SA house prices increase, slowest in nation
Shared by Johnno
Latest ABS statistics show in the 12 months to December house prices increased by just 5.1 per cent – well below the national average of 13.6 per cent.Quarterly results show a 2.1 per cent increase, compared to the nation’s 5.2 per cent.
Agents said Adelaide does not experience the “peaks and troughs” as the other states do, meaning our increases are typically less than our interstate counterparts.
“In early 08 to mid-08 our market was still pretty strong, it got hard late 08 and a big chunk of 09, where as the Melbourne and Sydney market in early 08 were just dreadful,” he said.
“They really hit a much bigger hurdle so it’s easy to rebound…Adelaide didn’t take that hit, we saw a reduction in medium prices but it’s not a `woe is me’ hit, its just a market correction if you like.
“Traditionally the Adelaide market lags behind the eastern states…they experience a far more vigorous rollercoaster than we do.”
Meanwhile new home sales in SA fell by 1.2 per cent, according to the Housing Industry Association.
Across the country new home sales increased by 7 per cent, attributable to the first homebuyer initiatives that have been credited for assisting with the market’s recovery.