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Adelaide house prices riding boom

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Adelaide’s median house price reached a record $540,000 in the June quarter with prices in some suburbs rising more than 70 per cent across the financial year, according to latest figures.

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Valuer-General’s price data for the 2021 June quarter show metropolitan Adelaide had a 3.85 per cent increase in the June quarter and an unprecedented rise of 13.21 per cent compared with the June quarter last year.

More broadly, the June quarter data showed that the overall South Australian median price was up 4.44 per cent from the previous quarter and up 9.08 per cent from the same period last year.

Suburbs that experienced the strongest growth over a 12 month period with 10 or more recorded sales in the June quarter were Goodwood (76.86 per cent), Noarlunga Downs (70.61 per cent) and North Adelaide (70.16 per cent).

Other big movers included Fullarton, Linden Park and Glen Osmond.

Real Estate Institute SA CEO Barry Money said the results were significant given the uncertainties that COVID-19 undoubtedly fostered in the minds of vendors and purchasers during the June quarter.

“Suburbs that can demonstrate excellent infrastructure, development potential and locations that appeal to the budget-conscious purchaser will always appeal to buyers and investors alike,” he said.

“It is clear that both supply and affordability continue to dominate the conversations of our REISA members, particularly with first home buyers.

“Booming demand in the housing market with significant limitations in supply will place a continuing burden on first home buyers as well as investors who are keen to add South Australian property to their rental portfolio.”

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