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Traditionally, the third quarter records some flat trends, but spring, warmer weather and a continuation of historically low interest rates should result in an increase in sales and vendor and purchaser confidence said the Real Estate Institute of South Australia.
Following the release of the Valuer General’s median house price data for the 2014 September quarter, REISA President, Mr Ted Piteo said that the latest figures showed no real surprises with the quarter total volume sales being similar to the same quarter last year.
In the September quarter, 3.822 houses settled across the Adelaide metropolitan area which is just below the amount settled in the same quarter last year. Across the entire State, sales also remained at the same level as last year. However, sales for metropolitan Adelaide and South Australia were down from the previous quarter.
“It is true that the number of sales are down from the last quarter and the median has dipped 1.8% to $410,000, but this has been the case for many years now. Winter is traditionally a slow period for sales and these figures merely mirror what happens every year during this time” Mr Piteo said.
“What is pleasing however, is that the median price continues to remain above $400,000 and in fact, is 3.8% higher than the same period last year. As the weather warms up, more vendors and purchasers will enter the market place and this will result in an increased volume of sales” Suburbs which have seen the largest growth over a 12 month period were newcomers South Brighton,
Novar Gardens and Seacliff Park. Other big movers included Belair, Brighton and Woodville South. Top selling suburbs in terms of recorded sales over the September quarter were Morphett Vale, Mount Barker and Mawson Lakes.
“Morphett Vale, Mount Barker and Mawson Lakes are the top three selling suburbs this quarter. First home buyers and investors will always be attracted to affordable suburbs that offer opportunities for development and which also provide the benefits of infrastructure and quality transport avenues.
Suburbs such as these provide all these attractions in spades” Mr Piteo said.
More broadly, the quarterly statistics showed that South Australia recorded growth of 2.18% compared to the same quarter last year.
The median price for South Australia dipped slightly to $375,000 from the last quarter but is still up 2.18% from the same period last year. The unit and apartment market showed a 3.28% rise in the median price compared to the same quarter last year. Sales were similar to the last quarter and showed an increase when compared to the same quarter last year.
“While any backward indicator may suggest that the property market is slowing, it is important to remember that this has been the case during the third quarter for many years now. The positive news is that first home buyers and investors are continuing to buy in affordable quality suburbs and as vendors and purchasers become more active in the warmer months, the volume of recorded sales will hopefully increase” Mr Piteo said.
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