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June quarter figures show 'all is well' in SA housing market

The Real Estate Institute of South Australia has welcomed the Valuer-General’s median house price data for the 2019 June quarter, with Vice President Robin Turner saying it shows that confidence had "returned to both vendors and buyers".

New data showing an increase in the number of house sales across metropolitan Adelaide and South Australia reflects the state's appeal to investors and home buyers alike, the Real Estate Institute of South Australia says.

The Valuer-General's house price data for the June quarter indicates there was a quarterly increase of almost 10 per cent in the number of sales across metropolitan Adelaide, and about six per cent across South Australia.

There has also been a capital gains growth of 2.38 per cent through the past year in metropolitan Adelaide.

The state's median house price has maintained it's record-breaking position from the last quarter, stabilising at $438,000.

REISA Vice President Robin Turner said the figures showed there was great confidence in South Australia's housing market, adding the state government should collaborate with REISA on issues within the sector going forward.

“The latest figures show significant growth in median price over the last 12 months and a substantial increase in the number of sales over the last quarter," he said.

“With that in mind, we also iterate the need for the State Government to engage REISA in the issues of stamp duty and land tax.

"These taxes impede real estate purchasing and investment and they need to be addressed so that all South Australians can be assisted in participating in property ownership."

According to the house price data, a total of 4,006 houses were settled across the Adelaide metropolitan area during the June quarter.

The suburbs which have seen the largest growth over a 12 month period were Unley, Rosewater and Torrensville, while there were also increases in Brighton, Stonyfell and Aldgate.

Top-selling suburbs in terms of recorded sales over the June quarter were the perennial Number 1 Morphett Vale, Aldinga Beach and Ingle Farm.

The unit and apartment market experienced a decrease in the median price compared to the previous quarter and the same quarter last year, with the number of sales also down for the same periods.

Mr Turner said the number of apartments nearing completion, particular in Adelaide, meant REISA "expects these figures to change".

Source: Your Investment Property 13th August 2019 https://www.therealestateconversation.com.au/news/2019/08/13/june-quarter-figures-show-all-well-sa-housing-market-says-reisa/1565658282

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