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South Australia’s median price record was beaten once again in the March quarter, according to the Real Estate Institute of South Australia (REISA).
Following the release of the Valuer-General’s median house price data for the March quarter, Alexander Ouwens, president of REISA, said that the latest figures showed notable median house price growth to $470,000—a 1.08% increase from the December quarter and a “sustainable” 2.84% increase from the same quarter last year.
“It is good news that the all-time median price record continues to be beaten from quarter to quarter. Yet again has the South Australian real estate market upped the ante to post a sustainable and healthy median price,” Ouwens said.
“We are by far the most affordable and liveable city in Australia so there are still great opportunities for first-home buyers. It is great to see that the real estate market has flourished throughout the summer months and that purchasers are entering the market to pay premium prices for properties that are both realistically priced and offer great opportunity for investment and development.”
Ouwens added that REISA will continue to advocate for a more equitable spread of taxation across sectors, particularly stamp duty.
“[It’s] a monster tax that blocks our first-home buyers out of the market and traps people in inappropriate accommodation for their circumstances,” he said.
In the March quarter, a total of 3,968 houses settled across the Adelaide metropolitan area, down from the December quarter and only slightly down from the same quarter last year. Sales across South Australia were down from the previous quarter and the same quarter last year.
“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. Despite this, the sales figures are solid and represent the continuing underlying strength of the real estate market.”
Suburbs which saw the largest growth over a 12-month period were Norwood, North Haven, and Paradise. Other suburbs that saw significant growth include Tea Tree Gully, Melrose Park, and Port Willunga.
“Top selling suburbs in terms of recorded sales over the March quarter were the perennial Number 1 Morphett Vale, Craigmore and Aldinga Beach,” REISA said. “Other top performing suburbs included Hallett Cove, Mawson Lakes and Parafield Gardens.”
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