re­li­able mar­ket lifts prices 14pc

The Advertiser - Real Estate - - Property Price Guide -

HE con­sis­tent growth gen­er­ated by the hous­ing mar­ket in Ade­laide was again on dis­play over the past 12 months, with many sub­urbs gen­er­at­ing dou­bledigit growth.

This re­in­forces the gen­eral sense of op­ti­mism in the South Aus­tralian econ­omy and its hous­ing mar­ket, al­though the rate of growth is likely to be tem­pered over the next few months.

A com­bi­na­tion of six suc­ces­sive in­ter­est rates by the Re­serve Bank since Oc­to­ber and re­newed volatil­ity in global fi­nan­cial mar­kets has be­gun to have an im­pact, with the gains made in house prices over the three months to the end of June more mod­est at 1.23 per cent.

But the broad 13.89 per cent rise in me­dian house prices for metropoli­tan Ade­laide over the past year is im­pres­sive and re­in­forces the city’s rep­u­ta­tion as a solid and re­li­able per­former with­out the sharp fluc­tu­a­tions in east­ern states.

A broad cross-sec­tion of sub­urbs have de­liv­ered me­dian house price gains of higher than 10 per cent, in­clud­ing t ra­di­tional f i rsthome-buyer sub­urbs in the outer north­ern and south­ern sub­urbs and up-and-com­ing sub­urbs in the west which are rapidly gen­tri­fy­ing.

Al­ber­ton was a stand­out in the western sub­urbs with a 36.8 per cent jump in me­dian house price in the June quar­ter from the same pe­riod in 2009, while West Hind­marsh climbed by 32.98 per cent.

Flin­ders Park lifted by 17.79 per cent. West Croy­don was up by 17.65 per cent, Mile End made a solid gain of 16.79 per cent over the 12 months, Croy­don Park in­creased by 14.73 per cent and Beverley rose by 13.58 per cent.

Buy­ers are in­creas­ingly at­tracted to these sub­urbs by the char­ac­ter homes, prox­im­ity to the CBD and the rel­a­tively large blocks.

Mor p h e t t v i l l e ma d e a hefty jump of 40.35 per cent over the 12 months, with its good trans­port links into the city and value-for-money hous­ing stock lur­ing buy­ers. The nearby sub­urb of No­var Gar­dens also made hand­some gains of 30.93 per cent.

Among t he t r a di t i onal first-home-buyer sub­urbs, there were dozens of solid per­form­ers. They are likely to find it harder in the months to come as the full im­pact of the wind­ing back of first-home-buyer in­cen­tives works its way through the mar­ket. But in the past 12 months, Aldinga Beach notched a gain in me­dian house price of 11.3 per cent, Blake­view was up 11.83 per cent, Bur­ton jumped an im­pres­sive 23.35 per cent, Gawler East was up 11.72 per cent and Port Noar­lunga rose 22.79 per cent.

Shei­dow Park made a more mod­est gain of 4.96 per cent, while Wood­croft i nched ahead by 3.51 per cent.

In­trigu­ingly, in the northeastern sub­urbs Wynn Vale made a solid gain of 15.49 per cent, but nearby Green­with man­aged only a 2.37 per cent in­crease and Golden Grove slipped back 1.63 per cent.

The coastal strip gen­er­ated some sub­stan­tial in­creases. Glenelg was im­pres­sive with a 50.81 per cent rise, al­beit on low turnover, Sea­cliff was up by 28.77 per cent and Sel­licks Beach rose 27.66 per cent. Grange rose 10.37 per cent but neigh­bour­ing Hen­ley Beach, a stel­lar per­former in re­cent years, slipped back 5.03 per cent.

BankSA gen­eral man­ager Chris Ward . . . ‘‘The con­sis­tent growth in the hous­ing mar­ket re­in­forces the gen­eral sense of op­ti­mism in the South Aus­tralian econ­omy’’. Chris Ward BankSA gen­eral man­ager

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