South Australian property market outlook for 2013 'positive'
The South Australian property market is starting the year on stable ground, with the average house price hovering at $250,000 for the second consecutive December.
Real Estate Institute of South Australia (REISA) president Greg Moulton said the sector's steady conditions, combined with an increase in volume, provide a positive outlook for 2013.
"Regional markets often follow the metropolitan buying patterns and we are starting to see slightly increased activity, which is important as there is a high level of stock on the market in all areas," Mr Moulton explained.
The property expert went on to say that improving economic conditions have already started to have an impact on buyer activity.
"Now that interest rates have moved a little further down, there should start to be more momentum to buy which will prompt local markets to recover in 2013," he added.
Mr Moulton said the regional property sector had struggled during the downturn, however, conditions are likely to improve as consumer confidence returns.
Port Augusta saw a significant jump in house prices during the 12 months to December 2012, with the town recording a 24.64 per cent increase to $215,000.
Prices surged 20.19 per cent to $318,500 in Port Lincoln, while Millicent saw the biggest lift of 36.20 per cent during the same period to $170,250.