Adelaide's median house price now more than $400,000
AN INCREASE in buyers in the state's real estate market has helped to push Adelaide's median house price above $400,000, real estate experts said.
AN INCREASE in buyers in the state's real estate market has helped to push Adelaide's median house price above $400,000, real estate experts said.
The median house price for the 2013 December quarter was $408,000, a 3.29 per cent increase for the year, figures from the Valuer General show.
Growth in home values almost doubled compared to the year before, where prices increased by just 1.8 per cent.
Across the state, the median house price rose from $365,000 to $375,000 - a rise of 2.74 per cent over the same period.
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Glenelg North recorded the strongest growth for suburbs with more than 10 sales, going up by 46.63 per cent to a median of $652,500.
Other strong performing suburbs include Noarlunga Downs, which increased by 27.14 per cent, Windsor Gardens, and Port Noarlunga.
The highest number of sales was in Morphett Vale, with 99 properties sold in the quarter, compared to 88 in the same period in 2012.
Real Estate Institute of South Australia president Ted Piteo said the most promising aspect of the figures was the increase of the amount of homes sold - 714 more properties were sold across the state compared to the same period last year.
"The good thing is that sales are up, which is great, the volumes are up and that reflects that confidence is up there in the marketplace and it has been there for the last six months," he said.
"There has certainly been a lot more buyers around the place, and there is also less discounting, those that have their homes on the market don't have to drop their prices."
Mr Piteo said the growth in beachside areas, particularly south of the city, was unsurprising.
"I always put the Christies Beach area in the mix because I reckon it is one of the best spots down south after the metropolitan beaches," he said.
"If you have a look at the infrastructure down there and the beautiful beaches ... it is really quite affordable for what you get.
"You have to watch the figures for Glenelg North where there has only been half of the sales compared to the year before, but having said that when you compare that area to Sydney and Melbourne, it's really affordable."
Terry Goodes, who is selling his Glenelg North home, was born in the area and said if he wasn't moving to the SA countryside he would stay in the suburb.
"It is a wonderful neighbourhood, that is a feature of the area, they are great people," he said.
"I think it's great because of the proximity to the beach and shopping is great, as well as access to the airport because I do a bit of travelling."