasing 2.4 per cent over the past 12 months to reach 1,433 completed sales.

RP Data Research Analyst Cameron Kusher said results are generally subdued during the first three months of the year, which is owed to a slowdown in the market following the Christmas period.

"Given this, it's not necessarily best to compare sales between quarters because the housing market acts very differently in each period," he commented.

"However, comparing to the same quarter in previous years does provide insight into the comparative performance of the market."

Those who've undergone real estate agent training are likely to have also witnessed a rise in sales over recent weeks, indicating that the property market could be starting to get back onto its feet following a difficult period.

Mr Kusher believes it's becoming more likely that property values will start to rise in the near future, as there is usually a strong correlation between increasing sales and prices.

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