The South Australian housing market ended 2019 with a bang after recording a record-high growth in median price against a backdrop of robust sales.
The median price tag of properties in the state went up by 2.1% quarterly and 1.7% annually during the last three months of 2019, setting a new record at $485,000, according to the Real Estate Institute of South Australia (REISA).
Sellers were able to close 4,213 deals across the Adelaide metropolitan area during the quarter. Sales across the entire state were also substantially up from the previous quarter and the same quarter last year.
"The volume of sales recorded this quarter is nothing short of breathtaking and illustrates that more stock is beginning to appear on the market and that investors and buyers are entering the market and purchasing stock that is affordable and realistically priced," said Brett Roenfeldt, president of REISA.
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The best-performing suburbs that witnessed the most significant growth over the past 12 months were Gulfview Heights, Norwood and Torrensville. Evanston Park, Glenelg North, and Rosewater also posted substantial gains over the year.
In terms of popularity, Morphett Vale, Mount Barker, and Hallett Cove rose to be the top-selling suburbs.
“I always like seeing these results and they consistently reinforce the fact that the key drivers of purchaser spending are affordability, location and the opportunity of investment. The consistently top performing suburbs in these lists are those that offer all three drivers," Roenfeldt said.
The South Australian property market took a hit last year due to the controversial changes to the land tax. However, the latest ANZ/Property Council Survey showed that state-wide confidence has started to rebound.
"If there is any good news in these numbers, it is that confidence is rebuilding and business uncertainty has been eliminated from the market. Property owners big and small now know what the tax environment will look like from July this year, which is important," said Daniel Gannon, Property Council SA Executive Director.
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