The property sector for 2021 to date in Australia is at record highs. Economically it is interesting times indeed. With border closures, lockdowns and uncertainty driving job prospects, one would anticipate property prices would slump. However, the combination of low interest rates, low stock levels and the love of Australian soil has seen the property market boom. What does this mean for SA?
CoreLogic data released on Friday shows housing values increased by 1.5% in September, bringing the total gain this year to 17.6%. Nationally property prices have rose at the fastest rate since 1989 with South Australia joining the ride with an annual increase of 19.1%, indicating a strong sellers’ market.
Recent statistics report Adelaide’s median property value at $529,376, compare this to Hobart with a median value of $659,622 and it suggests Adelaide has some catching up to do. The Federal Government is rightfully concerned about housing affordability and the rising debt of Australian households and this is likely to lead to Government policy intervention to quell the property market. If Government intervenes we may see prices stabilise, so if you are considering selling, now may be the perfect time.
If you are in South Australia and would like a current market appraisal for your property, SA Listings would be happy to assist. We offer a fixed fee in conjunction with a strong skill set for the sale of one of your biggest assets. SA Listings staff include licensed Land Agents with qualifications in Conveyancing, Property Management, Law and Accounting. It’s a smarter way to go. To find out more visit www.salistings.com.au
Source: CoreLogic – 30 September 2021