South Australia is increasingly becoming a popular destination for interstate buyers, as the latest data from the Australian Bureau of Statistics (ABS) and Real Estate Institute of South Australia (REISA) show .
During the first quarter of the year, the state achieved its highest ever interstate migration with 650 people.
During the same period, the state reported a sharp increase in the number of buyers of interstate properties.
REISA CEO Barry Money said the state welcomed even more interstate buyers during the June quarter.
The segment grew 11% from the previous quarter and nearly tripled from the same quarter last year.
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In fact, the state saw huge gains among buyers in Victoria (244.8%) and New South Wales / ACT (236.1%).
There was also a substantial increase in buyers from the Northern Territory and Tasmania, but earnings for these two came from relatively smaller bases.
"A high proportion of these buyers would be investors, drawn by the high value and return of property here, but we believe the most important driver is the state's continued inward migration flow", Mr Money said.
These recent gains have pushed the share of interstate buyers in state residential property sales from 8.25% in 2020 to 12.8% in the second quarter of 2021.
"Our numbers represent returns from our member agents only and do not include all SA real estate transactions," Mr. Money said.
"But our data certainly demonstrates the appeal of South African property – and certainly reinforces the narrative that South Australia is a top destination."
Homes in South Australia had a median price of $ 470,000 during the quarter, representing a quarterly increase of 4.4% and an annual increase of 9.8%.
The Adelaide Metro recorded its highest median price during the same period, rising 13.2% annually to reach $ 540,000.
"Booming demand in the housing market with significant supply limitations will place an ongoing burden on first-time homebuyers as well as on investors who wish to add real estate South Australia to their rental portfolio, "Mr. Money said.
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