Following the release of the Valuer-General’s median house price data for the 2017 July quarter, REISA CEO Mr Greg Troughton said that sales were up across the entire State with metropolitan Adelaide recording a solid 6.9 per cent increase in sales over the last three months.
“It is fantastic that sales have soared in the June quarter and this just goes to show that the underlying strength of the real estate market continues to be sustainable and sound. While the median price dipped slightly from last quarter’s record of $460,000, it still remains at a historically high level of $452,000, which is 1.12 per cent up from the same quarter last year,” Mr Troughton said.
In the June quarter, 4,458 houses settled across the Adelaide metropolitan area – significantly up from the previous quarter and almost exactly the same as the same quarter last year. Sales across the entire State were also significantly up from the previous quarter and only slightly down for the same quarter last year.
“What is so fantastic about these sales figures is that they are even up from the last quarter of 2016 – traditionally the quarter which shows the highest volume of sales each year. This is great news for first home buyers who wish to enter the market or those wishing to invest in a rental property,” Mr Troughton added.
Suburbs which have seen the largest growth over a 12-month period were Gulfview Heights, Kensington Gardens and Sellicks Beach. Other big movers included Clarence Park, Glenunga and Daw Park. Top selling suburbs in terms of recorded sales over the March quarter were the perennial Number 1 Morphett Vale, Aldinga Beach and Paralowie. Other top-performing suburbs included Mawson Lakes, Hallett Cove and Woodcroft.
“The top performers in sales this quarter illustrate the two key fundamentals of a purchaser’s decision – affordability and location. Affordability is the principal driver of a purchaser’s motivation to buy a property and the perennial Top 3 in sales – Morphett Vale, Aldinga Beach and Paralowie – illustrate the consistency among purchasers in selecting suburbs that are affordable yet still have everything a purchaser could want. It is no surprise that they are always in the top echelon of sales.
“There is always wide fluctuation in the top performers in growth but the trend is always the same – with the beach, lifestyle and terrific infrastructure always key features among the suburbs that make it to the top of this list,” Mr Troughton said.
More broadly, the June quarter statistics showed that South Australia was 0.73 per cent up from the previous quarter and a fantastic 2.72 per cent up from the same quarter last year. The unit and apartment market showed an astonishing 5.82 per cent increase in the median price compared to the previous quarter and a fantastic 3.45 per cent increase from the same quarter last year. Sales were also up 24.1 per cent from the previous quarter.
“These are absolutely brilliant results and show that the unit and apartment market in Adelaide is on a roll. These figures are nothing short of spectacular and it will be interesting to see if the trend continues throughout the rest of the year.”