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Real estate in Adelaide has soared to new heights with the median house price for the December quarter reaching $350,000, the Real Estate Institute of SA (REISA) said.
REISA President Robin Turner said this was a jump of 7.7% in just three months and 18.6% over the past year.
“We haven’t seen a quarterly rise this big since June 2003, nor annual growth this significant since March 2004,” REISA President Robin Turner said.
“Adelaide really is passing all benchmarks at the moment and there has been similar growth across the State.”
The State-wide median increased by 8.8% over the past three months and 18.5% over the past year to $320,000. This was the first time South Australia’s median has surpassed the $300,000 mark.
Mr Turner said all areas of Adelaide were experiencing robust markets.
“Out of all the suburbs which had a credible sales volume of 10 or more sales for the quarter, all but seven of them experienced price growth and 101 had rises above 20%,” he said.
“Of note was Belair where the median house price grew by 64.6% to $610,000, and Tea Tree Gully where the median rose by 61.9% to $358,000.”
“Onkaparinga Hills ($430,000), Underdale ($473,000), Willunga ($430,000), Elizabeth South ($206,500) and Croydon Park ($355,000) all had growth of 47% or more.”
“Unit and apartment prices in metropolitan Adelaide have also been favourable with the median now $275,000 – a jump of 25% over the past 12 months.”
John Oliver, General Manager, Retail Banking at Adelaide Bank, said that if the resources boom continues then the Australian economy is likely to remain in good shape and as a result South Australia’s housing market should continue to grow.
“The enormous amount of new housing construction occurring in the north of Adelaide is proof of the continuing housing boom in SA,” Mr Oliver said.
“In the longer term, if our exports to China continue to grow, South Australia can expect to see further investment and growth in the resources and mining sector. This will further boost growth in the housing industry,” Mr Oliver said.
Mr Turner said while existing homeowners and investors were rejoicing at the growth, these latest figures again highlighted the continuing struggle of first homebuyers trying to break into the market.
“We are one of the most affordable places in Australia, but there is no denying that prices are rising and it is getting harder for people to get their first property.”
“We must take action to improve affordability in our own backyard. The dream of owning a home appears further and further away for some people and burdening property taxes and increasing interest rates are only making matters worse.”
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