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Adelaide’s median house price has shown remarkable growth in the first quarter of 2017, new data has revealed.
The Valuer-General’s median house price data for the 2017 March quarter shows Adelaide’s median house price has grown to $452,000, a 0.67 per cent increase from the previous quarter and a sustainable 3.67 per cent increase from the same period last year.
REISA president Alex Ouwens said it is “amazing” that the median price is continuing to gain momentum.
“The rise is heartwarming because it is sustainable,” Mr Ouwens said.
“The fact that the real estate market has been able to grow through the summer months clearly shows the underlying strength of the Adelaide real estate market.
“Purchasers are willing to pay a premium price for property that is realistically and transparently priced. Agents and buyers continue to comment that listing levels are low and buyer interest is high.”
Mr Ouwens added that Adelaide is still attracting attention from interstate investors.
“Due to the general feeling that the eastern states have hit 12 o’clock in the property cycle whereas Adelaide is still trending upwards right in the nine o’clock sweet spot.”
In the March quarter, 4,038 houses settled across the Adelaide metropolitan area, down on the previous quarter but ahead of the same quarter last year. Sales across the state were also down from the previous quarter but up on the same quarter last year.
“There is no doubt that we would have liked to see more sales in this quarter, but these figures are solid and will rarely be as high as those recorded in the last quarter of each year,” Mr Ouwens said.
“Good news for first home buyers and investors who are keen to enter the market is that there are several large urban renewal projects which are in the planning stage and soon to be released.”
High-growth suburbs include Largs Bay, Malvern, Vale Park, Prospect, North Plympton and Belair.
Top-selling suburbs include perennial number one Morphett Vale, Paralowie and Aldinga Beach.
The figures also show the broader South Australia was slightly down in growth from the previous quarter, although up 1.25 per cent from the same quarter last year.
The apartment market showed a 2.24 per cent increase in the median price compared to the previous quarter and a 4.42 per cent increase from the same quarter last year.
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