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Change afoot for real estate in Adelaide

By Brett Pilgrim

The Real Estate Institute of South Australia (REISA) has recently released its median house sale price data for the September quarter. The figures show a generally consistent performance across most of the suburbs in South Australia.

Property in several Adelaide investment hotspots did take a slight dip, highlighting a possible chance for new investors to get into the desirable locations. Burnside was one such location, with 10 sales for the quarter, one more than in the same period in the previous year. The median sales price was $677,500, down 1.09 per cent from $685,000.

Other under-performing suburbs which could be an opportunity for speculative purchasers are North Adelaide, down 13.82 per cent with a median sales price of $745,000 for its eight sales. Norwood achieved 12 sales for the period, three more than the same time last year, indicating positive interest in the area. However, sales were down 2.5 per cent, at $780,000.

A well performing suburb was Prospect, with 32 sales. the median price of $557,504 was up 1.6 per cent from the previous year. Declining sales from 40 in the same period in 2013 indicates that investors are choosing to maintain properties in this year to benefit from capital gains, while other areas expecting higher turnover present good solutions for those interested in achieving maximum cash flow.

In other news from the REISA, a returning president has been welcomed back into the association. Greg Moulton has served on the board of REISA and was President from 2011-2013. Precious president Ted Piteo remains on the organisation's board.

CEO of REISA, Greg Troughton said "I look forward to working with Greg over the coming year and consolidating on the terrific work that REISA has done throughout the year. It's an exciting time
for industry and REISA is moving forward in leaps and bounds in terms of training, documentation and advocacy."

Mr Troughton also acknowledged Mr Piteo's dedication and passion in performing his duties in the preceding year.

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