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As report by REISA

"SA property market stabilises during first quarter

The South Australian property market has stabilised during the first quarter of 2008 after homebuyers faced interest rate pressures and affordability issues, the Real Estate Institute of South Australia (REISA) said.

In releasing the REISA/Adelaide Bank Market Update report for the March quarter, REISA President Robin Turner said house prices, rental rates and investment returns all recorded modest growth.

Investors and those who already own their own home would be pleased to hear that prices have grown steadily and rental returns continue to be reliable,” Mr Turner said.

However, this growth has been much slower than the record-breaking volumes we saw last year so it is evident that the two interest rate rises at the beginning of 2008 have started to have an impact.”

With the affordability issue heavily in the spotlight at the moment, this is good news for those trying to enter the market. Additionally, Adelaide is still the most affordable mainland capital city so we are very well-placed for those aspiring to buy a home.”

John Oliver, State Manager SA/NT, Bendigo and Adelaide Bank, said the best way for buyers to deal with rising interest rates was to ensure they did not over commit themselves.

Establish the repayments you can afford and only borrow to that amount. By borrowing within your means, interest rate rises can be more easily absorbed without causing undue financial stress,” Mr Oliver said.

The Market Update report can be downloaded by the public on REISA’s website www.reisa.com.au and outlines the key growth suburbs for the March 2008 quarter in three sectors: sale prices, rental prices and rental yields. It also offers a financial commentary by Adelaide Bank.

 The report is released quarterly to give consumers free and unbiased information on the local real estate market. Some of the statistics contained in the report have not previously been released so there is lots of interesting information to help consumers understand the dynamics of the Adelaide property market."