Property sales have increased across South Australia over the past month.
South Australia’s property market is starting to “spring back to life”, as demand for limited stock and improved confidence causes sales to surge.
Latest Land Services SA figures show there were 2201 residential market sales recorded in June compared to 1779 in May – an increase of 23.7 per cent.
It comes after sales dropped 22 per cent from April to May.
Land Services SA chief executive Brenton Pike said while the June sales were down on the 2722 recorded at the same time last year, he believed the market was headed in the right direction post-COVID-19 lockdown.
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“After a rare period of volatility, it’s heartening to see South Australia’s property market beginning to spring back to life,” he said.
“Of course while the news seems to be positive … we’ll need to keep crossing our fingers that the coronavirus situation doesn’t worsen – both here and across the rest of Australia – so that our economy continues to improve.
“We will also need to keep our eye on the government’s stimulus packages, which are holding up much of Australia’s economy but may soon come to a close.”
Mr Pike said strong demand for property was driving the sales surge and holding prices up.
“While some cities, such as Melbourne, Perth and Sydney, saw property values drop during June, South Australia remained fairly steady, experiencing only a slight dip,” he said.
“There has been strong interest from buyers, who are choosing from a limited number of properties, meaning values are still largely holding firm for now.”
Demand is driving the sales surge, according to property experts.
Real Estate Institute of South Australia president Brett Roenfeldt said many agents were encouraging their sellers to list their properties sooner rather than later while demand was strong.
“What’s happening is that some vendors are seeing the competition that’s on the market at the moment,” he said.
“They understand that because of that shortage of stock, there is very strong demand for properties that are on the market.”
While Mr Roenfeldt said it was impossible to determine the state of the market months down the track, he said it looked like it would continue to improve.
“I think you’re going to find that this activity is going to increase,” he said.
“It’s a very, very positive climate out there.”
The post South Australian property sales increase following eased COVID-19 restrictions appeared first on realestate.com.au.