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The number of residents domiciled elsewhere in Australia buying residential properties in South Australia increased by over 300 per cent in the first four months of this year.
South Australia has recorded a sizeable lift in the number of residential properties purchased by buyers whose primary address is outside of the state, new data from REISA has revealed.
The institute compared the numbers in its own unique data set from January through April, with those from the same four months of 2020, and results showed extremely strong growth.
“With recent ABS figures revealing that SA experienced three consecutive quarters of positive net migration to close out 2020, we expected the number of interstate purchasers to increase too. Our figures show they did,” said REISA CEO Barry Money.
“The number of residents domiciled elsewhere in Australia buying residential properties here in SA increased by a whopping 313 per cent in total,” Mr Money noted.
Leading the charge were buyers with a primary address in NSW, with an impressive 579 per cent increase.
Victoria followed by posting a 336 per cent increase.
“The number of buyers from the other states, as well as the ACT and NT, were up too, though from much smaller 2020 bases,” Mr Money said.
According to Mr Money, a great number of these buyers are, in fact, investors.
“However, we consider the majority of purchases are a result of the net positive migration, with professionals and returning South Australians attracted not only by the value, but by the lifestyle and confidence in the positive change of direction in SA’s economic thrust,” he explained.
“The figures represent returns from our member agents only and thus do not include all transactions. But comparing apples with apples, we see very positive growth,” Mr Money said.
Supporting this data, the latest independent ANZ Stateometer revealed that South Australian economic activity is at its highest level on record, propped up by record-high housing activity, positive net interstate migration and a bustling consumer sector.
“Living in South Australia may have become more appealing because of how well it managed the pandemic, apart from the November blip. As such, South Australia’s Stateometer housing component is the second strongest across the states, after Western Australia,” ANZ’s research read.
The housing sector, in particular, was a key driver of economic growth, with data from the Housing Industry Association revealing year-on-year growth of 90.6 per cent in real estate transactions across the state – the highest of all the mainland states.