INDUSTRY NEWSNEWSSA

Metro Adelaide sets new record for median price

Metropolitan Adelaide has recorded a record-breaking median price increase of 13.82 per cent year-on-year, up 3.7 per cent from the previous quarter, according to new data.

The new median price for the region has climbed to $560,000, which is also a record, the data revealed.

The Real Estate Institute of South Australia’s Valuer-General’s price data for the 2021 September quarter shows the overall SA property market has also continued its growth trajectory with a 9.66 per cent increase in median
house prices over the past twelve months and an increase of 1.49 per cent versus the previous quarter.

REISA Chief Executive Officer, Barry Money said that the results continued to be significant given that the third quarter traditionally shows a slowing down of the real estate market.

Suburbs that have seen the largest growth over a 12 month period (with 10 or more recorded sales in the current quarter) were Beaumont with 89.86 per cent, Bridgewater (85.54 per cent) and Gulfview Heights (57.36 per cent).

Other big movers included Sellicks Beach, Smithfield Plains and Broadview.

Top selling suburbs in terms of recorded sales over the September quarter were Mount Barker, Morphett Vale and Craigmore, Mr Money said.

Other top performing suburbs included Munno Para West, Parafield Gardens and Paralowie.

“The top selling suburbs remain very consistent over each quarter,” Mr Money said.

“This is a clear demonstration that the key drivers of buyer and investor sentiment include affordability, development potential and rental return.

“The volume of sales continues to be strong in South Australia. Investors continue to flock to South Australia attracted by comparatively high rental yields but now strong capital growth.

“However, limitations in supply alongside favourable macro-economic factors such as interest rates and consumer confidence will continue to drive prices upwards and render housing affordability an ongoing struggle for first home buyers.”

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Nicole Madigan

Nicole Madigan is Senior Journalist and Content Producer for Elite Agent.