Valuer-General’s April figures: What your suburb is worth

The Valuer-General’s latest list of Adelaide home values are out. Find out what your suburb median has done over the past 12 months. Explore our interactive map and table here:

In what is good news for homeowners and a further blow for those trying to enter the market, Adelaide’s median house value has again continued its climb – to a new record median of $760,000.

The Valuer-General’s figures for the three months to April show Adelaide’s median value increased 2.01 per cent, or $15,000, on the previous quarter and 12.59 per cent, or $85,000, over the past 12 months.

The statewide median house value has also climbed – to a record $675,000.

This is up 1.5 per cent, or $10,000 over the past quarter, and 12.5 per cent, or $75,000, over the past 12 months.

Real Estate Institute of South Australia chief executive officer Andrea Heading said while it was great to see an increase in the median price, the decline in sales – 5573 for this quarter, compared with 6393 for the previous quarter – showed the struggle to curb inflation had affected consumer confidence.

“While an increases in the median price demonstrated that buyers were still willing to pay premium prices, the decline in the volume of sales showed that the economic environment had certainly cooled the desire of first home buyers to enter the real estate market,” she said.

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“In short, this means that it is great news for those already in the market but not so good if you are trying to get in.

“While the volume of sales is still up from the same quarter last year, consumers remain cautious of the economic landscape moving forward.”

According to the report, the median metropolitan unit value is also up 2.79 per cent or $14,500, over the past quarter, and 17.65 per cent, or $80,250, over the past 12 months to a $535,000 median.

The median-priced unit and apartment values in the CBD dropped rose by $5,000 over the past three months to $460,000, despite being down 3.16 per cent over the past 12 months.

“South Australia’s real estate market continues to do well despite the low supply of housing stock and the headwinds of continuing economic uncertainty,” Ms Heading said.

Of suburbs to have recorded at least 10 sales for this year and last’s first quarters, Somerton Park recorded the greatest percentage increase, with the median up 63.86 per cent, or $795,000, to $2.04m.

This is from 12 sales last quarter and 17 in the previous quarter – experts consider 10 sales to be sufficient in calculating a statistically reliable average – and represents a daily increase of $2178.10, or $90.75 per hour, over the past 12 months.

REISA CEO Andrea Heading. Supplied

Anton Vizzari of Harris Real Estate. Supplied

Harris Real Estate agent Anton Vizzari said he was not surprised by Somerton Park’s growth and said there was more to come.

“It’s a very buoyant marketplace at the moment and performing because of its proximity to the best coastline in metropolitan Adelaide and it’s fantastic infrastructure and access to great amenities,” he said.

“There are no signs at our opens or with our inquiry levels that things are slowing down and I feel it’s still on the upward trajectory.

“We’re getting a mix of buyers – I’ve had a lot of interstate inquiries for the more expensive properties and a lot of locals are upsizing.”

Avron Birell at the 179 Brighton Rd, Somerton Park property she is selling after calling the suburb home for the past 18 years. Picture: Tom Huntley

Artist Avron Birell, 56, has called Somerton Park home for the past 18 years and is now selling her 179 Brighton Rd home to move back to England.

“I love the closeness to the beach and city, and I love going for walks and there are some lovely ones in the area, and there are great schools here as well,” she said.

“On my walks I see signboards go up and then a few days later they’re sold.

“I’ve definitely seen prices going up and hopefully that’s good news for me.”

The Valuer-General’s figures show that, perhaps the best buying opportunities can be found in Sellicks Beach, where the median value has dropped $75,000 or 10.27 per cent from $730,000 to $655,000 over the past 12 months.

Those trying to get into the more prestigious coastal suburb of Lockleys also have cause for hope, with its median value dropping $110,000 over the past year.

For regional towns and cities, with 23.16 per cent value growth over the past 12 months and 18.48 per cent for the quarter, Port Lincoln was the star performer.