Western suburbs’ ugly duckling suburbs turning into swans in hot market

Not long ago home buyers would have turned their noses up at these suburbs – but the booming western market is turning these ugly duckling postcodes into swans.

Homes in Rosewater are regularly making $50,000 to $100,000 more than the same time last year. Pic: Supplied

Not long ago, home buyers would have turned their noses up at suburbs like Rosewater, Peterhead or Athol Park, but the booming western market is helping turn these ugly duckling suburbs into swans.

According to data from CoreLogic, the median house price in Peterhead has risen 29.4 per cent in the last five years, while Birkenhead has grown by 30 per cent.

Harcourts Smith Semaphore owner Kate Smith said Rosewater is another western suburb that has experienced exceptional growth in the past year.

“The last two properties we have sold in Rosewater exceeded $650,000,” she said.

“We were selling similar product last year in the mid to high $500,000s, so it’s a pretty significant jump.

“I think a lot of that growth is to do with the rejuvenation of Port Adelaide.

“Until recently, Rosewater wasn’t on a lot of people’s shopping list but it’s a fabulous area with stunning character homes.”

Homes in Rosewater are regularly making $50,000 to $100,000 more than the same time last year. Picture: Supplied

One of these character homes recently sold by Harcourts Smith was at Canning Street in Rosewater – a three-bedroom, 1910 property that made $650,500.

Ms Smith said these are the kinds of property that in particularly high demand.

“Peterhead, Birkenhead and Rosewater are all performing exceptionally well because they have these stunning character homes that locals have always appreciated,” she said.

“Character is king, everyone wants a character home on a big block.”

This home in Rosewater recently sold for $650,500. Pic: Supplied

Ms Smith said another driver at the moment was the heat in the market in the prime areas that have always performed well.

“A lot of people are getting priced out of the market in areas like Semaphore, Alberton and West Lakes,” she said.

Highlighting the heat in the traditional prime areas is the sale of 11 Blackler St at Semaphore on the weekend.

A Semaphore property that sold on the weekend and drew huge interest. Picture: Supplied

“It’s an old property that had been converted into two flats,” Ms Smith said.

The property was expected to make upwards of $1.2m and ended up selling for $1.71m to an interstate buyer, despite plenty of interest from locals.

Ms Smith recent opens in the western area have been drawing up to 80 interested parties, highlighting the massive interest in property.

Despite the heat in the market, Ms Smith said it’s still a great time to buy.

“The time to get in is as soon as you can, because I can’t see the market slowing,” she said.

Woodville Park-based agent Wally Armanios, Harcourts Property People, says the areas he sells in had risen in price between 20 to 30 per cent in the last couple of years.

“Findon is one of the most popular suburbs but areas like Athol Park are also growing in popularity,” he said.

“Everyone is keen to get into property at the moment because there’s not much stock on the market.”

Originally published as Western suburbs’ ugly duckling suburbs turning into swans in hot market