Homes to become even more expensive
In its Residential Property Prospects, 2010 to 2013 report, BIS Shrapnel predicts a median house price of $410,000 in June – an increase of 14 per cent for the year.
The median metropolitan price reached a record in the March quarter when it hit $405,000, Valuer General figures show.
BIS Shrapnel senior project manager Angie Zigomanis said because Adelaide had the lowest median of the mainland capitals, it did not experience the same interest rate and GFC-induced decline in prices compared to some of the other capitals.
Real Estate Institute of SA president Michael Brock said prices could even exceed rises of 20 per cent by 2013.
“A lot of Adelaide’s capital appreciation depends on the outcome of the mining super tax,” he said. “If the Federal Government compromises on that and the mining projects in SA are not put on hold, then I would predict an even higher return.
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“(But) South Australia is still one of the most affordable states.”