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The last quarter of 2014 has recorded a significant upswing from the traditionally flat results experienced in the previous three months. The onset of spring and summer and a continuation of historically low interest rates has resulted 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 December quarter, REISA President, Mr Greg Moulton said that the latest figures showed a 5% increase in volume of sales over the last quarter, a 3.16% increase in median price over the last quarter and a remarkable 3.91% increase in median price over the same period last year.
The median house price in Adelaide is now at $425,000 which is the highest recorded median on record. The change in median price over the last few quarters is fantastic and shows quite clearly the underlying strength of the property market.
In the December quarter, 4, 233 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 increased from the last quarter but were down from the same period last year.
The other great figures are that the volume of sales increased for both South Australia and metropolitan Adelaide in 2014 compared to 2013. There was an increase of 2.63% in volume of sales across South Australia and 2.40% across metropolitan Adelaide.
Consumer confidence will continue to increase. Vendors continue to be more realistic in their pricing and agents are now well versed in the new sales laws that commenced last year. As all parties in the real estate transaction move towards a transparent and equitable outcome, the overall news for the real estate industry can be nothing but positive.
Suburbs which have seen the largest growth over a 12 month period were newcomers Somerton Park, Newton and West Croydon. Other big movers included Seacliff, Henley Beach and Marden
Top selling suburbs in terms of recorded sales over the December quarter were Morphett Vale, Parafield Gardens and Aldinga Beach.
Morphett Vale and Parafield Gardens continue to be the sales star again this quarter and is testament to the fact that first home buyers and investors will always want to live and invest in affordable suburbs that offer opportunities for development and which also provide the benefits of infrastructure and quality transport avenues. Beachside suburbs also continue to be popular with Aldinga Beach leading the charge.
More broadly, the quarterly statistics showed that South Australia recorded growth of 4.00% compared to the same quarter last year. The median price for South Australia rose to $390,000 – also a new record.
The unit and apartment market showed a 2.83% rise in the median price from the last quarter and a significant 4.16% rise compared to the same quarter last year. Sales were slightly up from the previous quarter but well up from the same period last year.
It is fantastic that the property market has ended 2014 on such a positive note. Record median prices for South Australia and metropolitan Adelaide clearly show that the underlying fundamentals are sound. Sales are also holding strongly indicating that homebuyers will continue to look for affordable suburbs in which to live and invest.
Click here to view the December 2014 Quarter Market Update in full
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