By Aussie franchise manager Robert Thornton in Glenelg.
Adelaide’s housing market has rebounded from its GFC slump, recording a 14 percent increase over the past 12 months, according to the Real Estate Institute of South Australia.
This is the first time the median house price for metropolitan Adelaide has passed the $400,000, recording a median of $405,000 in the latest March 2010 quarter.
It’s thanks to the ‘top end’ of the market, mainly in inner and eastern Adelaide and along the coast, that have helped push the median to new heights, scoring the biggest jump of 15.4 percent over the past 12 months.
Supporting the new trend are the top performing suburbs with Glenelg, Parkside and Clarence Park all recording median house prices of more than 30 percent during the past 12 months.
However, Somerton Park hit the top of the list with massive growth of 35.4 percent. I think people have realised that this suburb has been a bit of a hidden secret for a little while and it’s time for it to come out of its sea shell.
Based on the list on suburbs with ten or more sales in the quarter, this family orientated beachside alcove has seemingly benefited from the price rises of our much loved suburb and home to Aussie store – Glenelg.
This is not bad when you compare it to a year ago where the annual increases were only 1.4 percent for the Adelaide metro area and 4 percent for the state as a whole!