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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.

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

 

Suburb Sales
 
4Q 2011 Median
  ($)
4Q 2011 Sales
 
4Q 2012 Median
   ($)
4Q 2012 Median
Change

 
MUNNO PARA 38  222,500
 
20 310,000 39.33%
 
TRANMERE 18 450,000
 
10 552,500 22.78%
 
ST.PETERS 10 972,500
 
15 1,132,500 16.45%
 
LARGS BAY 12 488,000
 
11 560,000 14.75%
 
WEST BEACH 12 535,000
 
19 606,000 13.27%
 
ATHELSTONE 20 410,000
 
22 461,000 12.44%
 
GLENGOWRIE 12 490,000
 
20 550,000 12.24%
 
SOUTH PLYMPTON 17 403,750
 
12 450,000 11.46%
 
STIRLING 12 550,000
 
10 610,000 10.91%
 
SELLICKS BEACH 12
 
248,820
 
19 275,000 10.52%
 


 

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