Property
Issue No. 36 - August/September 2007
Adelaide median house prices top $300,000
South Australian Government statistics indicate the Adelaide Metropolitan median house price has finally reached $300,000.
Interestingly, it was in the March quarter, exactly 4 years ago, that the median metropolitan house price broke the $200,000 barrier for the first time.
As a Nation, the weighted average of established house prices of 8 capital cities grew 1.1% for the quarter and 8.6% for the year.
Perth recorded an outstanding annual growth of 32.1%, Darwin 15%, Hobart 10.5% and Brisbane 10.2% over the year.
The Real Estate Institute of SA confirms that Adelaide's Metropolitan Median House price for the 2007 march quarter is $300,000. This is up 1.7% since December and 6.1% for the 12-month period.
The South Australian State-Wide median house price increased by 7.4% for the quarter up to $290,000, representing growth of 13.1% for the year.
House prices in Regional SA increased by 5.1% for the three-month period. The Country Median House price now stands at $208,000, up 8.1% over the previous year.
Table 1 exhibits the increase in Adelaide Metropolitan Median House prices over the last 5 years. The market displays steady constant growth unlike the volatility experienced in some Eastern States.
Table 2 demonstrates the Median House price change over the previous 12-months in selected City Government areas and Country Government areas.
The mining town regions still continue to display excellent growth. Roxby Downs and the Iron Triangle in particular, experienced strong demand for residential housing.
Most LGA's across the metropolitan area recorded positive growth ranging from 1.9% at Holdfast Bay to 15.8% in Adelaide. Playford and Walkerville were the only two city Local Government areas to experience negative growth over the last year, -1.2% and -5.5% respectively.
The HIA reports that housing renovations and additions are still thriving in SA. The expenses involved with moving homes su...
