Despite a turbulent year, the South Australian property market reached a new record high in median prices and witnessed a significant increase in sales volume.
Over the quarter, South Australia recorded a 1.15 per cent rise in median home values to $440,000 and 6,776 sales, according to the December 2020 quarter market update by the Real Estate Institute of South Australia (REISA).
Looking at the capital Adelaide, Inner Metro saw the highest quarterly growth in median home values at 5.21 per cent to $868,000, followed by Metro Adelaide with 3.61 per cent to $510,000 and Central Metro with 3.54 per cent to $585,000.
Of the metropolitan areas, Metro Adelaide had the highest number of sales at 4,619, followed by Central Metro with 2,280 and Inner Metro with 360.
REISA said that the results of the final quarter of 2020 “demonstrate the resilience and strength of the South Australian real estate market”.
“We welcome the confidence and optimism that real estate consumers have placed in the South Australian market,” REISA commented.
“It is a testament to South Australia’s reputation as one of the safest, most affordable and most liveable places in the world.”
Many local government areas saw double-digit growth in median home values over the December quarter, according to REISA data.
Across South Australia, Adelaide recorded the highest quarterly growth in median house price of 25.50 per cent to $1,255,000, followed bywith 17.52 per cent to $825,000 and Holdfast Bay with 12.07 per cent to $905,000.
Annually, Unley emerged as the winner with an 18.83 per cent growth to a median home value of $1,095,000, followed by Holdfast Bay with 15.29 per cent, with 11.45 per cent, with 10.18 per cent and Onkaparinga with 10.16 per cent.
Across the regional market, several towns also saw double-digit growth over the quarter and throughout 2020.
Barmera saw the highest quarterly growth at 23.90 per cent to $225,500, followed by Port Pirie with 18.84 per cent to $195,500, Port Lincoln with 15.84 per cent to $340,000, Whyalla with 13.67 per cent to $262,000 and Renmark with 11.06 per cent to $261,000.
Over the year, Renmark saw a remarkable 45 per cent increase in home values, followed by Port Lincoln with 17.24 per cent and Millicent with 10.47 per cent.