The Adelaide metropolitan area’s median price has risen to $480, 000 –a 0.63% increase from the previous quarter and a robust 2.99% increase from the same period in 2018, according to the Valuer-General’s data for the March quarter.
“The continuing rise in the median price through every quarter in the last few years in a testament to the underlying strength and resilience of the Adelaide real estate market. It also clearly shows that the median price is sustainable and should continue growing in the future. Purchasers are clearly willing to pay a premium price for a property that is realistically and transparently priced and offers a great opportunity for investment and development,” said Real Estate Institute of South Australia (REISA) President Brett Roenfeldt.
The price movement was unusual, especially with the federal election nearing. “We traditionally see a slowdown in all things property related in the lead-up to an election. The Australian Labor Party’s stance on negative gearing and capital gains tax ought to give pause to people wanting to enter the real estate market, so it is heartening to see that people are still willing to pay for well-priced properties” Roenfeldt said.
More broadly, the March quarter statistics showed that the growth in the South Australian median price was 0.36% up from the previous quarter and 2.38% up from the same quarter last year.
During the period, 3, 584 houses settled across the Adelaide metropolitan area— down from the previous quarter and the same quarter in 2018. Annual and quarterly sales across the entire state, likewise, dropped.
“There is no doubt that we would have liked to see more sales in this quarter, but these sales are solid, and the first quarter always sees a downturn in sales figures from the last quarter of the preceding year. While of course, we always want sales to be growing every quarter, there is always seasonal variability in the results,” Roenfeldt said.
Suburbs, namely Gulfview Heights, Somerton Park, and Noarlunga Downs, have experienced the largest growth over a 12-month period. Other big movers included Brighton, Plympton, and Highbury.
Top-selling suburbs in terms of recorded sales over the March quarter were the perennial No. 1 Morphett Vale, Hallett Cove, and Aldinga Beach. Other top performing suburbs included Paralowie, Happy Valley and Parafield Gardens.
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