Million-dollar babies: Adelaide sees surge in suburbs with median price of $1m or more | See newest suburbs to join the club

The number of Adelaide suburbs with a median house price of $1m or more has skyrocketed in the past year. Has yours joined the club? Search the list.

Adelaide’s hot property market has fuelled demand for premium houses, as new data shows the number of suburbs with a million–dollar median has skyrocketed in the past year.

According to CoreLogic’s inaugural Million Dollar Markets report – which takes into consideration sales for the 12 months to the end of May – Adelaide currently has 45 suburbs with a median house price of $1 million or more. This is more than double that of this time last year.

The data reveals 18 new inclusions to the list, spread across metropolitan Adelaide.

Of the newcomers, Glen Osmond had the greatest median value increase – up 21.82 per cent from $985,185 a year ago to more than $1.226 million today.

CoreLogic’s Head of Research Australia Eliza Owen, said the current market upswing was occurring across the country.

“Each capital city market and ‘rest of state’ region has seen an increase in value over the 12 months to May,” she said.

“This has led to a more vast range of markets reaching the million dollar club across Australia.

“For first home buyers, who tend to be more price sensitive, higher house prices and the volume of suburbs becoming million dollar markets are likely building on the challenges already faced by these prospective buyers around home ownership and affordability.

“The latest ABS finance data reinforced this, showing April marked the third consecutive month of decline in finance secured for the purchase of property by first home buyers.”

Unley Park was the state’s most valuable suburb, recording a median sale price of more than $1.71 million. It edged out Toorak Gardens, which recorded a median of more than $1.699 million – up from about $1.336 million last May.

According to the report, the highest recorded price so far this calendar year is 34 South Esplanade, Glenelg South, which sold for $5.1 million in April.

34 South Esplanade, Glenelg South – one of SA’s million-dollar suburbs.

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Klemich Real Estate director and co-owner Matt Smith said the report was great news for any homeowner in one of the listed suburbs.

“What we’ve seen in the past 12 months, and specifically in the past six months is record low interest rates and high demand for housing in South Australia, which is seen to be a healthy and safe place to be,” he said.

“We’ve seen prices push, both at auction and in private treaty, to new levels.

“We haven’t seen a market like this since the early 2000s and in many ways it’s the Adelaide market catching up to the eastern states’ prices.

“Those people trying to get into the market are the most impacted by these statistics and will find they are either adjusting their thoughts on where they want to live, or adjusting their thoughts on the style of accommodation that will suit them in order to enter the market.”

Tennyson resident Karen Graetz said she was excited to see her suburb on the list and looked forward to further value growth.

“We’ve been in Tennyson for 21 years and love it,” she said.

“Since December everything’s gone up and down our way there’s been a lot more interest.

“It’s a beautiful part of the world and I think Tennyson’s a bit underappreciated, but having said that there are a lot of people moving into the area, so that’s a really positive sign.”