According to Real Estate Institute of South Australia, the median price in South Australia went up by 0.5% over the June quarter, with the apartment segment posting a gain of 5.49%. However, only 3,526 homes settled across the Adelaide metropolitan area, down from the previous quarter and the same quarter last year.
Suburbs that recorded the highest price growth during the period were Glenelg East, Somerton Park, and West Beach. Blackwood, McLaren Vale, and Salisbury Heights also registered significant increases in prices.
Brett Roenfeldt, president of REISA, said the decline in sales activity could indicate the hesitance of some sellers and buyers who were still watching how the impacts of COVID-19 would play out in the economy and the housing market.
"However, the median price is also clearly showing that purchasers are still willing to pay premium prices for properties that are realistically and transparently priced," he said.
Roenfeldt said these recent results capture the full effects of COVID-19.
"The sustained high median price is a clear indicator of the underlying strength and resilience of the South Australian real estate market," he said.
|
Area |
Property Type |
State |
Median Price |
Quarterly Growth |
12 month Growth |
Weekly Median Advertised Rent |
Gross Rental Yield |
|
Metro |
Houses |
SA |
$470,000 |
1.1% |
2.2% |
$380 |
4.2% |
|
Metro |
Units |
SA |
$342,000 |
0.1% |
-0.6% |
$325 |
5.0% |
|
Country |
Houses |
SA |
$270,000 |
0.0% |
1.9% |
$270 |
5.1% |
|
Country |
Units |
SA |
$220,000 |
1.2% |
3.7% |
$200 |
4.9% |
Source: CoreLogic, August 2020
