Prices in Adelaide hit record high

By Staff Reporter 15 July 2014 | 1 minute read

The median price in Adelaide has reached a historic peak, though sales figures across the city remain flat.

According to the Real Estate Institute of South Australia, Adelaide’s median price has climbed by 3.98 per cent over the last year and 0.42 per cent over the quarter.

The current median for the city is $415,000, a new record.

“It is really positive news for the real estate market that the median price continues its upward trend on comparisons from the same quarter last year and the immediately preceding quarter,” REISA president Ted Piteo said.

“In the 2014 March quarter the median passed $410,000 for the first time ever and this quarter the median reached a new watershed of $415,000.”

The fastest-growing suburbs in the city included Glenunga, Gulview Heights and Eden Hills, according to the data.

However, house sales have remained subdued across the capital, with no change over last year’s figures.

In the June quarter, 4,240 houses settled across the Adelaide metropolitan area.

The suburbs attracting the most sales were Morphett Vale, Aldinga Beach and Paralowie.

“Affordable suburbs that offer premiums to first home buyers and investors such as infrastructure, quality transport avenues and a life by the sea will always be highly sought after,” Mr Piteo said.

RELATED TERMS

Median price

Median price refers to the middle point for real estate prices that exactly determines half of the houses priced for less or more.



Prices in Adelaide hit record high
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