Optimism after third quarter decline in SA market

Both unit and apartment markets also recorded declines for the quarter and this quarter last year.

However, the median house price held at record levels over the quarter and was up by 4.33 per cent compared to the same quarter last year.

Median price growth was also up by 0.3 of a percentage point over the quarter, which is a rise of 3.11 per cent compared to this quarter last year.

“The median price has remain unchanged from the last quarter and is still sitting at a record level. Sales will bounce back next quarter as they do every year and will reinforce the fact that South Australia is one of the best places in the world to live, work, invest and play,” Mr Roenfeldt said.

Mr Roenfeldt said that while it was disappointing to see a decline in sales volume, it was also to be expected for the third quarter of the year.

“It is always tricky to comment on the third quarter every year as inevitably we see a decline in the volume of sales. I emphasise however, that the results in the third quarter can never be taken as a sign of bad times to come or that the real estate market is not moving in the right direction,” he said.

“The cold winter months always bring in less activity with the premium properties waiting for the warmer months to sell. I have enormous confidence that sales will pick up considerably in the months ahead.

“The median price has [remained] unchanged from the last quarter and is still sitting at a record level. Sales will bounce back next quarter as they do every year.”

Notable suburbs that experienced the largest growth, according to the REISA, were Oaklands Park, Parkside and Tea Tree Gully, followed by Glen Osmond, Kilburn and Gawler South.

Meanwhile, the suburbs experiencing high sales volume over the quarter were Morphett Vale, Mawson Lakes and Paralowie.

“Affordability, investment opportunity and infrastructure will always be the key drivers for sales and growth,” Mr Roenfeldt said.

“When affordability is right, the market remains confident and buoyant. It is no surprise then that the top sales suburbs remain very constant throughout the year.”