News & Media
Spring in the step of the property market
15 Jan 13
The release of the December quarter housing sale statistics show a spring in the step in the market indicating that the market may be stronger in 2013, according to the Real Estate Institute of SA (REISA).
Commenting on the official Government settlements for the last quarter of 2012, REISA President, Mr Greg Moulton, said that the metropolitan median house price rose to $395,000, up 1.28% on the previous 12 month median house price.
“It’s encouraging to see that prices are now starting to move a little and importantly, volume is starting to pick up as well,” he said.
“The rise in transactions points appears to mirror the recent interest rate cuts and there is no doubt that more people have been out and about at open inspections in the past few months.”
“There is still a high level of stock on the market, but this activity bounce is a small indicator that we may be moving into a recovery period which is a welcome sign for the 2013 real estate market.”
“REISA members are saying that the past two years have been very tough, but as a result of falling interest rates and increased confidence, people are starting to come back to open inspections in stronger numbers and we hope these patterns further strengthen in coming months.”
Suburbs which recorded a sharp rise in the median house price, compared to the December 2011 median, included Munno Para (39%), Tranmere (23%) and St Peters (16%).
“Whilst these suburbs have seen a rise in the median house price, it’s important to remember that these medians only represent a small sample of the houses in the area, and individual house prices will always depend on location, style and features,” Mr Moulton said.
Home units (and apartments) fell slightly (1.6%) compared to the December 2011 median, finishing 2012 at $305,000. However, volumes were also up on the same time last year, reflecting patterns in the established housing market.
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4Q 2011 Median
4Q 2011 Sales
4Q 2012 Median
4Q 2012 Median