Regional property market picks up in South Australia
South Australians are showing more interest in rural property across the state, with a recent report showing signs of an upturn in the regional housing market.
The Real Estate Institute of South Australia's (REISA) September quarter property settlements showed that regional areas of the state were outperforming the Adelaide region - an indication of growing consumer sentiment in the market.
"Preliminary data shows that over 330 houses sold in the major towns over the past quarter, and when this date is finalised, it should lift to around 400 which is above the same time last year," REISA president Greg Moulton said.
"Although the boost is small, it's a good sign to move into spring with and it shows there is some confidence across the regional areas."
Mr Moulton said low interest rates have had a positive impact on the real estate sector, stimulating activity among house buyers as they take advantage of favourable economic conditions.
The average house price of $255,000 in regional South Australia is six per cent higher than it was at the same time last year, while the median state-wide is $360,000 - the same as during the 2011 September quarter.