South Australia: Country House Prices Ease

 
 
July 22nd, 2008 • Related • Filed Under

House prices in country South Australia have eased in the June quarter to a median of $240,000, the Real Estate Institute of South Australia (REISA) has said.

REISA President, Robin Turner, said the result was a 5.8 percent drop on last quarter but 8.9 percent rise from 12 months ago.

“With all the mining boom hype, prices may have moved a little too quickly in some areas so this small drop in the June quarter is simply a market correction. Up until last week, the farming regions had not experienced much rain in recent times, but hopefully with this downpour, rural economies will start to strengthen again.”

Mr Turner said the Upper Spencer Gulf towns were again leading the pack in the June quarter, along with Victor Harbor and Murray Bridge.

South Australia Towns Median House Prices
June Quarter 2008

Town House Price $ (£) 12 Month % change
Millicent 106,500(179,500) 0.3
Mount Gambier 215,000(284,400) 2.4
Murray Bridge 234,000 (196,800) 12.0
Port Augusta 220,000 (168,000) 16.1
Port Lincoln 265,500 (166,600) 1.0
Port Pirie 177,000 (290,400) 18.4
Victor Harbor 335,000 (135,400) 12.0
Whyalla 282,500 (256,800) 13.0
Berri 185,000 (142,000) 12.1
Naracoorte 166,000 (234,200) -12.4
Renmark 190,000 (234,200) 23.0

assumed exchange rate $1.00 = £0.4667

 

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