Search your suburb: What your SA property is worth
Metro and regional SA house values have climbed to record highs. Find out how much homes in your suburb are worth by using our interactive table.
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Adelaide’s median house price has hit a record $700,000 high according to latest quarterly figures, prompting affordability concerns from industry experts amid the state’s housing crisis.
The Valuer-General’s report shows values have increased by 3.7 per cent over this year’s second quarter, and 5.26 per cent for the past 12 months.
This represents a price growth of $25,000 over the past three months, and $35,000 in the past year.
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Real Estate Institute of South Australia chief executive officer Andrea Heading said buyers looking to enter the market would likely have to lower their expectations.
“There are still pockets of opportunity for first home buyers, but what they start out with might be more of an entry-level property,” she said.
“It’s a competitive market and there’s not much around.”
With a potential interest rate rise on Tuesday, and property prices climbing higher than the wage growth, Ms Heading conceded it had never been harder for people to crack the market.
“Certainly from that perspective, yes,” she said.
“We are expecting an increase, but when (properties) rose in February and March, it was still a buoyant market, in terms of sales.”
South Australian Council of Social Services chief executive officer Ross Womersley said rising prices had already put homeownership out of reach for many, and that it was highly likely an entire generation of South Australians might grow up viewing homeownership as an unattainable goal.
“In Australia we have tended to think of ourselves as highly driven by the dream of home ownership per se and haven’t necessarily thought of ourselves as long term renters,” he said.
“These circumstances increase the likelihood that there will be many more long-term renters in the market - people who can’t afford to make that jump across to having enough income to maintain a significant mortgage at a time when prices are escalating at an absurd level.”
With a potential interest rate rise on Tuesday, and property prices climbing higher than the wage growth, Ms Heading conceded it had never been harder for people to crack the market.
“Certainly from that perspective, yes,” she said.
“We are expecting an increase, but when (properties) rose in February and March, it was still a buoyant market, in terms of sales.”
According to the statewide data home values are also up – 4.17 per cent for the quarter to $625,000, and 9.46 per cent over the past 12 months.
This growth is still being driven by a shortage of stock for sale.
There were 6161 sales for this year’s second quarter – up slightly on the 5407 in the previous quarter, but down more than 1000 on the 7290 of the same quarter in 2022.
Metro Adelaide unit values have also performed strongly, up 6.65 per cent for the quarter and a massive 14.12 per cent on this time last year – with their median now sitting at $485,000.
Adelaide city units and apartment values have taken a hit, however – and are down 5.32 per cent for the quarter and 7.19 percent on this time last year.
Walkerville council area – usually the report’s strongest performing council, was easily the worst performing this time round, with the median house value down 20.79 per cent for the quarter and 25.53 per cent for the year.
Of suburbs to record at least 10 sales for both 2023 and 2022’s second quarter, Gawler East, in Adelaide’s north, recorded the greatest value growth, up 41.52 per cent, or $177,500 to a $605,000 median.
Ray White Barossa/Two Wells agent Jamie Wood said house prices had been rising in the suburb over the past two years.
“We’re still getting the same number of buyers through, they’re probably just different buyers we’re seeing – potentially less first-home buyers,” he said. “I think prices will continue to climb for the next 12 to 24 months.”
Sharon Basso, 54, and husband Roger, 56, are selling their 68 East Tce, Gawler East home after four years and Mrs Basso said she was hoping to see that growth reflected in their sale price.
“It feels like a good time to be on the market – I’ve been watching the market and there’s not a lot on, so we’re hoping to have a few interested people,” Mrs Basso said.
“We’ve loved it here but we’re not moving far – we’re building on a few acres at Lewiston and getting a pony so our eight grandchildren can come out and visit.”
According to the data, regional areas also shone, with Barmera house values up 36 per cent over the quarter and 27.10 percent over the past 12 months.
Originally published as Search your suburb: What your SA property is worth
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