Markets in a ‘sound’ state despite shift: PIPA
The winds of change are sweeping through the country’s real estate market, but for Property Investment Professionals o...
The Adelaide market got off to a roaring start in 2014, recording the strongest March quarter sales in five years according to RP Data.
In the three months to March, the city recorded 4,802 house sales, a 13.6 per cent increase on the same period last year.
Units sales are up 2.4 per cent on the 2013 March quarter.
“March 2014 managed to record the strongest first quarter for house sales since 2009, and the strongest for units since 2010,” RP Data research analyst Cameron Kusher said.
However, he said sales were down slightly from the December 2013 quarter.
Local buyer’s agent Chris Waterman from Waterman & Waterman said the Adelaide housing market was robust, despite its sluggish performance compared to larger capital cities.
“Adelaide is far more stable than the volatile markets of the eastern coast,” he said.
“In spite of all the publicity you read, the Adelaide economy has been like a bulldog, it just keeps on going. I think there are genuine opportunities here.”
Meanwhile, Real Estate Institute of South Australia chief executive Greg Troughton said despite rising activity, Adelaide remained Australia’s most affordable capital.
“If you compare our median priced homes with the equivalent interstate, you can see why that makes us good buying,” he said.