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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.”

*Individual suburb profiles are available by emailing elyse.hearn@reisa.com.au

 

Town 4Q 2011
Sales
4Q 2011
Median
4Q 2012
Sales
4Q 2012
Median
Quarter
%
Change
12 Month
% Change
Millicent 17 180000 17 170250 36.20 -5.42
Mount Gambier 85 245000 82 230000 -10.85 -6.12
Murray Bridge 45 221500 65 218500 -1.69 -1.35
Port Augusta 31 172500 21 215000 -2.27 24.64
Port Lincoln 40 295000 45 318500 20.19 7.97
Port Pirie 25 180000 31 182000 -1.62 1.11
Victor Harbor 61 351250 67 310000 -13.89 -11.74
Whyalla 50 287500 45 277500 4.72 -3.48
Barmera 7 202500 10 159000 22.31 -21.48
Berri 5 299000 16 167000 -39.27 -44.15
Naracoorte 17 174500 24 195500 8.61 12.03
Renmark 14 180000 15 173250 -23.85 -3.75


 

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