The Real Estate Institute of South Australia (REISA) has released the sales results for the September quarter.
REISA noted that although the quarter showed a decrease in sales volume – which is typical for this time of year – there are reasons to be optimistic about Adelaide’s housing market.
This year, 4,028 sold in the September quarter, which is down on the previous quarter and the same quarter last year.
The median price for a property in Toorak Gardens grew a whopping 50.37% to $1.4 million in the September quarter, up from $945,000 in September 2016.
It was followed by Dernancourt (+29.82%), Moana (+29.08%), Port Noarlunga (+26.22%) and North Haven (+25.70%).
Parkside (+23.28%), Tranmere (+23.13%), Blair Athol (+19.09%), Marion (+17.45%) and Salisbury (+17.24%) rounded out the top 10.
REISA President Alex Ouwens, said that Adelaide’s high stamp duty – the highest in the land – was partly to blame for the decline in sales.
“Many respected national analysts are predicting Adelaide to be a leader in price growth in 2018,” he added. “While winter is always a slower period, the situation is still not helped by the lack of Government first home owner grants and the crippling property taxes that exist in South Australia.”
The top-selling suburbs for volume were Morphett Vale, Paralowie and Parafield Gardens.