Adelaide home prices: 353 suburbs’ property values rise $100 per day | PropTrack

With property prices reaching record highs in SA, the humble home has become the main breadwinner – earning almost twice the average Aussie wage. Find out how your suburb compares.

With property prices reaching record highs across SA, the humble home has become the main breadwinner in many households, earning almost twice the average Aussie wage.

New research from PropTrack shows 353 of 372 suburbs across the state experienced price surges of at least $100 a day, with the top 10 areas in Adelaide growing a minimum of $500 a day.

Toorak Gardens emerged as SA’s top earning suburb, with the value of a home surging $887.89 a day, based on an annual 15.8 per cent house price growth.

In St Peters, house values grew by $835.30 a day, while homes in Dulwich, Malvern, Millswood and Glenelg grew by over $600 a day.

Westbourne Park, Beulah Park, Glenelg South and Urrbrae rounded out the top 10 with home price surges of around $500 a day.

By Comparison, the average Aussie worker makes $377.76 a day, based on a $1888.80 full-time wage, meaning homes are now the main breadwinner across hundreds of Adelaide households.

HOW MUCH HOUSES ARE WORTH IN ADELAIDE

PropTrack economist Anne Flaherty said South Australia and particularly Adelaide’s extraordinary growth was in part being fuelled by demand from interstate investors.

“The median cost of a home is still below what it is in Melbourne, Brisbane or Sydney,” she said.

“So a higher share of the growth could be from interstate investors.”

Given the cost-of-living crisis and high interest rates, Ms Flaherty said the level of growth was “quite extraordinary”.

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While Adelaide’s top-end suburbs with median over $1m experienced the highest daily value growth – due to the exuberant cost of a home – Ms Flaherty said the best year-on-year growth was recorded in more affordable pockets.

This includes suburbs in northern Adelaide, with the median house price in Elizabeth Downs, $477,319, Elizabeth North, $438,180, and Davoren Park, $447,541, all rising by more than 30 per cent.

HOW MUCH UNITS ARE WORTH IN ADELAIDE

Median unit prices also surged across the city, increasing more than $153,000 in Somerton Park, Rostrevor and North Haven.

And in regional South Australia, buyers would be forking out at least $200 extra a day compared to 12 months ago to purchase a house in suburbs like Tailem Bend, up 27.9 per cent, Robe, 22.8 per cent, and Murray Bridge, 21.1 per cent.

“So the other thing that could be driving South Australia’s prices is that it has one of the tightest rental vacancy rates in the country, so there might be some tenants that decide to become first-home buyers,” Ms Flaherty said.

Real Estate Institute of South Australia chief executive Andrea Heading said many prospective buyers were feeling the need to buy now after the state’s phenomenal price growth.

As a result, Ms Heading said some homes were selling the moment they were listed as a lot of purchasers hadn’t been overly impacted by increased interest rates.

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She added that pockets of northern Adelaide represented really affordable buying opportunities with median house prices under $600,000 in nearly 30 suburbs.

“We’ve had a lot happen in terms of infrastructure build and the Northern Expressway (connects) outer lying suburbs so the commute is easier,” she said.

Ray White North Adelaide principal Rachel Lawrie said she had seen an influx of interstate buyers, especially from Victoria, since the pandemic and especially in the last 12 months.

She added that the homes her agency listed for sale were on the market for an average of just 19 days.

While she didn’t believe home prices would necessarily catch up to Sydney or Melbourne necessarily, Ms Lawrie said she believed there’d be steady growth across the state.

“We definitely see a major change in the demographic in Adelaide. If that was the case, I can’t foresee it,” she said.

“Sydney (and) Melbourne go up and down like yo yos, but they have big ups and downs, whereas we’ve been quite steady apart from obviously Covid.”

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James Meldrum outside his home in Malvern. The suburb has been named one of SA’s top locations for house price growth. Picture: Kelly Barnes

Malvern homeowner James Meldrum said he was unsurprised to see continuous property price surges in his suburb.

According to the data, house prices in the leafy eastern suburb have surged by 12.3 per cent over the past year, meaning the average home now transacts $230,826 more than it did in 2023.

“We bought this house just before Covid and have really enjoyed living here,” Mr Meldrum said.

“There are so many great cafes, we’re just a stone’s throw from the city and the suburb has great, safe and wide streets.

“It’s great for kids and the neighbourhood is fantastic and it’s one of those suburbs that still retains large heritage-style house that are so popular....and I think it’s all that, that makes Malvern so popular.”

Originally published as Adelaide home prices: 353 suburbs’ property values rise $100 per day | PropTrack