News

Increases by Suburb with NAB predicting further increases in 2021 and 2022

The release of the NAB Residential Property Survey for Quarter 1 of 2021 predicts the value of property prices across Australia to rise by 14% in 2021 and a further 6% in 2022.  These are revised up from Quarter 4 predictions of 8.9% showing housing market sentiment has lifted sharply across the country.  The rises are on the back of ongoing low interest rates and a significnatly better than expected recovery in the economy and labour market.

This is good news for home owners and investors, however pushes home ownership out of reach for many Australians.

Locally REISA have just released Median House Price data from Q1 2020 to Q2 2021 and the local results are in excess of the NAB predictions in many instances already.  Aldinga Beach has seen an an average increase of 15.8% while suburbs in Port Willunga and Seaford have seen massive increases of 25.3% and 20.8% respectively. 

Here is a little snapshot of some of the suburbs we manage.  A copy of the full report can be dowloaded in the link below.

Suburb	Median Q1 2020	Median Q1 2021	% Increase
Aldinga Beach	$362,500	$420,000	15.8%
Christies Beach	$345,000	$394,500	14.3%
Hackham	$313,000	$353,000	12.7%
McLaren Vale	$485,000	$512,500	5.67%
Payneham	$618,750	$775,000	25.25%
Port Willunga	$383,000	$480,000	25.3%
Reynella	$329,000	$400,500	21.7%
Seaford	$349,750	$422,500	20.8%
Seaford Rise	$390,000	$460,875	18.1%
Unley	$957,500	$1,325,000	38.3%
Willunga	$490,000	$552,500	12.7%
Warradale	612,500	$644,000	5.1%

 

The survey also predicts rents in SA to increase by 4.7% over the next year, with another 4.9% the following year.  This is in line with increases we are experiencing locally and recommended by Trove.

To see the full report by NAB click here.

To see the REISA Median House Price update by suburb from Q1 2020 to Q1 20221 click here.