Welcome to the most livable city in Australia, Adelaide.
An established colony for the free settlers and home of the exquisitely designed churches.
Adelaide is one of the most affordable cities to live in and has a good kind of excellence.
Despite of the interest rate increase last 2010, it didn’t stop the growth of Adelaide house prices.
Median house price of Adelaide rose to $410,000 during the June quarter even with three interest rate increases. This figure was a 1.2 percent growth from the last quarter and 13.9 percent from the same time last year.
Top 10 suburbs featured a strong performance from the south west, as well as other middle ground suburbs from all around Adelaide.
Beachside suburbs like, Morphetville, Hove and West beach all increased more than 30 percent over the past 12 months.
Other strong performers included Salisbury Heights and Littlehampton while North Adelaide had remarkable growth median of $1,040,000 with 10 houses sold which is unusual in a tightly-held suburb.
Winter season recorded some flat developments but the spring season might just bring new activities after the last interest rates cuts.
Official data for the September 2012 quarter showed the median price of Adelaide was $385,000 which was 0.9 percent lower than the same time last year. Across the State, South Australia’s median was $360,000 which was the same as last year’s September quarter.
Top performing suburbs for the quarter with growth over the 12 month period were Somerton Park with 18.4 percent, Hope Valley with 17.6 percent and Salisbury with 13.55 percent.
Inner city suburbs also showed good performance over the past quarter with sales volume increase the same time last year and a small growth in the median house price which was up 0.36 percent to $607,200.
The spring season can help the market to shift and added rate cut can also boost confidence in the housing market.
Last quarter of 2014 recorded a large increase from the usual flat results experienced in the past three months. The start of spring and summer and a continuation of historically low interest rates resulted in a growth in sales and vendor and buyer confidence.
December 2014 quarter showed a 5 percent increase in volume of sales over the last quarter, a 3.16 percent growth in median price over the last quarter and a significant 3.91 percent increase in median price over the same period last year.
This year, Adelaide recorded the highest median of $425,000. The change in median price over the last few quarters was amazing and showed the strength of the property market.
In the December quarter, 4, 233 houses established across the Adelaide metropolitan area which is just below the amount settled in the same quarter last year. Sales increased from the last quarter but were down from the same period last year.
Other great figures included both South Australia (SA) with a growth of 2.63 percent in volume of sales and a 2.40 percent increase across Adelaide.
Somerton Park, Newton and West Croydon were the suburbs that had the largest growth over a 12 month period. Other big movers included Seacliff, Hainley Beach and Marden.
Over the December quarter, Morphett Vale, Parafield Gardens and Aldinga Beach were the top selling suburbs recorded sales.
Statistics showed South Australia recorded an increase of 4.00 percent compared to the same quarter last year. The state also made a new record for the median price increasing to $390,000.
The unit and apartment market showed a 2.83% rise in the median price from the last quarter and a major 4.16% growth compared to the same quarter last year. Sales were marginally up from the past quarter but well up from the same period last year.
Property market ended 2014 on a positive note. Record median price from SA and Adelaide showed that the primary fundamentals are good.