Revealed: Every SA million-dollar suburb and its growth over three and five years

Here they are – every single SA suburb with a median house price above $1m. And there’s been big changes in just three years. Track your local rise in our searchable interactive.

Michael and Pam Aish at their Henley Beach home. Henley Beach was one of the coastal suburbs to recently join the million-dollar club. Picture: Naomi Jellicoe

The number of SA suburbs with a million-dollar house median has more than tripled to 55 over the past three years on the back of a red-hot pandemic market, CoreLogic data has revealed.

And that number could almost double to 100 within 18 months if Adelaide’s house price growth continues at its current rate, one property expert has predicted.

The number of suburbs with a median house price of $1m or more is up significantly on the 14 recorded in September 2018, and is a massive increase on the five recorded this time five years ago.

Williams Real Estate partner John Williams said if house prices continued to rise the 55 recorded in September could easily be dwarfed.

“To have 100 suburbs with a million-dollar median wouldn’t surprise me, with the way the market is going,” he said. “It could be within 12 to 18 months the way the market is going, that’s not a silly comment.

“The market is still running and hasn’t slowed down yet.”

CoreLogic figures show Adelaide house values have risen by 21.4 per cent over the past 12 months – with some suburbs increasing by more – and Mr Williams said $1m doesn’t buy you what it used to.

“What was $1.5m even a year ago is now $2m, that’s how rapidly these property prices are increasing,” he said.

“We’ll definitely start regularly seeing $2m medians, there’s no doubt.”

Mr Williams said Adelaide’s conservative nature had held the market back for many years but, with buyers having re-evaluated their lives in the wake of Covid-19 lockdowns and redirecting money they might otherwise have spent on travel into housing – coupled with record low interest rates – they were now prepared to pay top dollar to secure the home of their dreams.

“There’s also a lack of supply now, so if people want it they need to be prepared to pay for it, and they are,” Mr Williams said.

The medians included in CoreLogic’s report are calculated based on a minimum of 20 sales to the end of September.

According to the data, the most valuable suburb is Unley Park at more than $1.892m while Lower Mitcham was the most affordable member of the million-dollar club – scraping in by a mere $357.

Burnside council had 17 suburbs make the list, while Unley came in second with 12.

Interestingly, while there were no coastal suburbs with a million-dollar median recorded either both three years and five years ago, there were eight recorded for this year.

Ouwens Casserly Real Estate agent Linda Van Hooff, who specialises in the Henley Beach area, said the lifestyle Adelaide’s coastal locations offered was in higher demand than ever.

“Linear Park and the beach are a big drawcard for those looking for a healthy lifestyle in this Covid-19 environment,” she said.

“Homes on good-sized allotments and still walking distance to the beach are attracting families from the eastern suburbs, interstate and expats heading home due the pandemic.

“Unless something happens globally, I think the price growths we’ve seen over the past 12 months will continue for the next year.

“If this happens, then the number of coastal suburbs joining that million-dollar club will certainly increase.”

Pam and Michael Aish recently moved from St Georges to Henley Beach and Ms Aish said she could understand why coastal properties were so desirable and commanding hefty price tags.

“We love the culture here and all of the little cafes,” she said.

“It’s just heavenly here, it’s wonderful.”