South Australian housing values continue to climb in 2021
Property values continued to climb across SA in the first month of the new year, CoreLogic data shows.
South Australia’s housing market has started the new year off strong, with values across both the state’s capital and regions rising in January.
CoreLogic’s home value index reveals Adelaide’s median value rose 0.9 per cent to $473,170 in the first month of 2021, while regional SA’s median climbed 2.3 per cent to $256,955.
Ray White South Australia chief executive Matt Lindblom said the market seemed to be stronger following a brief slowdown between Christmas and New Year.
“It’s been busier than last year, both opens and auctions,” he said.
Properties in regional SA increased more than those in the capital city, the data shows.
“From a regional perspective, that (increase) is not a surprise because normally their busiest times are from Christmas to Easter.
“People going for a holiday decide, ‘I want to buy something’.”
Mr Lindblom believed it was going to be a strong year for real estate, especially given interest rates were low and overseas travel was off the cards for the foreseeable future.
“Demand will continue to be strong (and) I think there will be a steady number of people coming to market, but I don’t think there’s going to be a rush,” he said.
“I think once the vaccine comes out that will give consumers even more confidence too.”
Over the past year, Adelaide recorded 6.5 per cent growth and regional SA notched a 10.6 per cent increase.
Nationally, the home value index was up 0.9 per cent over January, with the median value reaching $583,157.
More from news
The slight movement takes Australia’s home values to a record high.
A trend becoming more evident is that houses are outperforming units – the data shows every capital city recorded a stronger result for houses over units in the past three months.
CoreLogic’s research director Tim Lawless said this would likely continue.
“Demand for units has diminished through COVID-19 amid record low levels of investor participation and changing living preferences,” he said.
“At the same time supply levels are heightened in some precincts.
“While demand and supply remain imbalances we are likely to see units continue to underperform relative to detached housing markets.”