Regional oz in price boost

House prices are rising in regional areas of Australia...

Figures from South Australia's Real Estate Institute show house prices in regional areas continue to rise, despite fewer homes being sold. According to the institute, regional areas have defied a slowdown in market growth in most areas with median house prices rising to nearly $260,000, up 23 per cent since 2006.

The president of the institute, Robin Turner, commented: "House prices in Port Augusta have traditionally been lower than other cities in the Upper Spencer Gulf. And While Port Pirie and Whyalla have experienced marked increases, Port Augusta has been the real winner with a 43 per cent increase in the median house price.

"Any sorts of rises are very significant, so we have seen entrepreneurial people come in, investors, and of course they've been soaking up the supply on the expectation of demand in the city emanating from the mining activity. Of coursem when the supply dries up, then the prices go up with it, so we've seen some very significant rises in Port Augusta."