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Coastal areas see surge in property prices

Property prices could continue rising in coastal areas next year.

The South Australian coastal property market has been improving in recent months and 2014 could prove to be even better.

According to Real Estate managing director Phil McMahon, 2012 was a slow year for the sector, but there have been signs of improvement.

"Towards the middle of 2013 there is no doubt the market picked up and it has been picking up ever since. The tail end of this year has been sensational for us," he said.

Port Noarlunga and Moana were among the areas he picked out as being "undervalued" at the present time, with many buyers now seeing how the value in South Australian coastal homes is favourably compared with the rest of the country.

Statistics released by RP Data for the 12 months to September showed that Tennyson was the most expensive coastal suburb. Its median price was recorded at just over $1.047 million.

This backs up data compiled by Australian Property Monitors that recently indicated Perth property prices may be set to increase by five to seven per cent in the next 12 months.

Posted by Craig Francis

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