Up, Up and Away: How property values in Adelaide have doubled up in a year

Adelaide’s housing market continues its show of strength. Find out which suburb recorded an almost 50 per cent value increase over the past 12 months.

Investment in property has paid off well for homeowners. Picture: iStock

There’s no stopping the real estate boom in Adelaide with latest stats revealing how some Adelaide suburbs have recorded a nearly 50 per cent jump in value in the past 12 months.

CoreLogic’s annual Best of the Best Report, which provides a comprehensive suburb-level analysis of Australia’s best and worst performers (up to November 2021) including top sales, highest median values and strongest growth rates, reaffirms the remarkable results.

With an annual change in value at 49.2 per cent, the high-in-demand suburb of Beaumont sits at top of the list. The median value of a house here has been recorded at $1,590,856.

Coming in a close second is St Georges with 48.2 per cent change in value. The suburb has a median house price of $1,600,654.

SA sellers are reaping the rewards of a booming housing market.

Homeowners in Glen Osmond, Wattle Park and Glenside have reason to cheer as well.

The CoreLogic report highlights more than 46 per cent increase in value for these suburbs.

In reviewing the year that was, CoreLogic’s head of research Eliza Owen said the estimated value of Australia’s residential real estate had gone from $7.2 trillion at the end of November 2020, to reach a record high of $9.4 trillion in just 12 months.

“Nationally, dwelling values have recorded an annual appreciation of 22.2 per cent, the highest increase since 1989,” Ms Owen said.

“Adelaide continues to attract interstate buyers for high levels of affordability. There’s also a sense of urgency among buyers because stock levels here are low.”

Unley Park leads the way as the suburb with the highest median value of $1,958,302. Also experiencing extraordinary growth are Toorak Gardens, Hyde Park, Malvern and Tusmore suburbs.

Glenside remains a popular favourite with new homeowners. Supplied by Cedar Woods

New homeowner Karen Pitman, who works as a business development manager, purchased her two-bedroom apartment in Glenside in July this year. “Adelaide is all about location,” said Ms Pitman who admits she’s already seen her investment reap rewards.

“There’s been a significant increase in the property’s value and it gives me immense confidence in my investment.”

According to Mark Pivovaroff, Development Director, Cedar Woods (SA), the quality of the project and the desirability of a suburb has led to strong sales.

“We expect to see Glenside continue to perform well as a suburb because of its city-fringe location and the convenience of the lifestyle enjoyed by its residents,” said Mr Pivovaroff.

It’s not just houses that are seeing exponential increase in value in a short span of time.

West Lakes, with a median value of $513,510 for a unit, has seen an annual jump of 20.3 per cent. Glenelg has emerged a popular choice for buyers looking for a unit with 143 units sold in the last 12 months.

The CoreLogic Report also highlights rental value appreciation over 12 months. Taking the number one spot with a growth of 16.7 per cent is Seaford with a median rental value of $431. Fulham and Beaumont have also seen more than 16 per cent change in rental value.

The lowest median value for houses and units was recorded for Elizabeth North and Salisbury respectively.

Originally published as Up, Up and Away: How property values in Adelaide have doubled up in a year