REISA “Viewpoints” Winter Edition 2023
The publication provides valuable, up-to-date information on the South Australian property market, allowing for deeper conversations with vendors and buyers about the state of the market.
This edition shows South Australia remains strong with moderate growth in the median sales price over the past 3 and 12 months.
12 months ago, after experiencing an unprecedented two-year period of growth there were initial signs of a slowdown in the Adelaide housing market. Back then, market commentators were quick to predict negative shifts in property prices or a potential ‘hard correction’. With interest rate hikes and creeping inflation, their assumptions were not entirely unreasonable. However, what unfolded over the past year was quite surprising – a remarkably stable market with steady median sales prices and reduced volatility at both ends of the market.
While this stable and slow growing market may be positive news for current property owners, it also exacerbates long-standing issues of housing affordability and supply shortages. As we look ahead to the next 12 months, several pressing questions remain. How or when will the State and Commonwealth governments’ attempts to address housing affordability come to fruition? Will the cost of construction materials persistently remain high, hindering the supply of new affordable housing? Will migration levels continue to rise at historical rates, further impacting housing demand? Will the Reserve Bank continue to raise rates (as it has indicated it will, albeit at a slower pace than what we witnessed over the past year)?
As with previous editions, ViewPoints includes a summary of the market, including:
- 3-month sale growth trends (including a summary of the top 10 best performing suburbs)
- 1-year sale growth trends (including a summary of the top 10 best performing suburbs)
- 6-month sale growth trends by metropolitan LGA
- SA regional performance: 6-month sale growth trends