ADELAIDE residential property house prices are booming, according to the Real Estate Institute of South Australia.
According to REISA president Mark Sanderson said prices are strong all across the metropolitan area which proves the strength of the market.
Sanderson said
“Purchasers are buying with confidence now that interest rates appear to have stabilised. Also,
REISA figures show the metropolitan median house price is up by 2.81% on the last quarter and 7.81% on the same quarter 12 months ago.
The volume of properties sold this quarter was excellent with more than 5,100 houses changing hands over the past three months.
Sanderson said the wine region of McLaren Vale and Port Noarlunga were the star performers during the quarter.
He said people are attracted to the lifestyle that these suburbs offer and the Southern Expressway makes it so easy to commute to the southern suburbs.
“The western suburbs were also very solid this quarter with Woodville North, Findon, Fulham and Woodville South all recording growth greater than 25% over the past 12 months.
Looking ahead, Sanderson said activity would slow a little but not substantially.
“Winter is always a little quieter on the real estate front, but while buyers are hot and interest in the market is high, we don’t predict a big change in the coming months,” he added.
Australian Property Journal