The metropolitan median house price is up by 2.81% on the last quarter and 7.81% on the same quarter 12 months ago. That takes the median house price in Adelaide to $310,500.
“We are definitely back to a boom market in Adelaide,” REISA President, Mr Mark Sanderson said.
“Prices are strong all across the metropolitan area which proves the strength of the market.”
“Also, the volume of properties sold this quarter was excellent. More than 5,100 houses changed hands over the past three months.”
Citing the areas that were particularly strong this quarter, Mr Sanderson noted McLaren Vale and Port Noarlunga as star performers.
“People are attracted to the lifestyle that these suburbs offer and the Southern Expressway makes it so easy to commute to the southern suburbs,” he said.
“The western suburbs were also very solid this quarter with Woodville North, Findon, Fulham and Woodville South all recording growth greater than 25% over the past 12 months.”
Asked about the key factors driving Adelaide’s market, Mr Sanderson said that Adelaide’s affordability coupled with low interest rates was important.
“Purchasers are buying with confidence now that interest rates appear to have stabilised. Also, Adelaide represents excellent buying options.”
“There is such a good range of properties in all price brackets in Adelaide and this simply can’t be matched interstate.”
Heading into the winter quarter, Mr Sanderson said that he predicted activity would slow a little but not substantially.
“Winter is always a little quieter on the real estate front, but while buyers are hot and interest in the market is high, we don’t predict a big change in the coming months.”