SA settlements down for Q3
The volume of property sales in the third quarter of 2019 has decreased in South Australia compared with the previous quarters of the year.
According to the Real Institute of South Australia’s (REISA) latest SA Market Update, Q3 saw 3,605 houses settle across the Adelaide metropolitan area, which is down from the previous quarter and slightly down from the same quarter last year. Sales across the entire state were also down from the last quarter, the research showed.
Despite this, however, REISA president Brett Roenfeldt said the body remains optimistic about the state’s housing market in the months ahead.
“There is no doubt that there is far less stock at the moment and this has been the case for some time now. However, the third quarter is always traditionally a slow period for sales and these results are comparable to the same quarter in previous years. However, the figures also show that realistically and transparently priced properties continue to sell well,” Mr Roenfeldt said.
“The great news is that the median price continues to remain high and this is surely a sign of the underlying confidence and resilience of our property market. This is why REISA has so forcefully opposed the state government’s land tax reforms. We must oppose measures that are doing nothing except to create uncertainty, undermine confidence and force our traditional mum and dad investors into spending huge sums of money in restructuring or giving up their property portfolios altogether.”
Mr Roenfeldt noted the suburbs that have seen the largest growth over a 12-month period are Evanston, Taperoo and Gulfview Heights. Other big movers, he said, included Munno Para, Greenwith and Munno Para West.
In terms of top selling suburbs over the quarter, the research pinpointed Morphett Vale, Hallett Cove and Aldinga Beach.
“Affordability, location and a sound investment opportunity will always be the key drivers of purchaser decision making and suburbs that show these qualities will always perform consistently and well. This is why the same suburbs appear in the top sales list every quarter,” Mr Roenfeldt said.
“… The third quarter is always the most difficult quarter to comment on especially in these times of low volumes of stock. This quarter always sees a further decline in the sales volume so this just adds a compounding effect. However, the median price is still at record high levels and purchasers are willing to pay a price that is affordable and realistic.
“South Australia will always be one of the best places in the world to live, work, invest and enjoy a great lifestyle.”
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