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Regional housing moving up in new year

15 Apr 13

Regional house prices have started to lift, showing a 4% increase in the median, compared to the same time last year, the Real Estate Institute of South Australia (REISA) said today.

Although the market in regional South Australia was patchy, the overall results show that the market is slowly recovering and should be set for a positive movement in 2013.

REISA Vice President, Mr Ted Piteo, said that Port Lincoln experienced growth of 13% compared to the same quarter in 2012 and Naracoorte also moved up 2.65% over the same period.

“Some of the towns where mining has been a focus have slowed in the past few years, and this was to be expected after policy changes, however the long-term opportunities for other industries are still there and we expect these towns will lift in future,” Mr Piteo said.

More broadly, the quarterly statistics showed that the State median recorded growth of 0.84%, compared to the same quarter last year. The volumes are similar to the December quarter and when data is finalised, it is predicted by REISA, that volumes will be a little stronger than the same time last year, with around 5100 houses changing hands across the State.

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.

Town 1 Q 2013   Quarter 12 month
  Sales Median % Change % Change
Millicent 16 178500 5.62% -3.51%
Mount Gambier 65 218000 -5.22% -9.54
Murray Bridge 65 235000 7.55% -6.00%
Port Augusta 19 250000 8.70% 1.32%
Port Lincoln 39 320000 0.47% 13.07%
Port Pirie 30 158500 -20.55% -19.75%
Victor Harbour 71 341250 10.08% -1.52%
Whyalla 50 267950 -3.44% -4.30%
Barmera 5 195000 22.64% -6.25%
Berri 16 143750 -13.92% -36.11%
Naracoorte 17 232500 11.24% 2.65%
Renmark 10 152750 13.46% -8.53

*Towns with low volumes should be aware that statistical variance can occur and median prices should only be used as an indicator of local activity