Property Market Overview
Confidence in South Australian Market Remains
Confidence is booming in Adelaide’s real estate market as prices, rental demand and investment returns continue to flourish, according to the Real Estate Institute of South Australia (REISA).
REISA’s new Market Update report, released in conjunction with Adelaide Bank, shows buyers should be confident that all sectors of the local market are strong at the moment and both owner-occupiers and investors have good reason to invest.
“Many agents have been able to sell properties without even advertising them, or after only one open inspection, which is a very strong indication of how well placed vendors are in today’s market,” REISA President, Robin Turner, said.
“The median house price in Adelaide is now $320,000 which is 11.5% up from 12 months ago. Auction clearance rates have been between 60 to 80% for much of the year and prices are going beyond expectations.”
Stephen Small, Chief General Manager Retail Banking at Adelaide Bank, said the final quarter of this calendar year promised to be an interesting time for South Australian home owners and home buyers.
“The resources boom and increasing trade with China has seen the Australian economy continue to perform very well, and locally, South Australia is looking good with growth expected to be driven by housing construction and business investment,” Mr Small said.
The Market Update report, outlines the key growth suburbs for the September 2007 quarter in three key investor markets: sale prices, rental prices and rental yields.