House Prices Continuing To Soar In Regional SA

May 28, 2024 4:15 pm in by
Photo: Pixabay

There’s more bad news for those looking to enter the housing market locally, with CoreLogic’s latest data showing enormous increases for both property values and rentals.

The Victor Harbor-Goolwa area saw the country’s seventh sharpest rise in house prices in the last three months with an increase of 4.6%, adding $32,200 onto a $700,000 home.

Murray Bridge’s rental prices are also being recorded as their highest ever. 

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Economist Kaitlyn Ezzy says it’s hard to see where relief may come from for those looking to buy or rent.

“So as people have been looking for more affordable properties, they’ve been moving interstate to SA where you used to be able to get a much more affordable rental property and that’s driven the price up,” Ms Ezzy said.

“We could potentially see some renters start to re-evaluate their living circumstances and shift their demand towards more shared households, which would reduce demand and take some heat out of that rental market.”

“But at the moment we haven’t seen much evidence of that across regional South Australia.”