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A prediction that the warmer months would see a rise in listings in South Australia has come true. REISA has released its 2016 December quarter report which shows a significant boost in listing numbers.
“Traditionally, the last quarter of the year shows a pick-up in the housing market, but given the short supply of housing stock throughout 2016, it is great to see that sales picked up across all sectors of metropolitan Adelaide as well as across the entire state. It is also great news that the median price of $440,000 rounds off 2016 in spectacular fashion,” Real Estate Institute of South Australia president Alex Ouwens said.
“In the last market update, I spoke about how I had spoken to many sales agents and had heard time and time again that clients were waiting until the warmer months before venturing into the market. I am pleased that these predictions came true and that so many agents continue to have their finger on the pulse and be skilled enough to read the market accurately and consistently,” Mr Ouwens said.
He used the report to reiterate concerns about the price of stamp duty in Australia, calling on the state government to “relieve property owners and would-be property owners of the burden of excess taxes on residential property transactions”.
The largest growth occurred in Walkerville, Gulfview Heights and Pasadena, with Hectorville, Myrtle Bank and Vale Park also recording a significant increase.
“Suburbs that are affordable and have great infrastructure, transport and development potential will always top this list,” Mr Ouwens said.
“Walkerville is the star performer in the growth list, with a massive 81.3 per cent change in median price over the last year, but given the reasonably small volume of sales in Walkerville, this can appear deceptive. One high-selling property can dramatically change the result when sales in a suburb are low.”
Sales increased from the previous quarter, as did the median price of units. However, the price was lower than the same period last year.
“The market has definitely bounced back and is showing great signs for a good performing 2017. The warmer months are upon us, vendors and purchasers are itching to step into the marketplace and the increase of stock on the market will make 2017 a good year for the real estate industry,” Mr Ouwens said.
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