The latest release of Valuer General’s median house price data in South Australia has revealed the highest-growing suburbs in that state, as well as an indication of overall market conditions.
According to the Real Estate Institute of South Australia (REISA), the state’s overall median house price remained stable over the June quarter, at $390,000.
According to Greg Moulton, REISA president, the latest figures reflect a 0.76 per cent increase in metropolitan Adelaide’s median price over the previous quarter, and a 2.45 per cent increase over the same period for 2014.
The number of settled property sales in metropolitan Adelaide dropped year on year, with 3,038 houses settled.
Mr Moulton attributed this downturn to the state’s economic position and the timing of sales.
“It is certainly true that we would have liked to see the settlement of more sales, but given South Australia’s current employment conditions and the record cold temperatures, perhaps this result is inevitable,” he said.
The REISA listed the suburbs of Largs North, Somerton Park and Richmond as experiencing the largest growth over a 12-month period, according to the Valuer General’s data.
The suburbs with the largest number of recorded sales over the June quarter were Morphett Vale, Mawson Lakes and Paralowie.