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

Adelaide’s median house value has risen again to a record high. Find out what it is and search our interactive map to see what prices have done in your suburb

In good news for homeowners, and more bad news for those trying to enter the market, Adelaide’s median house price has again continued its climb to a new record median.

According to the Valuer-General’s figures for the three months to December, Adelaide’s median house value has climbed to a new high of $740,000.

This represents an increase of 4.08 per cent or $29,000 on the previous quarter and 11.76 per cent or $70,000 over the past 12 months.

The statewide median house value has also climbed to a record $665,000.

This is up 4.08 per cent, or $30,000 over the past quarter, and 10.45 per cent, or $70,000, over the past 12 months.

Real Estate Institute of South Australia chief executive officer Andrea Heading said the jump in the number of sales for the quarter – 6363 compared with 5588 for the previous quarter and 6029 sales for 2022’s fourth quarter – indicated a healthy and confident market.

“REISA is pleased that the volume of sales increased by over 14 per cent this quarter across South Australia,” she said.

“The median price really does show that the South Australian real estate market is robust

and strong and reflecting ever increasing optimism from both sellers and buyers.”

The median metropolitan unit value is also up $20,000, or 4 per cent, over the past quarter, and 11.83 per cent or $55,000 over the past 12 months to a $520,000 median, while median-priced unit and apartment values in the city dropped by $10,000 over the past three months to $455,000.

REISA CEO Andrea Heading. Supplied

“Units and apartments across metropolitan Adelaide showed an outstanding 15.52 per cent increase in the volume of sales since the last quarter while also increasing substantially by 24.65 per cent across the suburb of Adelaide,” Mrs Heading said.

“It is great news that units and apartments continue to hold their own and flourish in the

current economic climate.”

She said it while that made it a challenge for those trying to enter the market, there was cause for hope.

“REISA believes that the median will still climb maybe not as dramatically,” she said.

“To first home buyers – reassess what your entry point could look like, and consider potentially looking at units, homettes or townhouses.”

Of suburbs to have recorded at least 10 sales for this year and last’s final quarters, Munno Para in Adelaide’s northern suburbs, recorded the greatest percentage increase, with the median up 42.36 per cent, or $152,500 to $273,000.

This is from 31 sales last quarter and 26 in the previous quarter – experts consider 10 sales to be sufficient in calculating a statistically reliable average – and represents a daily increase of $417.81 per day, or $17.41 an hour over the past 12 months.

Mike Lao, Edge Realty principal. Supplied

Edge Realty principal Mike Lao said Munno Para’s growth in that period could be attributed to a large number of new sales pulling the median up.

“The new development is kicking into gear and fuelling new builds and that’s pushing the price up,” he said.

“There’s still a lot of interstate investors buying but it’s predominantly first homebuyers.

“That median will probably rise further yet because most of the houses we’re selling now are new builds which go for about $550,000 so there’s probably still a bit left to go yet.”

Paula Antoniou outside her Munno Para home – the suburb has had the greatest jump in home values in the past year. Picture: Brenton Edwards

Paula Antoniou, 54, has lived in her Munno Para home for 10 years and said she had seen enormous change in her time.

“Every necessity I need is at my fingertips and so close by – the gyms, the medical centres, shopping centres, parks, transport – everything is so close by,” she said.

“When I first moved into the north in Munno Para West 15 years ago a lot of this was farm land.

“House prices have increased significantly since when I bought, that’s for sure.

“I love it here – I’ve lived in a lot of areas, and this is the only street that I’ve moved into where I got a welcome letter in my letterbox.”

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In terms of dollar growth, Mile End homeowners had the biggest reason to smile, recording the highest dollar-value increase over the past 12 months of $315,000 to a $1.07m median.

The Valuer-General’s figures show perhaps the best buying opportunities can be found in Seaford, where the median value has dropped $155,985 or 21.99 per cent from $709,485 to $553,500 over the past 12 months.

Those trying to get into the prestigious suburbs of Parkside or Stirling also have cause for hope, with median values dropping $320,000 and $185,000 over the past year respectively.

For regional towns and cities, with 17.67 per cent value growth over the past 12 months, Murray Bridge homes narrowly edged out Mount Gambier’s 17.67 per cent growth for the same period, while Berri houses recorded the greatest 12 month value increase of 13.11 per cent.