Where you should consider buying property in regional SA
Property value growth in regional SA is outpacing any other region across the country. These are the major towns that have recorded the biggest increases.
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Househunters and investors are being urged to buy in regional South Australia where property values in many major towns have recorded double-digit growth.
Latest Valuer-General data reveals Port Pirie’s median house value recorded the biggest jump in the year to December, up almost 30 per cent to $240,000.
Murray Bridge followed, up 27.8 per cent to $380,000, then Naracoorte, 23.7 per cent to a median of $320,000.
It comes as the PropTrack Home Price Index for January, released today, reveals both regional SA’s monthly and annual property price growth outpaced those in any other region across the country.
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It was up 0.46 per cent in January and 12.6 per cent over the past year, taking the median value to a new peak of $372,000.
Lavis Real Estate director Brodie Lavis said limited properties and high demand were pushing prices up in Port Pirie.
“We have seen a lot of first-home buyers cracking into the market, retirees and also others who are upgrading from their family home,” he said.
“We’ve also had a massive influx of investors hit Port Pirie because of the rental return.”
He said it was a great time to buy in Port Pirie as prices were expected to continue climbing.
“Port Pirie has never really had a huge spike but I do think we’re going to have gradual increases,” Mr Lavis said.
Among SA’s other star performers were Berri, where house values climbed 22 per cent to a median of $299,000, Millicent, up 18.2 per cent to $301,500, Port Augusta, 16.7 per cent to $225,000, and Port Lincoln, 16.2 per cent to $395,000.
Kemp Real Estate principal Steve Kemp said Port Lincoln’s market was in a similar situation to Port Pirie.
“There’s a shortage of supply so the demand is still pushing prices up – it’s the perfect storm for more pressure on upward prices,” he said.
“Although Port Lincoln prices are going up, they’re still very affordable compared to the rest of SA.”
Mr Kemp said Port Lincoln’s affordable prices compared to other cities and major towns interstate were attracting many buyers, as well as the lifestyle and return on investment.
“In my 40-odd years of doing this, I don’t think I’ve seen anything quite like it,’ he said.
“It’s a great time to be investing.”
Conlie and Cheryl Menzel recently bought the Port Lincoln property at 3 Lombardy Place to renovate then resell.
Mr Menzel said they had flipped more than a dozen homes in the 37 years they have lived in Port Lincoln.
“Renovating properties allowed us to get what we’ve got now – the home that we’ve really wanted,” he said.
“Real estate has never wronged us, we’ve always bought and sold and it’s never let us down.”
REGIONAL SA TOWNS THAT HAVE RECORDED THE MOST ANNUAL GROWTH
(Major SA regional town, median house value Q4 2022, 12 month % change)
Port Pirie – $240,000, 29.73 per cent
Murray Bridge – $380,000, 27.84 per cent
Naracoorte – $320,000, 23.67 per cent
Berri – $299,000, 22.04 per cent
Barmera – $315,000, 21.15 per cent
Millicent – $301,500, 18.24 per cent
Port Augusta – $225,000, 16.73 per cent
Port Lincoln – $395,000, 16.18 per cent
Mount Gambier – $383,500, 14.48 per cent
Renmark – $302,000, 13.96 per cent
Whyalla – $302,500, 12.04 per cent
Victor Harbor – $560,000, 11.67 per cent
(Source: Valuer-General figures to December 2022)
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