Property market update: Melbourne, July 2022
Melbourne continued its downward spiral in July, as the property values in the city recorded deeper declines during the ...
The Real Estate Institute of South Australia has commended the state’s real estate market, noting that new figures showcase “amazing resilience”.
The REISA has responded to results of the first quarter of 2020, which found 3,871 homes settled across the Adelaide metropolitan area – significantly up from the same quarter last year.
Further, the latest figures showed growth in the median house price since the same period last year and only a slight dip from the record high in the last quarter of 2019.
“It is great news that the median price recorded this quarter is still the second-highest median price ever,” said REISA president Brett Roenfeldt.
“While this quarter only partially captured some of the effects of COVID-19, it is nevertheless a terrific result. The sustained median price is a clear indicator of the underlying strength and resilience of the Adelaide real estate market.
“It is very clear that purchasers are still willing to enter the real estate market and pay a premium price for properties that are affordable, realistically priced and which offer great opportunities for life change experiences, investment and development.
“I am thrilled with these sales figures this quarter. There is always a downturn in sales volume from the last quarter of the preceding year, but these figures have held up surprisingly well. It is noteworthy that the sales increased by almost 400 sales from the same period last year.”
While the next set of figures may prove unknown, Mr Roenfeldt said, “We should acknowledge the optimism of the real estate consumer and the real estate profession’s innovation in keeping the real estate market moving forward”.
“It is too soon to tell what COVID-19 will bring in the next quarter, but there will inevitably be an impact,” he said.
“REISA has written to the state government calling for relief and emphasising the effects that COVID-19 is having and will have on the real estate profession.”
Suburbs with the largest growth (12-month period)
1. North Adelaide (39.92 per cent)
2. Gawler South (39.38 per cent)
3. Tea Tree Gully (34.29 per cent)
Top selling suburbs (March quarter)
“I am pleased by these results and encouraged by the real estate profession’s determination to weather this crisis through. I am confident that we will survive this crisis and that the real estate market will be stronger than ever,” Mr Roenfeldt concluded.