Valuer-General’s figures: What your home is worth

The latest Valuer-General’s figures are out, showing record growth in many Adelaide suburbs. Find out how yours performed here in our searchable table.

Housing markets are cooling around the nation, but there’s no sign of South Australia’s cooling any time soon, a new report shows – increasing concerns that home ownership may be becoming an impossible dream for first-time buyers.

The latest Valuer-General’s figures reveal metropolitan Adelaide’s median value has risen by more than $120,000 over the past 12 months.

It now sits at $661,750 – up 22.55 per cent, or $121,750 on the same quarter last year.

This is an increase of 1.81 per cent, or $11,750, on the previous quarter.

The statewide median has also reached a record high – up 3.64 per cent for the quarter and 21.28 per cent over the past 12 months to $570,000.

Real Estate Institute of South Australia interim chief executive officer Cain Cooke said the results were “extraordinary” given continuing Covid pressures and recently hefty interest rate rises.

“The outstanding results from this quarter both in the median price and volume of sales clearly demonstrates the continuing confidence that vendors and purchasers have in their real estate transactions and the underlying resilience and strength of the real estate market” Mr Cooke said.

“The sales and median results show that the June quarter was still very much within a

booming house market cycle with vendors and purchasers continuing to transact across the board in both affordable and premium properties.”

As positive as the report was for homeowners, Mr Cooke said it also highlights the “inevitable flow-on effects of housing affordability and supply”.

“A median price that just goes up and up every quarter makes home ownership a fleeting dream for many South Australians and certainly may deter purchasers who plan on buying an investment property,” he said.

Cain Cooke, interim chief executive of the Real Estate Institute of South Australia, relaxing at his home. Photo: Nick Clayton

In contrast, a PropTrack report this week predicted every city except for Adelaide and Perth would experience value falls over the coming five months.

House values in Sydney, Melbourne, and Canberra are all tipped to drop by 6 per cent this year, Hobart homes are tipped to lose 4 per cent, Darwin 3 per cent and Brisbane 1 per cent.

Adelaide and Perth homes are both tipped to increase 5 per cent by the year’s end.

Figures show SA recorded 7281 sales for the year’s second quarter, up 379 on the 6902 recorded in the previous quarter.

While homeowners across the state will be celebrating, city apartment owners have little to be happy about.

Their values dropped 13.6 per cent for the year from $555,000 to $479,500.

Of the suburbs to have recorded at least 10 sales for both the current quarter and 2021’s second quarter, Findon had the largest value increase, up 68.86 per cent from $456,000 to $770,000.

Harris Real Estate agent Sam Bennett said Findon was incredibly popular due to it being halfway between the city and both the sea and Port Adelaide.

“A lot of people have come in for the schools there, and the Findon Shopping Centre has been a strong drawcard too,” he said.

Mr Bennett said while the market in general had cooled over recent months, demand was still strong.

“The auction clearance rate is hovering around 60 to 70 per cent, which is still growth territory – it was at 92 per cent for perspective – so it’s not like it was, but a normal market pre-pandemic would have been sitting around 55 to 65 per cent,” he said.

Theodore Christou, 1, with his dad, James Christou at home in Findon, the state’s top-performing suburb according to the latest Valuer-General’s figures. Picture: MATT LOXTON

Infrastructure adviser James Christou, 31, has called Findon home for the past five years and said he was thrilled to see values rise.

He recently sold one of the two homes he built on a block he subdivided, and said he was ecstatic with the result.

“I was attracted to Findon because of its affordability compared to neighbouring suburbs like the Fulhams and Lockleys,” he said.

“I was shocked that the value of my home had grown probably about $150,000 over what I had expected, and then I capitalised on that and decided to sell, and I was thrilled with the price I got.”

Regionally, Renmark was the top-performing SA town over the past 12 months, up 40.78 per cent, while Walkerville was the state’s standout council area, where house values jumped 39.58 per cent over the same period.