Strong rural economies support real estate growth

The rural median house price in South Australia reached $220,300 for the June quarter, up from $208,000 three months ago and $200,000 12 months ago.
 
REISA President, Mr Mark Sanderson said that this equated to a 10.15% rise over the past year.
 
“The State’s rural and regional towns are really booming along. In fact, price growth in SA’s rural areas has surpassed metropolitan growth over the past 12 months, which was just under 8%.”
 
“These excellent growth figures can be attributed to the strength of the regional economies across the State.”
 
Mr Sanderson said the State-wide median house price was now $285,000, which is a 5.95% jump from this time last year. 
 
He said that the Iron Triangle was leading the pack.
 
“Once again we’ve got Whyalla and Port Augusta recording very high growth over the past 12 months which is related to the mining boom.”
 
Port August moved up 26% over the past year taking its median house price to $190,000, whilst Whyalla recorded the highest growth of 42% with a median of $250,000.

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Marc Pallisco

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

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