News & Media
Regional housing market steady moving into 2013
15 Jan 13
The regional housing market has recorded the same median house price in December 2012, as the same period in 2011, finishing both years with a median of $250,000.
Commenting on the release of the official Government settlement data for the December 2012 quarter, the Real Estate Institute of SA (REISA) said that the regional market has been through a tough 12 months, but with little change in the median, and a small increase in the volume, there are positive signs for 2013.
REISA President, Mr Greg Moulton, said interest rate rises have started to buoy purchaser interest in the local markets and this will hopefully carry through to 2013.
“Regional markets often follow the metropolitan buying patterns and we are starting to see slightly increased activity which is important as there is a high level of stock on the market in all areas,” he said.
“Now that interest rates have moved a little further down, there should start to be more momentum to buy which will prompt local markets to recover in 2013.”
“The past few years have been really tough in the regional real estate market and whilst the recovery may be slow, it should start to pick up as people return to the stability of bricks and mortar investment.”
Analysing local towns shows a high degree of volatility due to relatively small volumes in most towns.
“The median house price must always be used with caution as it’s simply an indicator of what has sold in the local area, rather than an assessment of housing values,” Mr Moulton said.
“Particularly in markets like this, buyers and sellers need to trust their local REISA member to be a source of credible information on the local market.”
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