Adelaide’s house prices on the rise, valuer-general’s quarterly figures show

ADELAIDE has seen a jump in house sales in the past quarter, causing a “genuine” increase in property values, the valuer-general’s quarterly figures have shown.

Gulfview Heights recorded the highest increase in house prices in the second quarter according to Valuer General figures. Jacqueline and Rocco Cirillo who are selling their Gulfview Heights property.

ADELAIDE has seen a jump in house sales in the past quarter, causing a “genuine” increase in property values, the valuer-general’s quarterly figures have shown.

There were 4240 houses sold in metropolitan Adelaide in the March quarter, a 6.2 per cent increase on the previous quarter.

Although slightly fewer homes sold than in the same quarter last year, the median price increased by 3.98 per cent to $415,000.

SA Real Estate Institute president Ted Piteo said a rise in the median price and number sold shows a real increase in the value of Adelaide homes.

“There has been a genuine increase in property values in South Australia,” he said.

“These are very positive figures – 2-4 per cent has always been good, sustainable growth when you compare to what is happening in Sydney and Melbourne.”

Mr Piteo said although the increase on the past quarter was small, real estate should not be bought based on growth over a short period.

“Real estate ... is a long-term investment – you have to hold on to it for a five, six, seven-year minimum,” he said.

“I call it affordable, sustainable investment growth for South Australia and Adelaide in particular.”

Of suburbs that had 10 or more sales, Gulfview Height in the northern suburbs had the greatest rise in values – up 60.5 per cent in the past 12 months to a median of $591,000.

Other suburbs in the top 10 included South Brighton, where prices rose 32.6 per cent to $570,000, and Henley Beach, where they went up 26.1 per cent to $765,000.

Top 10 suburbs by median growth

“Gulfview Heights, people might (be surprised), it is a little bit further out, but if anyone has been up there and seen what they are getting in terms of views and the type of houses being built, that doesn’t surprise me at all,” Mr Piteo said.

“The views looking to Spencer Gulf are fantastic.”

Harcourts Golden Grove principal Merilyn Catford said development in Gulfview Heights and the redrawing of suburb boundaries had helped to push up the suburb’s median price in the past quarter.

“It is a good location – straight down Bridge Rd into the city and good access to the port for the beachside,” Ms Catford said.

The suburb was popular with families and the area contained a range of architectural styles, she said.

“You have a blend of first homebuyer properties, you have some massive big blocks and some big homes – it caters for all requirements,” she said.

Jacqueline and Ricco Cirrillo, who are selling their Gulfview Heights house, said they loved the location and view.

“It is not too far to head out if you want to go to the Barossa,” Ms Cirrillo said.

“It is well located to the nice shopping centres such as Tea Tree Plaza, you get beautiful views and the blocks are big.”