Daniel and Daina Lindsay with their children Maija 7 and Sands 5 in the main street of Stirling on July 31, 2020. Stirling’s just done well in the latest valuer generals figures. Picture Matt Turner.
ADELAIDE’S real estate market has demonstrated its strength and resilience in the face of significant COVID-19 pressures, with metropolitan house values dipping less than one per cent over the past quarter and 12 months.
MORE NEWS
Chance to restore a piece of history to its former glory
Where you can buy a house for $80,000
Historic church’s impressive transformation
Three western suburbs – Glenelg East, Somerton Park and West Beach – held strong in the face of coronavirus to record median value growths of more than 30 per cent. And regional SA recorded an “exceptional” average growth of 3.16 per cent.
According to the latest Valuer-General’s figures for the June quarter, Adelaide’s metro house value dropped just 0.52 per cent to $477,500.
Metro home values also coincidentally dropped by the same amount on the same quarter last year. Statewide, the median house value climbed by 0.47 per cent over both the past 12 months and quarter to $432,000.
Real Estate of South Australia president Brett Roenfeldt, pictured, praised SA’s performance considering the impact coronavirus was having on other segments of the economy.
“It is sensational news that the median price in this quarter is only just down from the record high set in the last quarter of 2019,” he said.
“It demonstrates the confidence South Australians have in investing in the state – there are a lot of positives to be taken out of these figures.”
Sales numbers were down, however, with metropolitan Adelaide recording 3526 sales for the quarter, down significantly from 3919 the previous quarter, and down almost 500 on the 4016 sales recorded for the same quarter last year.
“These figures reflect the fact that stock levels are low and that has had a major impact on the numbers we are seeing,” Mr Roenfeldt said.
Adelaide apartments also performed strongly – up 10.17 per cent for the quarter, and 24.7 per cent for the year to a median of $520,000.
Of suburbs to have recorded at least 10 sales for the June quarter both this year and last, the greatest value growth was found in Glenelg East, where house values increased 53.34 per cent to $940,000.
“Looking at the list of 484 suburbs in the figures, 208 of them – or 42.9 per cent – have shown growth in their average median house value over the past 12 months (and) 103, or 21 per cent, of those suburbs have shown growth in excess of double digits,” Mr Roenfeldt said.
Regionally, Renmark was the top performer, with values up 26.92 per cent for the quarter, and 28.16 per cent for the year to a median of $330,000.
“Regionally, we are looking at an average median house value increase of 3.16 per cent – that’s exceptional, with all the COVID-19 factors we’ve had to contend with,” Mr Roenfeldt said. Holdfast Bay was the state’s strongest-performing council area over the past 12 months, with house values up 17.24 per cent to $850,000 – 15.65 per cent higher than last quarter.
“If stock level remains roughly where it is now, and COVID has no further impact other than basically what’s happening in SA right now, I would expect that these figures would be even better next quarter,” Mr Roenfeldt said.
Dan and Daina Lindsay have recently bought in Stirling – which is up 23.76 per cent – through Harris’s Arabella Hooper and hope the leafy hotspot’s value continues to rise. “It’s a great place to live and in the long term we can only see values increasing,” Mrs Lindsay said.
The post Valuer-general’s figures show SA property values hold strong in the face of coronavirus challenges appeared first on realestate.com.au.