Property prices in Adelaide have gone from strength to strength in 2007, with the median house price reaching $320,000 in the September quarter, according to data from Real Estate Institute of South Australia (REISA).
REISA President Mark Sanderson says the REISA statistics reveal that the metropolitan market is reminiscent of boom times, and shows that there is great confidence in the local real estate sector.
“The September quarter is historically the quietest quarter of the year, but these results prove that Adelaide really is in a league of its own at the moment,” Sanderson said.
“The median house price has risen 11.5% over the past 12 months to $320,000, and sale numbers are well over 5,000 again for the quarter. Adelaide reached the $300,000 mark only six months ago, and this high level has well and truly been sustained by these latest results.”
Sanderson said the state-wide median house price was also strong, with the median property price in SA reaching $291,000 in the September quarter – a jump of 9.8% from 12 months ago.
“The inner suburbs of Adelaide are driving these big price rises, with the median price for a house in these exclusive suburbs sitting at $532,250,” Sanderson said.
“The outer areas have also performed well. Individual suburbs such as Glenelg North and Gulfview Heights – which are at opposite ends of the city – both excelled this quarter with price rises of more than 50% over the past year.”
Sanderson believes another factor driving the increases is the change of housing in some of the “older, more traditional suburbs” such as Glenelg North and Seaton.
“Many large, old properties are being re-developed to meet modern needs, and this is changing the demographic in many areas,” he said.