Adelaide: Average House Price Now $300,000

Adelaide’s median house price has hit $300,000 for the first time.

The metropolitan median for the March quarter was up 1.7% on December’s figure of $295,000 and up 7.4% on the past 12 months.

Real Estate Institute of South Australia President Mark Sanderson said the new high showed homebuyers had great confidence in Adelaide and its exceptional affordability compared to other Australian capitals.

“In my 20 years in real estate, this is the best start to a year I’ve seen. There’s buyer interest in all properties and all suburbs right throughout Adelaide.

The metropolitan rise was reflected in a similar increase in the state median house price, up from $270,000 in the December quarter to $278,000. The statewide figure represents a 8.4% rise on the same time last year.

Mr Sanderson said the western suburbs had recorded particularly strong growth, with four suburbs recording 12-month rises of more than 30%. Alberton, North Haven, Fulham Gardens and Kilburn have all seen fantastic increases over the past year.

“In Fulham Gardens alone, the median house price has jumped by nearly $115,000, to $475,000.

“Beachside suburbs like Henley Beach and Semaphore have led the way for a revival all across the west.”

On the other side of town, Toorak Gardens has won the distinction of becoming just the second suburb in Adelaide to crack the million dollar barrier, with a median of $1.1 million.

Mr Sanderson said growth in the Adelaide Hills reflected their continuing popularity with prices jumping 27% to $265,000 in Woodside and 19% $323,500 in Littlehampton.

Unit and apartment prices across metropolitan Adelaide also rose in the March quarter, with a 5.6% rise from 12 months ago to $227,000.