The Real Estate Institute of South Australia says the housing affordability in South Australia compared to all other states, still remains probably one of the best although the median house price for metropolitan Adelaide has passed the $400,000 mark for the first time.
The Real Estate Institute of South Australia says the median house price grew by 14 per cent over the past 12 months.
The institute’s chief executive, Greg Troughton, says the top end of the market helped push the median up.
Mr Troughton says Parkside, Clarence Park and Glenelg North were the top performing suburbs.
He says the South Australia housing market appears to have recovered from the global financial crisis.
In addition, Mr Troughton points out prices in the low end and the outer suburbs are still reasonable.
“I know that we are certainly one of the strongest states and I guess the good news about that is, for those people wanting to get into the real estate in South Australia, regardless of that 14-15 per cent growth, the housing affordability in South Australia compared to all other states, still remains probably one of the best,” he said.
The median house price in country areas has increased by 14.6 per cent in the past 12 months, to $275,000.
Mr Troughton says the regions have exceeded expectations.
“Normally out in the regions it takes a lot longer for the numbers to get to the point they’re at now and it’s very pleasing to see, particularly in areas such as Berri and Port Pirie, they’ve had a magnificent 12 months and people should be very pleased with that,” he said.