The SA suburbs where prices have climbed most since interest rates started rising

Rising interest rates are putting pressure on Adelaide’s property market but not every suburb is being impacted. See the immune suburbs – some might surprise you.

Rising interest rates have taken a toll on Adelaide’s property market, but some suburbs appear to be immune from the mounting pressure.

Latest PropTrack data reveals the suburbs that have recorded the largest price growth between April last year when the cash rate was 0.1 per cent and June when it reach 4.1 per cent after 12 interest rate rises.

Seaton topped the list for units, with its median price climbing a whopping 43.8 per cent to $548,250.

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Somerton Park houses followed closely behind, recording 41.8 per cent growth to take the median to $1.5m.

House prices in more than 150 suburbs rose by 10 per cent or more over the period, while 13 suburbs experienced double-digit growth for units.

LJ Hooker West Lakes-Henley Beach agent Rosemary Auricchio said it wasn’t surprising unit prices had increased so much in Seaton.

“The demand has been very strong and that’s been from a combination of first-home buyers and people looking to downsize,” she said.

“People want to be close to Grange and Henley.

“People still want to be able to purchase in a good area but houses are just not achievable.”

Ms Auricchio said buying a unit was one of the best ways to get into the area as there were more available there than in surrounding suburbs.

Somerton Park house prices have climbed 41.8 per cent since April last year. Picture: realestate.com.au

Unit prices in Seaton increased 43.8 per cent during the same period. Picture: realestate.com.au

“The reason why Seaton would come up is because there are a lot more units in that suburb,” she said.

Further south, Allan Real Estate director Brad Allan said buyers were still happy to splash millions on a house in Somerton Park.

“Recently there’s been more sales on the western side of Brighton Road than the eastern,” he said.

“A lot of properties … are selling from $1.5m up to $3m.”

Mr Allan said it was a sought-after area because it wasn’t as busy as some other coastal suburbs.

“Some people don’t like the hustle and bustle of Glenelg,” he said.

“Somerton Park is just a nice location for people travelling to work while still being near the beach.

“I can see values in the suburb continuing to grow.”

He said there were older homes that were in much too good condition to knock over but some buyers would still fork out millions for them then bulldoze them to make way for another home.