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SA Metro Market Update - June Quarter

2 Aug 18

The median price has remained stable at the record breaking median posted last quarter.  The June quarter has been nothing short of spectacular with capital growth registering an impressive 3.87% increase over the last year across metropolitan Adelaide.

Following the release of the Valuer-General’s median house price data for the 2018 June quarter, REISA President Mr Alex Ouwens, said that the latest figures showed a significant growth in median price over the last 12 months, a fantastic increase in sales since the last quarter and a surefire sign that confidence was well and truly back in the real estate market.

“It is fantastic news that this quarter matched the record breaking median posted last quarter and shows no signs of going anywhere but upward.  When we hear that the eastern States have come off the boil and into cool water, Adelaide is defying the trend.  We are by far the most affordable and liveable city in Australia and these results clearly attest to that.  Now is a great time for first home buyers and investors to enter the real estate market and the results clearly show that they are on board.  Business sentiment is at its highest in many years too.”

I am also delighted that we recorded a significant increase in sales over the last quarter.  Record medians are great but when they are combined with upswings in sales, the news is even better.  While it is time to celebrate these results, I once again iterate the need for the State Government to continue its discussions with REISA on the important issues of compulsory professional development and making SA the most competitive State to buy property. On one hand we are welcoming foreign investment with the submarines and space exploration but on the other hand we are closed for business with the hefty 11% foreigners tax on new property purchases.  What is very clear is that the resolution of these issues would only enhance the real estate experience and growth of opportunities for young people in SA even more” Mr Ouwens said.

In the June quarter, 4, 223 houses settled across the Adelaide metropolitan area which is significantly up from the previous quarter and only slightly down from the same quarter last year.  Sales across the entire State were also significantly up from the last quarter.

“It is absolutely fantastic that sales have significantly increased in the June quarter.  The sales figures are solid and represent the continuing resilience of the South Australian real estate market ” Mr Ouwens said.

Suburbs which have seen the largest growth over a 12 month period were Henley Beach South, Smithfield and Henley Beach.  Other big movers included Athelstone, Norwood and Craigburn Farm.

Top selling suburbs in terms of recorded sales over the March quarter were the perennial Number 1 Morphett Vale, Mawson Lakes and Parafield Gardens.

“Never before have the top performers in sales and growth throughout this quarter exemplified the key drivers of any purchaser’s decision – location and affordability.   Affordability coupled with infrastructure and investment opportunities will always deliver suburbs that do well for first home owners and investors.  Location, in particular, proximity to the beach will always prove popular in offering lifestyle changes, recreational opportunities and the desire to downsize once the kids have all left home”

More broadly, the June quarter statistics showed that the growth in the South Australian median price was 1.19% up from the previous quarter and a robust and sustainable 2.41% up from the same quarter last year.

The unit and apartment market showed a slight decrease in the median price compared to the previous quarter and the same quarter last year.  Sales were slightly down from the previous quarter and the same quarter last year.

Click here to view the full Market Update for the June Quarter

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