|
Confidence high in Adelaide housing market
A buoyant spring selling season and buyer confidence in the market has helped push Adelaide's median house price up to $290,000 in the December quarter, the Real Estate Institute of South Australia (REISA) has said...
REISA President Mark Sanderson said this represented a healthy 4.32% increase from 12 months ago.
This is despite three interest rate rises in 2006, plus drought and other economic factors affecting the State, Mr Sanderson said.
Buyers in the metropolitan area have relished the spring selling season and confidence within the market is high. Sale numbers have also been strong and it is exciting to see a real buzz back in the market.
Promising results were reflected across the State with South Australia's median house price rising by 5.88% over the past 12 months to $270,000.
Affordability still an issue
Mr Sanderson said that these price rises were great news for existing property owners but housing affordability was still an issue for first homebuyers.
It is now up to the State Government to help ensure that the market is affordable for first-time buyers by increasing stamp duty concessions in line with today's median prices, he said.
However first homebuyers should remember Adelaide is still the most affordable mainland capital in Australia.
Mr Sanderson said the inner suburbs were a standout in the December quarter, with Fullarton, Unley and Prospect all recording growth rates of more than 20% over the past 12 months.
Prospect in particular is a suburb which was due for an increase, as its lovely character homes and proximity to the city are highly desirable, he said.
The outer suburbs of Stirling, Gulfview Heights and Marino also performed well over the past 12 months with rises of above 35%.
Mr Sanderson said the unit and apartment market in Adelaide had stabilised in the December quarter, with the median now at $216,000.
|