Adelaide’s median house price hit an all-time high at the end of the December 2017 quarter.
The median house price is now $465,000, representing an increase of roughly a third (+32%) in the past decade.
Sales volume was up too, with 4,395 settled across the Adelaide metropolitan area; this representing an almost 10% increase on the previous quarter.
“Adelaide is a magnificent place to invest due to its consistency. It is also fantastic to see that sales have picked up across all sectors of metropolitan Adelaide, as well as the whole State,” said Real Estate Institute of South Australia (REISA) President Alex Ouwens, commenting on the result.
“Traditionally the final quarter of the year is a refreshing boost after a cold long winter. These figures are pleasing and we expect a similar growth path for the rest of 2018 and interstate investor interest is at an all-time high”.
Ouwens noted that REISA has sent its 2018 election submission to all political parties in SA, which includes REISA’s concerns about the costs of SA’s “monstrous” stamp duty.
According to REISA, the suburbs that saw the largest growth in 2017 were Colonel Light Gardens, Seacliff Park and Walkley Heights.
Morphett Vale, Aldinga Beach and Mawson Lakes were the top selling suburbs, in terms of recorded sales, in the December quarter.
“I am chuffed at these results. A record median price and a significant upswing in sales volumes, clearly demonstrate the underlying strength and resilience of the South Australian real estate sector. I am confident that sales will continue to do well and that South Australia will cement its position as one of the best places in the world to live,” Ouwens concluded.