Adelaide house prices soar to new heights

The median price of an Adelaide house surged 7.7 per cent in a quarter to reach $350,000 in December.

Real Estate Institute of South Australia president Robin Turner added the group’s research showed an 18.6pc rise for the year.

“We haven’t seen a quarterly rise this big since June 2003, nor annual growth this significant since March 2004,” according to the executive.

“Adelaide really is passing all benchmarks at the moment and there has been similar growth across the state.”
 
The South Australian (state-wide) median increased by 8.8pc for the quarter to $320,000.

Mr Turner said the robust conditions are being experienced across all of metropolitan Adelaide.
 
“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 20pc,” according to the executive.
 
“Of note was Belair where the median house price grew by 64.6pc to $610,000, and Tea Tree Gully where the median rose by 61.9pc 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 47pc or more.”
 
“Unit and apartment prices in metropolitan Adelaide have also been favourable with the median now $275,000 – a jump of 25pc over the past 12 months.”
 
John Oliver, General Manager, Retail Banking, Adelaide Bank, added that if the resources boom continues, Australia’s economy is likely to remain in good shape and as a result South Australia’s housing market should continue to grow.
 
“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,” the businessman added.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco

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