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SA market update – 2021 March quarter

Adelaide’s property market has climbed to a new record median price.

The announcement:

The results of the first quarter of 2021 continue their record breaking streak and showcase the resilience, strength and confidence of South Australia’s real estate market.

Following the release of the Valuer-General’s price data for the 2021 March quarter, REISA CEO, Barry Money said that not only had the median price once again smashed through to an all-time new record, the volume of sales had continued to be extremely high with just a slight dip from the previous quarter but well up from the same quarter last year.

“It is fantastic that the real estate market has once again climbed to a new record median price of $518,000 this quarter across metropolitan Adelaide,” Mr Money said.

This is a robust increase of 1.51% from the last quarter and a simply amazing increase of 8.14% from the same quarter last year. These results clearly demonstrate the resilience and strength of the South Australian real estate market and underscore its ability to not only meet the challenges that impacted on it last year but to surge forward and prosper.

“It is great news to see that the volume of sales has only slightly gone down from the previous quarter but represent an enormous increase of 20.60% from the same quarter last year.

Our members tell me that not only are vendors and purchasers entering the marketplace in massive numbers, they are doing so with confidence and a willingness to pay premium prices for properties that are realistically and transparently marketed and priced.”

More broadly, the March quarter data showed that the overall South Australian median price was up 1.81% from the previous quarter and up 4.65% from the same period last year.

Suburbs which have seen the largest growth over a 12 month period (with 10 or more recorded sales in the current quarter) were St Peters, Gawler East and St Clair with increases of 62.89%, 43.38% and 41.13% respectively.

Other big movers included Birkenhead, Highbury and Huntfield Heights.

Top-selling suburbs in terms of recorded sales over the March quarter were the perennial Number 1 Morphett Vale, Mount Gambier and Mawson Lakes. Other top performing suburbs included Aldinga Beach, Paralowie and Parafield Gardens.

“It is very pleasing that property prices in 76% of Adelaide’s suburbs grew in the twelve months to March 2021,” Mr Money said.

“As always, price growth and volume of sales are determined by the key drivers of location and affordability.

“Suburbs that can demonstrate excellent infrastructure, development potential and locations that appeal to lifestyle changes will always appeal to buyers and investors alike.

“I am delighted by these results and I look forward to the South Australian real estate market sustaining its momentum over the coming months.” 

Source: REISA media release

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