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Adelaide housing revival continues

Apr 30, 2015

Increases in house and unit prices in the March quarter show Adelaide’s housing market is continuing its “solid revival”, says the Domain Group House Price Report.

The group’s data shows that the city’s median house price rose by 1.3 per cent to $476,884 over the quarter, compared with a 1.8 per cent increase in the national median.

The median unit price in Adelaide was up 2.2 per cent, to $292,514, while the national figure grew by 0.4 per cent.

“Early signs of improving local economic performance, together with continued strength in upper price ranges, is driving housing market activity in Adelaide,” said Domain Group senior economist Andrew Wilson.

“The Adelaide median house price has risen by 4.6 percent over the year ending March, with this quarter’s result of 1.3 per cent similar to the previous quarter’s increase of 1.7 per cent.

“Although unit prices in Adelaide have shown a more volatile quarterly growth pattern, prices are still up considerably over the year [3.9 per cent].”

Wilson said capital cities around Australia showed mixed results during the March quarter, with Adelaide, Sydney and Darwin the only ones to record increases in both house and unit prices.

Sydney was the strongest performer, with 3.6 per cent growth taking the median house price to a record $914,056.

“Sydney will continue to lead the pack in house price growth, clearly ahead of Melbourne, Adelaide, Canberra, Brisbane and Hobart, which are set to continue to record modest to moderate prices growth off the back of improving economies,” the Domain Group report said.

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