South Australia’s property market has hit a new peak, with new data from REA Group showing demand at its highest level over the past 12 months.
According to REA Group’s latest Property Demand Index, the overall market demand rose by 8.8 percent year-on-year and by 6.2 percent on the June figures.
The Index observed that while this is below the Australian average, which rose 24.8% year-on-year and 7% month-on-month, it is steady.
Rental demand growth, on the other hand, has been much stronger. Year-on-year, the Index found that demand for rentals surged 34.5%, well above the national average of 19.2%.
SA also beat the national average for rental growth month-on-month, with an 11.1% increase as opposed to 9% for the nation.
Year-on-year, SA posted the third strongest rental demand growth in Australia, behind Tasmania (up 45.4%) and ACT (up 38.7%). SA was also in the top five for rental demand growth month-on-month.
According to the Index, this “is often an early sign of job growth, so it may be that the jobs market in South Australia is doing better than official figures suggest.”
Commenting on the figures, REA Group Chief Economist Nerida Conisbee said, “it was the third highest increase recorded after Tasmania and the Australian Capital Territory and well above New South Wales and Victoria. Considering Adelaide is not a ‘boom market’ these figures were definitely surprising to see.”
REA’s website, Realestate.com.au, currently has Unley, Dulwich, Millswood, Unley Park and Clarence Gardens as Adelaide’s most in demand suburbs, followed by Crafers, Colonel Light Gardens, Glenunga, Hawthorndene and Hyde Park.
The Top 5 SA properties in demand are on the site:
1. 46 JOHNS RD, PROSPECT (Page views: 11,561, status: under contract)
2. 9 THOMAS ST, UNLEY (Page views: 11,350, status: under contract)
3. 1 ROBERTS ST, UNLEY (Pages views: 10,706, status: under contract )
4. 21 TORRENS AVE, FULLARTON (Page views 10,304, status: auction, August 12th)
5. 64 MAUD ST, UNLEY (Page views: 10,165, status: sold)