SA market shows recovery signs
South Australia’s property market continues to show resilience as consumer confidence rises and house prices hold their value, according to the Real Estate Institute of South Australia (REISA).
The release of the REISA/Bendigo Bank Market Update for the June quarter suggests the beginning of a recovery in the SA market.
“There has been an increase in consumer activity, with the number of transactions up 10% from the March quarter,” REISA President Robin Turner said. “Median prices in all areas of the market have generally shown signs of improvement.”
The state median house price rose 2.33% in the June Quarter, but remains 1.5% below the level of a year ago. The Adelaide median price showed a 0.85% rise in the Quarter.
The rental market remains tight, with all sectors of the metropolitan market having vacancy rates below 1.6%. Adelaide’s vacancy rate has not exceeded 2% since mid-2005.
