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AU Regional home prices rising twice as fast as Adelaide

Property Here - Saturday, April 13, 2013

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South Australia's regional home prices are outpacing that of Adelaide. PIC: Drew Fitzgibbon Source: The Courier-Mail

Jay Schulz

Port high-flyer seeks soaring market

JUST like his preparation for tomorrow's much-anticipated Showdown XXXIV, Port Adelaide's Jay Schulz demanded the best when he set about creating his dream home.

REGIONAL house prices are growing at more than twice the rate of the metropolitan market, recording a 4 per cent lift in median prices in the March quarter compared to the same period last year, latest sales figures show.

In comparison Adelaide median house prices grew 1.96 per cent to a median of $390,000, according to the Real Estate Institute of SA.

Although the market in regional South Australia was patchy, the overall results show that the market is slowly recovering and should be set for a positive movement in 2013, REISA said.

The best performing country region was Port Lincoln, which experienced growth of 13 per cent, according to REISA vice president Ted Piteo.

"Some of the towns where mining has been a focus have slowed in the past few years, and this was to be expected after policy changes, however the long-term opportunities for other industries are still there and we expect these towns will lift in future," Mr Piteo said.

The biggest metropolitan increases were recorded in Somerton Park (19.5 per cent), Henley Beach South (19.3), Plympton (17.3), Redwood Park (13) and Hope Valley (12.3).

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