Prospect real estate value hits nearly $3bn but Mount Barker closing in on top spot, Valuer General data shows

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Peter Shizas in front of his Prospect home. The suburb ranks as SA’s most valuable. Picture: Mark Brake

The combined capital value of houses in an inner-city cosmopolitan suburb has topped nearly $3bn making it South Australia’s most valuable housing area, according to official State Government data.

The latest Valuer General property valuation figures released to The Advertiser reveals the 4037 detached dwellings, or houses, in Prospect had a cumulative capital value of $2.92bn as of January 2020 – up 26 per cent in six years.

Prospect’s suburb value was $236.5m more than the 8786 houses valued at $2.65bn in Morphett Vale – which has the most houses of any suburb in Adelaide.

Mt Barker’s 5684 properties were valued at $2.31bn – up nearly $1bn as unabated housing subdivisions transform the once sleepy town into a sprawling Hills metropolis.

Hallett Cove ($2.182bn), Parafield Gardens ($1.857bn), Athelstone ($1.832m), Flagstaff Hill ($1.802bn), Paralowie ($1.8bn), Rostrevor ($1.75bn) and Mawson Lakes ($1.733bn) rounded out the top 10 suburbs ranked by capital value.

Seaford Heights – which had only one property valued at $275,000 in 2014 – recorded the single largest percentage increase in total capital value of 43,096 per cent to January 2020 across 300 properties.

The data provided by the Attorney-General’s department does not include semi-detached properties or units, which would increase the value of many inner-suburban areas undergoing significant infill.

Capital values are used by councils to levy council rates by multiplying a set rate in the dollar by the valuation set by the Valuer General in January each year.

The data shows that Henley Beach South, Myrtle Bank and Everard Park recorded Adelaide’s equal fastest median capital value property growth of 43 per cent between 2014 and 2020.

Henley Beach South capital values increased from $580,000 to $830,000, Myrtle Bank $680,000 to $970,000 and Everard Park $505,000 to $720,000.

Capital values are determined by comparing a property to similar properties that have been recently sold taking into account adjustments such as renovations.

Harris Prospect real estate director and Prospect resident since 2002, Peter Shizas, said that the suburb was in high demand and that there had been “steady growth” in real estate since 2013.

He attributed said the investment in shops, cafes, cinemas and restaurants along Prospect Rd and Churchill Rd had been a big part of its appeal.

“It’s becoming very cosmopolitan … it’s become in demand and a sexy suburb,” he said. “The other thing is you’re still able to get good sized blocks with a traditional backyard and associated lifestyle.

“You can also walk to North Adelaide … Prospect has a bit of everything going for it.”