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SA countryside house prices 'grew in Q1'

Property prices in rural South Australia grew in the first three months of the year, according to the Real Estate Institute of South Australia.

The price of properties located in South Australia's countryside grew modestly in the first quarter (Q1) of the year, the Real Estate Institute of South Australia (REISA) has claimed.

In the last three months, the median price for an Australian property in rural areas of the state reached $278,500 (£178,900).

This is a 3.15 per cent increase on the median price recorded in the final quarter of 2010.

"The stability in pricing for regional residential housing is reassuring for the long term," said REISA president Greg Nybo.

He went on to say that, across the state as a whole, house prices experienced a 0.14 per cent rise over the first three months of this year.

"Predictions are that the state is preparing for another mining boom, which will potentially impact economic activity," Mr Nybo added.

Earlier this month, property expert Peter Koulizos said that the Australian property market could experience a boost if BP goes ahead with plans to search for petroleum and oil in an area 700 km south-west of Port Lincoln in South Australia.

Posted by Ravin Chatlani 

- property, rural, SA, BP

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