South Australia’s property market achieved a strong showing in terms of sales and price growth over the second quarter of the year, according to the Real Estate Institute of Australia (REISA).
According to REISA's Valuer-General’s price data for the quarter, the median property price across the state was up by 4.4% from the previous quarter and by 9.1% from the same quarter last year.
During the period, Goodwood, Noarlunga Downs, and North Adelaide reported price gains of above 70% on an annual basis. Fullarton, Linden Park, and Glen Osmond also posted substantial gains in property prices during the period.
In terms of sales, Mount Barker, Morphett Vale, and Paralowie were the top choice among buyers. The markets of Happy Valley, Andrews Farm, and Munno Para West were also busy during the quarter.
"Suburbs that can demonstrate excellent infrastructure, development potential and locations that appeal to the budget conscious purchaser will always appeal to buyers and investors alike," said REISA CEO Barry Money.
South Australia's capital also managed to maintain its record-breaking streak in median price growth over quarter.
Despite the lingering uncertainties amid the COVID-19 pandemic, housing market confidence remained solid as the median property price across metropolitan Adelaide hit $540,000 during the quarter.
"Vendors undoubtedly are the benefactors of the new record median price,” Mr Money said
“This is a very strong increase of 3.85% from the last quarter and an unprecedented increase of 13.21% from the same quarter last year.”
A combination of booming demand and a limit in supply is expected to continue pushing property prices up, which could put the pressure on first home buyers and potential investors across the state.
"We must improve the conditions and mechanisms related to supply,” Mr Money said.
“This conversation requires coordination between Federal, State and Local governments and the peak bodies.
"Additionally, this growth has resulted in a significant windfall for State revenues in terms of land tax and stamp duty. We must collectively recognise that property taxation in the form of stamp duty and land tax is one of the largest barriers to housing affordability."
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