Medindie becomes Adelaide’s first $3m suburb after stellar start to 2024

There are currently 93 SA suburbs or towns with a median price of $1m or more, with most of these having joined this club in the past few years. Has yours scraped in? See the full list here

Lydia Kellner and Tom Bowden

3 min read

March 4, 2024 - 11:41AM

News Corp Australia Network

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Adelaide’s luxury housing market is on the rise, with the City of Churches recording its first ever $3m suburb.

According to the latest PropTrack data, median house prices in Medindie have jumped by over 6 per cent since November last year, taking the suburb’s median to a record $3.175m.

Medindie is now one of just 109 localities across Australia with a median of over $3m, the majority of which are located in New South Wales (95), Victoria (7), Western Australia (3), Queensland (2) and the Australian Capital Territory (1).

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PropTrack senior economist Eleanor Creagh.

PropTrack senior economist Eleanor Creagh said Adelaide’s move into the $3m club has been a long time coming, with the city Australia’s strongest performing capital market since March 2020.

“Home prices in Adelaide are up close to 60 per cent on pre pandemic levels, so I guess it was only a matter of time until it clocked its first $3m suburb,” she said.

“We’re likely to see more suburbs entering that list over the next year with home prices expected to continue to grow.”

“Adelaide avoided the downturn in prices that we saw in 2022 when interest rates were first starting to rise and (property) prices were first falling in many other markets.

“Adelaide then continued to outperform other capital cities last year … which has all contributed to the strong pace of price growth we’re seeing now.”

According to PropTrack, Adelaide’s median house price currently tracks at $760,000, up 13.05 per cent over the past 12 months.

Stephanie Williams of Williams Real Estate. Picture: Naomi Jellicoe

Selling agent Stephanie Williams of Williams Real Estate said Medindie’s record status had been a long time coming and was, in part, driven by low stock levels and strong buyer demand to buy in a sought-after locale.

“It’s exciting when we hit those benchmarks. It shows us that we have a strong market and desirability in that area,” she said.

“There’s a real strong demand for, what I call lifestyle estates, which are substantial properties on 2000sq m to 3000sq m with a big family home, a tennis court and a swimming pool … ranging between $5m to $15m.”

According to PropTrack’s latest Market Trends report, there are currently 93 SA suburbs with a median of $1m or more.

Seven of these have a median price between $2m and $3m, 22 were between $1.5m and $2m, and the remaining 63 had a median of between $1m and $1.5m.

“So I’m not surprised to hear that Medindie has cracked a suburb median of $3m … and the next (property) that comes up will again be in the double digits and set new records when it sells.”

Booth Real Estate’s Jamie Brown.

Booth Real Estate agent Jamie Brown, who specialises in selling prestige property, said Adelaide’s top end was the strongest he had seen it and he tipped continued growth.

“It has the best foundation I have ever seen,” he said.

“It would take a significant global event to have any effect, but having said that we’ve had a few curve balls over the last four or five years, and Adelaide has done better compared to Sydney and Melbourne.”

“In the past it has been expats who have set the pace of a new benchmark, but they’re coming second or third now to locals.

“We’re not as reliant on left-field buyers as we used to be because the local demand at that price is so strong.”