Home loans: Adelaide house prices 'have jumped in last decade'

Thursday 12 November 2009

Article by Mozo

House prices in Adelaide have jumped, according to new figures that may be of interest to those looking to compare home loans.

Property values in the city were revealed recently by Valuer General statistics, which show the average house is worth $250,000 more than ten years ago.

In fact, the sale prices for the whole state of South Australia (SA) were found to have risen by 190 per cent in the same period.

The average cost of a home in SA rose from $124,000 in September 1999 to $360,000 in the same month this year.

The Real Estate Institute of SA (REISA), cited by the Adelaide Sunday Mail, said the rapid hikes in property values were driven by an imbalance between housing supply and demand.

Commenting, REISA chief executive Greg Troughton said: "The population increase is driving demand and the state government’s 30-year plan shows a continual increase in population."

In related news, Westpac’s Australian Housing Finance report recently showed a surge in demand for mortgages, including low interest home loans.

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