Revealed: The 29 Adelaide Hills towns setting new residential sales records post Covid lockdowns

Live in the Adelaide Hills? You could be sitting on a goldmine, as prices in 29 towns have smashed residential sale records this year. Take a look.

A post-lockdown property market is smashing sale records across the Adelaide Hills as buyers compete for limited housing in one of the state’s most in demand areas.

According to CoreLogic, 29 Hills towns have recorded new residential sales records between January 1 and November 28, this year, totalling a whopping $56,508,055.

By comparison, only 15 towns set sales records in 2020.

Top sales were predominantly achieved across lifestyle properties, many of which went under contract within days and attracted multiple offers.

A grand estate at 55 Old Carey Gully Road, Stirling achieved the highest sale among the bunch, selling for $4,958,750.

Properties in Upper Sturt and Strathalbyn also sold above $4m, however, the average record was set around the $2m mark.

SCROLL DOWN TO SEE THE FULL LIST OF RECORD BREAKING TOWNS

10 Spring Park Drive, Littlehampton received multiple offers and sold for $2.01m.

Nitschke sales agent Jamie Hershman, who set a new record with the $2.01m sale of 10 Spring Park Drive in Littlehampton, said low housing stock was forcing buyers to pay premium in a competitive market.

“The market, from our perspective, is being driven by a lack of supply … so that’s creating a greater urgency with buyers that are active in the market,” he said.

“Almost every property that we sell has multiple offers on it but the winner of a property, so to speak, is the buyer who goes ‘I had enough of playing this game where I’m constantly losing, I want to buy this property and I’m not missing out again’.

“So as a result they are pushing much further than what we call the logical value of a property.”

Sales records have also been coming in thick and fast for Harris Real Estate agent Arabella Hooper who sold a sprawling 1897 estate in September for $4.3m.

Ms Hooper also set a new record for Summertown with the $1.875m sale of 558 Mount Lofty Summit Road.

9 Manoah Drive, Upper Sturt sold off market for $4.3m.

She said buyers were generally locals, expats or city dwellers seeking a lifestyle change with prices driven by low housing stock.

“The fact that there is little choice around and that there are people who genuinely want to move has created this price drive and crazy sales results,” she said.

“So the lack of housing supply has been the ultimate driver and we certainly haven’t seen the same supply during spring as we usually do and the buying market perhaps thought would come.

“As a result, all of our houses have sold exceptionally well.”

Real Estate Institute of South Australia Chief Executive Officer Barry Money said it was likely the Hills would see more records broken in the year ahead.

“We have seen a doubling of interstate investors, which has gone from 5.5 per cent penetration to 12.85 per cent,” he said.

“So for the next 12 months, I see much of the same but with a little bit more caution (from buyers.”