Full List: all of Adelaide’s 75 million-dollar suburbs revealed

Soaring prices have pushed seven suburbs’ median house values over the million-dollar threshold in just the past three months. See the full list of Adelaide’s 75 million-dollar suburbs.

Soaring house prices have pushed seven suburbs into Adelaide’s million-dollar club just in the past three months.

West Lakes, West Lakes Shore, Firle, Glengowrie, Clapham, Novar Gardens and Fulham Gardens are the latest suburbs to crack the seven-figure threshold in the March quarter, latest PropTrack data shows.

Metropolitan Adelaide now has 72 suburbs with median house prices between $1m and $2m and three above the multimillion-dollar mark.

While no suburbs dropped out of the million-dollar club during the three-month period, some recorded declines in their median house prices.

Glen and Anne Miller recently sold their West Lakes home for much more than expected. Picture: Keryn Stevens.

The data is based on PropTrack’s automated valuation model, which estimates a property’s value by analysing a range of data points, including sales history.

PropTrack economist Anne Flaherty said Adelaide was always known as a stable market that recorded slow and steady growth, but that had changed dramatically over the past few years.

“Adelaide is a really interesting one, it’s been significantly outperforming over the past few years,” she said.

“Now we’re really seeing property prices rise significantly.

“I think one of the reasons Adelaide has seen this really strong growth is demand exceeding supply.

“I think the momentum is going to continue this year because that buyer demand is still really strong.

“Opportunities to buy in Adelaide are still not as prevalent as what we’re seeing in some of the other cities around Australia.”

Ms Flaherty said Adelaide’s vacancy rate, which latest data shows is the second-lowest in the country at 0.83 per cent, and rising rents were also discouraging people from moving because they were nervous they wouldn’t be able to secure their own home or a rental.

“It’s a bit of a vicious cycle that’s keeping people in their homes longer,” she said.

Strong demand for houses in West Lakes and West Lakes Shore – which were the only two suburbs outside Adelaide’s north that were among the top 10 to record the strongest house price growth in the first three months of 2024 – has pushed their medians above $1m.

The Millers’ West Lakes home at 4 Driver Court sold for $1.15m in mid-March 2024. Picture: realestate.com.au

West Lakes’ median house price rose 9.2 per cent to $1,065,400 over the quarter, while West Lakes Shore’s climbed 10.1 per cent to $1,030,700.

LJ Hooker West Lakes/Henley Beach agent Rosemary Auricchio said a range of buyers – including those seeking low-maintenance properties in new housing developments or families looking for larger blocks – were turning to the areas.

With surrounding suburbs like Henley Beach and Grange getting more expensive, Ms Auricchio said West Lakes and West Lakes Shore were the next best suburbs.

“Henley Beach and Grange are becoming out of reach,” she said.

“It’s also that there are properties there people can add value to.

“On the flip side of that, and where a lot of the growth is coming from, there’s been some very strong sales in the suburb.

“The WEST Development has actually had some very strong growth in the last three months.”

Ms Auricchio and Ray White Port Adelaide agent Rick Schultz said the $4.025m sale of last year’s St John Christmas Home Lottery house at West Lakes in February would have impacted the median.

However, Mr Schultz added he had definitely noticed prices for all property types, not just the high end ones, rising.

“There have been some big sales, those do change the median price a fair bit, but overall as an area prices are going up a lot,” he said.

Last year’s St John Christmas Home Lottery house at West Lakes sold in February for a whopping $4.025m. Picture: supplied.

Glengowrie is one of the suburbs to enter the million-dollar club. This home at 69 Cliff St sold for $1.41m in early March 2024. Picture: realestate.com.au

“It’s partly because of the surrounding areas becoming unaffordable, but a lot of homes are still owned by the original owners.”

Mr Schultz said many vendors who had owned property in the two tightly-held suburbs for decades were selling to downsize, giving young families a chance to get in.

“There is a big generational shift,” he said.

Anne and Glen Miller were surprised to sell their four-bedroom West Lakes home, which was marketed by Rick Schultz and Rocco Monteleone, of 24 years for $1.15m last month.

The couple, who moved in with their two young daughters in 2000, sold the home as empty nesters – but they’re determined to stay in West Lakes.

“We want to stay in the area,” Ms Miller said.

“We’re downsizing in land rather than house so we’ll still have the living space.”