This article is from the Australian Property Journal archive
ADELAIDE’S median house prices continue to modestly strengthen in the first quarter of 2011, according to the Real Estate Institute of SA.
The median house price for the March quarter rose 0.49% in Adelaide over the previous three months to $410,000, which was also a 1.23% increase over the past 12 months.
REISA President Greg Nybo said this is a positive result.
“Sales figures from the first quarter of 2011 indicate Adelaide’s stability, and although sales numbers were slightly down from last quarter 2010, house prices are holding. The RBA’s decision to hold interest rates this month is also promising for those in the market for the second quarter of 2011,” he added.
Across South Australia, house prices experienced a rise of 0.14% over three months and 2.99% increase over 12 months to $379,000.
Nybo said Morphett Vale was the strongest performer in terms of volume of sales over the past 3 months with over 75 houses sold with a median house price of $290,000.
North Adelaide again starred in the top with quarterly growth of over 13% and a median house price of $908,000.
A range of other suburbs scattered through Adelaide also performed well over the past 12 months, such as Salisbury Heights (37.89%), Littlehampton (37.14%) and Hove (25.37%). Most top-performers were generally in the mid $500/600,000 range so again this is a strong price bracket.
There was a slight softening of unit prices for March quarter, with a median unit price of $310,000, down from a median unit price of $317,500 in the December 2010 quarter, however REISA has noted this was also on lower volumes.
Australian Property Journal
