The median price of a house in Adelaide has hit $430,000 for the first time, the latest quarterly data from the Real Estate Institute of South Australia shows. The figure is up 0.23 percent from the last quarter and 4.62 percent from the same period last year. Auction clearance rates are also steadily improving, REISA said.

The third quarter of 2015 shows a decrease in the volume of sales, but REISA is confident that the warmer weather, coupled with historically low interest rates and investment in the future of South Australia, will see more vendors and purchasers entering the market place in the coming months. In the September quarter, 3, 484 houses settled across the Adelaide metropolitan area which is below the amount settled in the same quarter last year. Across South Australia, sales were also down from the same period last year and the last quarter.

"We obviously would like to see a greater number of sales but the winter months are traditionally a slow period for sales and these figures merely mirror what happens every year during this time," said REISA President Alex Ouwens. "It also must be said that South Australia’s nation-leading, excessive stamp duty will always be a big impost on vendors transacting in this state—no matter what season we are experiencing."

Suburbs which have seen the largest growth over a 12 month period were newcomers Norwood, Largs Bay and Torrens Park. Other big movers included Blakeview, Port Noarlunga South and Broadview. Top selling suburbs in terms of recorded sales over the September quarter were Morphett Vale, Paralowie and Aldinga Beach.

More broadly, the third quarter statistics showed that South Australia recorded growth of 5.33 percent compared to the same quarter last year and 1.28 percent growth compared to the last quarter.

The unit and apartment market showed a 3.17 percent rise in the median price compared to the same quarter last year. Sales were down compared to the last quarter and the same quarter last year.

Ouwens said first home buyers are still flocking to suburbs that offer an affordable and quality lifestyle, and he eagerly awaits the summer selling period. "South Australia is seen more and more as a place of opportunity and development," he said. "We have seen more interstate interest as the Eastern seaboard settles down."