According to a recent article by Elite Agent, on the latest data from the Valuer-General, the strength of South Australia’s property market continues to grow with the median house price increasing by 16.78 per cent in the 12 months to December 2021. Adelaide’s median house price is now at a record $600,000.00.
REISA CEO, Barry Money noted “More vendors have entered the market during this timeframe, capitalising on the median price growth as well as the significant interest from interstate investors who see SA as delivering a strong return”.
While volume of sales is hitting extraordinary numbers, the ever-increasing median price poses an affordability issue that means first home buyers and tenants will continue to struggle.
Affordability and supply of housing will likely prove to be a key issue in the upcoming state election.