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Price Rise Tipped for Property

20 Jun 2013 Salisbury Professionals 0 Comment

 

The housing market will strengthen further – probably from 2014 – with gains of between 5% and 7%, according to Australian Property Monitors chief economist Andrew Wilson. However, Mr Wilson is sticking with his recent 2013 forecast made at the start of the year of a 3% to 5% rise in house prices over 2013.

In South Australia, regional house prices were up 4% according to figures released in March 2013 by the Real Estate Institute of South Australia.

Although the market in regional South Australia was patchy, the overall results show that the market is slowly recovering and should be set for a positive movement in 2013.

The Professionals CEO, who also sits on the Board of REISA as its Vice President, Mr Ted Piteo, said that Port Lincoln experienced growth of 13% compared to the same quarter in 2012 and Naracoorte also moved up 2.65% over the same period.

“Some of the towns where mining has been a focus have slowed in the past few years, and this was to be expected after policy changes, however the long-term opportunities for other industries are still there and we expect these towns will lift in future,” Mr Piteo said.

Town                       Median               Annual change

Mt Gambier            $218,000                     -9.54%

Murray Brdg           $235,000                        -6%

Pt Augusta              $250,000                     1.32%

Pt Lincoln                $320,000                    13.07%

Whyalla                   $267,950                     -4.30%

Berri                         $143,750                    -36.11%

Victor Harbor          $341,250                     -1.52%


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