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SA property prices up 190pc

09 November 2009 Reporter

Property prices in South Australia have soared over the last decade, with the average home now worth $250,000 more than in 1999.

Data from Valuer General showed property prices climbed by 190 per cent between 1999 and 2009.

The SA suburb of Unley Park became the first suburb to break the million dollar average mark.

According to an article in Adelaide Now, property values will continue to climb over the next 10 years and are expected to average $684,000, with the number of million dollar suburbs predicted to rise from 1 to 69.

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The Real Estate Institute of SA said the imbalance between housing supply and buyer demand in SA had driven rapid property price rises in the past decade.

The average SA house increased from $124,000 in September 1999 to $360,000 in September this year.

"The population increase is driving demand and the State Government's 30-year plan shows a continual increase in population,'' REISA chief executive Greg Troughton said.

"Perth did so well because of the mining boom and we did well because we were coming off such a low base, Adelaide is still relatively affordable and people are looking across the border saying they can buy a nice investment property here.''

SA property prices up 190pc
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