The South Australian real estate market continues to defy expectations, with the median price of property in Adelaide still on the rise. Data from the Real Estate Institute of South Australia (REISA) shows that during the June quarter, the median price reached $428,250 – that's 0.76 per cent higher than the previous three-month period.
President of REISA Greg Moulton suggested that it is these steady price rises that make the South Australian market so popular. It has so far managed to avoid the boom-like conditions of other state capitals, which will offer some reassurance to investors.
"It is evidence of the strength of the underlying fundamentals of the real estate market and even more pleasing is the fact that it clearly demonstrates that purchasers are willing to pay a premium – and transparent price for a property," remarked Mr Moulton.
Improvements have also been seen in the amount of time homes spend on the market, while vendors have seen less of a need to discount their properties. All these signals point to an improving real estate sector, which could encourage more purchases of real estate in Adelaide.
This follows recent comments from the Property Council of Australia, which reflected on how much market confidence has improved across the state. Results of the latest ANZ/Property Council Survey's leading business sentiment index for the September quarter show that it improved by ten points.
However, the group called for extensive tax reforms to be introduced, which would have a positive impact on future confidence levels. One area that needs to be addressed is stamp duty, as 72 per cent of South Australians believe it to be unfair.
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