Quarter 1 for 2018 ended on a high note with Adelaide recording a new record median price of $470,000.
According to the valuer general’s 2018 results which were released today, Adelaide house values increased by 1.08% over the past three months.
What are the reasons for this growth? Demand continues to be high for housing in Adelaide which is further driven by a lack of supply.
5397 SA homes were sold during the quarter compared to 5901 sold during Q4 in 2017 and 5680 during Q1 in 2017.
Alex Ouwens, Real Estate Institute of South Australia president, said it was pleasing to see the state record continue to be beaten each quarter.
“It is good news that the all-time median price record continues to be beaten from quarter to quarter,” Mr Ouwens said.
“Yet again has the South Australian real estate market upped the ante to post a sustainable and healthy median price.”
“It is great to see that the real estate market has flourished throughout the summer months and that purchasers are entering the market to pay premium prices for properties that are both realistically priced and offer a great opportunity for investment and development”.
“While of course, we always want sales to be growing every quarter, there is always seasonal variability in the results,” Mr Ouwens said.
“Despite this, the sales figures are solid and represent the continuing underlying strength of the real estate market.”
