The median price of a home in Adelaide has hit a high of $428, 250, June quarter data from the South Australian Valuer General’s office shows. 

Real Estate Institute of South Australia President Greg Moulton said that the latest figures showed a 0.76 percent increase in median price for metropolitan Adelaide over the last quarter and an impressive 2.45 percent over the same period last year.

"It is great news that the median house price continues its steady increase and once again, has posted a record result.  It is evidence of the strength of the underlying fundamentals of the real estate market and even more pleasing is the fact that it clearly demonstrates that purchasers are willing to pay a premium – and transparent price for a property," said Moulton. He added that vendors are being more realistic in their pricing and the good results in vendor discounting and time on market reflects this.

Moulton said South Australia’s current employment conditions and the record cold temperatures meant fewer houses were being sold. In the June quarter, 3, 038 houses settled across the Adelaide metropolitan area which is down from the same period last year and the previous quarter.  Across the state, sales were also down from the same period last year.

Suburbs which have seen the largest growth over the year were Largs North, Somerton Park and Richmond.  Other big movers included Warradale, Aberfoyle Park and Munno Para West.

The quarterly statistics showed that the median house price across South Australia stayed at $390,000, up 2.63 percent on the previous year.