Adelaide's median house price seems to be setting a new record every quarter, with the latest data from the Valuer General's office showing it has now reached $435, 000. 

REISA President Alex Ouwens said that the latest figures showed a 1.16 percent increase in median price over the last quarter and a 2.35 percent increase in median price over the same period last year.

In the December quarter, 2, 999 houses settled across the Adelaide metropolitan area which is significantly down from the same periods last quarter and last year. Across the entire State, sales were also down across the same periods.

Beyond Adelaide, the regional housing market recorded a median house price of $269,000. This was a significant increase of 3.46 percent from the same quarter last year and a sensational 7.60 percent from the last quarter.

Suburbs which have seen the largest growth over a 12 month period were newcomers Sellicks Beach, Melrose Park and Munno Para. Other big movers included Rostrevor, Woodville South and Wynn Vale. 

Top selling suburbs in terms of recorded sales over the December quarter were the perennial Number 1 Morphett Vale, newcomer Flagstaff Hill and Top 3 stalwart Paralowie. 

"While it is true that the volume of sales have decreased over the past quarter, this must not be looked at in isolation and certainly not as a harbinger of doom," said Ouwens. "The prevailing economic conditions must be taken into account and when viewed in context with the positive results recorded – clearly demonstrate that there is substantial cause for optimism. There is no doubt that we would like to see a lot more properties sold across South Australia and there are always a myriad of reasons as to why volumes decrease in an particular quarter," said Ouwens. 

Ouwens said the new record median price has strengthened REISA's resolve to continue to fight against the punitive stamp duty regime in South Australia.

"This ineffective and inefficient tax will always be a major cog in the wheel of home ownership," he said. "High unemployment rates, investment uncertainty and the rollercoaster stock market over the last few months also do not inspire confidence in an investment marketplace."