REISA’s new Market Update report, which was released today in conjunction with Adelaide Bank, proved buyers should be confident that all sectors of the local market were strong at the moment.
“Many agents have been able to sell properties without even advertising them, or after only one open inspection, which is a very strong indication of how well placed vendors are in today’s market,” REISA President, Mr Robin Turner said.
“The median house price in Adelaide is now $320,000 which is 11.5% up from 12 months ago. Auction clearance rates have been between 60 to 80% for much of the year and prices are going beyond expectations.”
“Vacancy rates are still below 2% and rental prices are catching up after we had one of the tightest rental markets in decades earlier in the year. Many suburbs also boast a positive rental yield within the 4 to 5% range,” Mr Turner said.
Stephen Small, Chief General Manager Retail Banking at Adelaide Bank, said the final quarter of this calendar year promised to be an interesting time for South Australian home owners and home buyers.
“The resources boom and increasing trade with China has seen the Australian economy continue to perform very well, and locally, South Australia is looking good with growth expected to be driven by housing construction and business investment,” Mr Small said.
“Australia’s economic outlook is promising, but the performance of global financial markets will eventually have a knock-on effect.”
The Market Update report, which can be downloaded by the public on REISA’s website www.reisa.com.au
, outlines the key growth suburbs for the September 2007 quarter in three key investor markets: sale prices, rental prices and rental yields. It also offers a financial commentary by one of the State’s most respected banks, Adelaide Bank.
The report will be released quarterly to give consumers free and unbiased information on the local real estate market. Some of the statistics contained in the report have not previously been released so each report promises to be full of interesting information to help consumers understand the dynamics of the Adelaide property market.
Click here to download the report now