Regional SA has a case of ‘long Covid’, with demand for more space and a better lifestyle driving property prices up at a staggering rate – yet they remain some of the most affordable in the country.
PropTrack’s October Home Price Index reveals property prices have surged 96.6 per cent over the past five years, recording more growth than any other Australian region or capital.
Despite the rapid rise, dwelling prices are the second lowest across the nation, with a median of $477,000, just ahead of Regional NT’s $339,000.
Home values in the state’s outback area have increased the most over the past 12 months, climbing 13.28 per cent to a $347,000 median, while those in the state’s Barossa – Yorke – Mid North region have increased 12.39 per cent to a median of $489,000.
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Property prices on the Yorke Peninsula have skyrocketed over the past five years. Picture: Tourism SA
Industry experts say the increased demand for regional properties seen at the start of the Covid-19 pandemic from people keen to move out of the city hasn’t waned like it did in other states and territories.
Harcourts EP Coast principal Daniel Eramiha said there were still plenty of people migrating to the Eyre Peninsula because properties were cheap and the lifestyle was more laid-back.
“Five years ago, we all know what happened, that just led to a massive migration,” he said.
“Ours just seems to be a lot longer and still sustaining.”
Mr Eramiha said retirees, young families, professionals and investors were still snapping up property in the area, with many value-adding to the towns they were buying in.
Some were rebuilding while others were renovating cheaper properties – many of which were cashed-up buyers from the eastern states – he said, which was making homes more expensive.
Others who had purchased in the area prior to the Covid-19 pandemic were cashing in now if they hadn’t already, Mr Eramiha said.
“That’s where that 97 per cent keeps rolling though,” he said.
Mr Eramiha said prices would likely keep climbing as demand was so strong and supply was limited.
“We’re selling properties before we can get a photo of them,” he said.
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Areas on the Eyre Peninsula, including Streaky Bay, have become popular since Covid-19 was declared a pandemic.
“We’ve never been used to this.”
Meanwhile, Ray White – Yorke Peninsula agent Scott Bockmann said it was definitely a “different market” in the area compared to pre-Covid-19.
While demand wasn’t as strong as it had been during the height of the Covid-19 pandemic, Mr Bockmann said supply remained low and prices were still climbing, with some selling well above expectation.
“Certainly it’s a property-by-property situation,” he said.
“It’s still a very good market and I can see that for years to come, the market is still going strong.”
While much of the demand was coming from interstate buyers during the Covid-19 pandemic and then shortly after, Mr Bockmann said it was primarily from Adelaide buyers now.
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