The South Australian property market has once again demonstrated its strength and resilience in recording another strong year of growth with record median prices across South Australia and metropolitan Adelaide according to the Valuer-General’s price data for the 2022 March quarter.
REISA Interim CEO, Cain Cooke said that the results showed that South Australia posted a 6.8% median house price increase from the previous quarter and a sensational 22.22% from the same quarter last year. Metropolitan Adelaide experienced a similar surge in median house price growth recording an 8.24% increase from the previous quarter and a hefty 25.00% increase from the same quarter last year.
“The volume of sales across South Australia and metropolitan Adelaide demonstrated a cooling of the real estate market with decreases of 13% from the previous quarter. However, the volume of sales increased 4.5% and 6.6% respectively from the same quarter last year.”
“The median price across Metropolitan Adelaide has smashed its record last quarter by climbing to a new high of $650,000. This result clearly demonstrates that while there may be a slowing down of sales, vendors are still enjoying a booming market while purchasers are still buying premium properties that are transparently and realistically priced.” Mr Cooke said.
Suburbs which have seen the largest growth over a 12 month period (with 10 or more recorded sales in the current quarter) were Manningham, Port Willunga and Tea Tree Gully with increases of 198.59%, 84.17% and 77.66% respectively. Other big movers included Norwood, Parkside and Glenalta.
Top selling suburbs in terms of recorded sales over the March quarter were Mount Barker, Morphett Vale and Aldinga Beach. Other top performing suburbs included Blakeview, Hallett Cove and Craigmore.
“Units and apartments across Metropolitan Adelaide also continued their upward growth trajectory with a new record median price of $422.500 which represents an increase of 1.81% from the previous quarter and a robust increase of 8.33% from the same quarter last year”
“The results from this quarter demonstrate that South Australia is still demonstrating a significant level of confidence and optimism in the real estate market. What is of concern however is the ever
increasing median price. While this is of course welcome news for the vendor, it adds to the significant problem of housing affordability. A cooling of sales, coupled with a high median price, means that many first home buyers and tenants will continue to struggle in their dream to purchase their own home”
“We welcome the new South Australian Government’s stated commitment to tackle the issue of housing affordability and we look forward to working with them in the future to address this significant problem” Mr Cooke said.