SA's 'fantastic' rebound in June quarter

SA's 'fantastic' rebound in June quarter

By Tim Neary
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Sales have significantly rebounded across metropolitan Adelaide and the whole of South Australia in the second quarter of 2017, according to REISA’s latest market update.

On the back of the Valuer-General’s median house price data for the 2017 June quarter, REISA CEO Greg Troughton reported that sales were up across the entire state, with metropolitan Adelaide alone recording a “fantastic” 6.9 per cent increase.

“It is fantastic that sales have soared in the June quarter, and this just goes to show that the underlying strength of the real estate market continues to be sustainable and sound,” he said.

“While the median price dipped slightly from last quarter’s record, it still remains at a historically high level [and ahead of] the same quarter last year,” Mr Troughton said.

In the June quarter, the median price was $452,000, down from the March quarter figure of $460,000, but still 1.12 per cent higher than the June quarter last year.

As many as 4,458 houses settled across the Adelaide metropolitan area, significantly ahead of the previous quarter. Sales across the state were also up from the previous quarter.

“What is so fantastic about these sales figures is that they are even up from the last quarter of 2016—traditionally the quarter which shows the highest volume of sales each year.

“This is great news for first home buyers who wish to enter the market or those wishing to invest in a rental property,” Mr Troughton said.

Suburbs that have seen the largest growth are Gulfview Heights, Kensington Gardens and Sellicks Beach. Other big movers include Clarence Park, Glenunga and Daw Park.

Top-selling suburbs were the perennial number one Morphett Vale, as well as Aldinga Beach and Paralowie. Others that performed well are Mawson Lakes, Hallett Cove and Woodcroft.

More broadly, the June quarter statistics showed that sales in South Australia were 0.73 per cent up from the previous quarter and a noteworthy 2.72 per cent up from the same quarter last year.

The unit and apartment median price index showed an equally noticeable 5.82 per cent increase compared to the previous quarter and a 3.45 per cent increase from the same quarter last year.

Mr. Troughton concluded: “These are absolutely brilliant results and show that the unit and apartment market in Adelaide is on a roll.

“These figures are nothing short of spectacular and it will be interesting to see if the trend continues throughout the rest of the year. I am thrilled with the results of this quarter and 2017 looks like it will end up being a sterling year.”

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SA's 'fantastic' rebound in June quarter
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