House prices in regional South Australia have gone up by 11.5% in the past 12 months.

In the same time Adelaide house prices have risen by 7.3% while Melbourne’s have dropped by 1.3% according to real estate analysts, CoreLogic.  

Only Darwin and regional Tasmania have seen higher increases.

The number of houses sold in regional Australia during the first three months of 2021 was more than 40% higher than in the first quarter of 2020.  

CoreLogic’s Research Director, Tim Lawless, says the market conditions are favouring sellers and buyers are “likely confronting a sense of FOMO (fear of missing out) which limits their ability to negotiate”.

There was also upward pressure on rents in regional South Australia with a 5.8% average increase in the amount of rent being charged.

Fleurieu real-estate agents say the local demand is unprecedented, particularly for luxury homes and that many houses are selling within days of being listed.

The rise in values has seen some Fleurieu landlords elect to sell their rental properties, leading to increased homelessness in the area and Housing SA resorting to paying local motels to house families unable to find secure tenancies.