South Australia posted a median home price of $480,000 in the last quarter of 2018, setting a new record in the South Australian property market.
The Valuer-General’s median house price data for the December quarter revealed that the median value was up by 1.90% compared to the previous quarter and 2.38% year over year.
The unit and apartment market recorded a 4.07% increase in median price since the previous quarter, but relative to the past year, the figure declined.
“It just goes to show that people are willing to pay good dollar for premium properties that are accurately and realistically priced,” said Brett Roenfeldt, president of the Real Estate Institute of South Australia. “Adelaide is truly a wonderful place to live and invest in. Our lifestyle, affordability and commitment to major development and infrastructure will always make us a consistent player in the real estate market. While the last quarter usually does see a pickup in the volume of sales, it is great to see significant upswings not only across metropolitan Adelaide but the entire state.”
Largs Bay, Stirling and Torrens Park were some of the suburbs that experienced the largest growth over a 12 month period. Other top performers included Myrtle Bank, Somerton Park and Greenwith.
The report also found that 4,140 houses settled across the Adelaide metropolitan area—significantly up from the last quarter and slightly down from the same period in 2017. Sales across the state also drastically grew since the last quarter.
Top selling suburbs in terms of logged sales over the quarter were the perennial Number 1 Morphett Vale, Parafield Gardens and Aldinga Beach.
“Affordability, investment opportunity and lifestyle location will always be the key drivers for sales. When affordability is right, the market remains confident and optimistic and sales and growth reflect that market sentiment,” Roenfeldt said.
