Adelaide property prices hit record levels

Adelaide has established a new record median property price after strong growth over the final quarter of last year.

The city’s median price reached $435,000 at the end of 2015 after growing 2.4 per cent over the year and 1.2 per cent over the final quarter, according to the Real Estate Institute of South Australia (REISA).

The suburbs with the largest annual price growth were Melrose Park, Munno Para, Rostrevor, Sellicks Beach, Woodville South and Wynn Vale.

While Adelaide prices grew, settlements in the December quarter were “significantly down” in both annual and quarterly terms.

Morphett Vale recorded the most sales between October and December, followed by Flagstaff Hill and Paralowie.

REISA president Alex Ouwens said it is always fascinating to see which suburbs record the highest growth and most sales each quarter.

“The growth lists can change quite dramatically, but the selling suburbs remain pretty constant over the year,” he said.

“The common denominators throughout both lists though are affordability, infrastructure, location and potential for future growth. These factors will always appeal to first home buyers and investors alike.”

[Related: REISA elects youngest president in its history]

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