Adelaide median value soars to record highs, defying downturn

The median value of Adelaide properties has soared to a record high, defying declining markets across Australia’s capital cities.

The Valuer-General’s figures for the December quarter show the city's median property value climbed 2.13 per cent and was up 4.01 per cent on the same period in 2017 to a record high of $480,000.

The statewide median house price also lifted - up 1.9 per cent for the quarter and 2.38 per cent for the year to $430,000.

Real Estate Institute of South Australia (REISA) president Brett Roenfeldt told WILLIAMS MEDIA the results prove Adelaide continues to be a resilient market.

"It just goes to show that people are willing to pay good dollar for premium properties that are accurately and realistically priced. Adelaide is truly a wonderful place to live and invest in. Our lifestyle, affordability and commitment to major development and infrastructure will always make us a consistent player in the real estate market.

"While the last quarter usually does see a pickup in the volume of sales, it is great to see significant upswings not only across metropolitan Adelaide but the entire state,” Mr Roenfeldt said.

Largs Bay, Stirling and Torrens Park saw the largest growth. Other big movers included Myrtle Bank, Somerton Park and Greenwith.

Morphett Vale, Parafield Gardens and Aldinga Beach were named as the top-selling suburbs.

“Affordability, investment opportunity and lifestyle location will always be the key drivers for sales. When affordability is right, the market remains confident and optimistic and sales and growth reflect that market sentiment” Mr Roenfeldt said.

Ouwens Casserly real estate agent Dale Gray told WILLIAMS MEDIA families are the dominant buyers, but she's noticing downsizers and people relocating have started to become more active in the market.

Source: The Real Estate Conversation 8th Feb 2019 https://www.therealestateconversation.com.au/news/2019/02/08/adelaide-median-value-soars-record-highs-defying-downturn/1549590693