South Australian property continues to go from strength to strength, with new data showing the median price has again hit a record high.
According to the Valuer-General’s price data for the December 2023 quarter, statewide median prices hit a record high of $665,000, while Adelaide also reached a record level of $740,000.
Real Estate Institute of South Australia (REISA) Chief Executive Officer Andrea Heading said improving inflation and consumer confidence environment had again had an effect on the overall market.
She said significant increases in the median price and volume of sales demonstrated that buyers were investing in the real estate market and were optimistic about the times ahead.
“REISA is pleased that the volume of sales increased by over 14 per cent this quarter across South Australia and that record median prices have been recorded yet again across South Australia and Metropolitan Adelaide,” Ms Heading said.
“The median price really does show that the South Australian real estate market is robust and strong and reflecting ever-increasing optimism from both sellers and buyers.”
South Australia has now posted a 4.72 per cent median house price increase from the previous quarter and an 11.78 per cent increase from the same quarter last year.
Metropolitan Adelaide experienced 4.08 per cent median house price growth from the previous quarter and a 19.46 per cent increase from the same quarter in 2023.
The volume of sales across South Australia and metropolitan Adelaide showed significant gains, with increases of 14.23 per cent and 15.17 per cent respectively, from the previous quarter.
Munno Para recorded the most capital growth over the past 12 months, at 42.36 per cent, followed by Mile End (41.72 per cent) and Davoren Park (35.82 per cent).
Other big movers included Smithfield, Gawler South and Highbury.
Top selling suburbs in terms of recorded sales over the December quarter were Mount Barker, Morphett Vale, Blakeview, Aldinga Beach, Paralowie and Munno Para West.
Ms Heading said suburbs that continued to demonstrate strong sales highlighted key market drivers, including location, affordability and potential.
“Those suburbs which provide attractive investments in infrastructure, development potential and amenities will always perform strongly for first home buyers and investors,” she said.
“Units and apartments across Metropolitan Adelaide showed an outstanding 15.52 per cent increase in the volume of sales since the last quarter while also increasing substantially by 24.65 per cent across the suburb of Adelaide.
“It is great news that units and apartments continue to hold their own and flourish in the current economic climate.”
She said South Australia’s real estate market continues to do extraordinarily well despite the low supply of housing stock.
“We will not let these results, remarkable as they are, deter us from continuing to advocate for policies and strategies that address the issues of housing supply and property taxation and ensure that home ownership is a realistic dream for all South Australians,” Ms Heading said.
