Best of the best: SA’s winning suburbs
The top-performing suburbs across 12 categories – including the highest and lowest-median prices for units and houses within 10km of the CBD – have been identified. Did yours make the list?
It has been a big year for South Australian real estate, with many suburbs experiencing enormous value growths that have helped push SA’s median price to a record high.
PropTrack and realestate.com.au have released their Best Of The Best report, revealing the winners across a range of data points.
Today we focus on six categories, with part two of our coverage – which has a strong focus on Adelaide’s rental and investment market – featuring in tomorrow’s Sunday Mail. When looking at suburbs with the highest median for 2022, it will probably come as no surprise to most that Medindie has taken out top spot, recording a median house price of $2.803m from its 18 sales.
It was almost $500,000 more than the second-placed Rose Park, which recorded a $2.31m median from 16 sales.
For units, Heathpool was the star performer, recording a median sale price of $827,500 from 10 sales.
Regionally, Middleton was top dog, with a median house price of $820,000, while Normanville had the strongest unit market at $417,500.
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When it comes to value growth, Kensington Park, in Adelaide’s leafy east, recorded the strongest 12-month change for houses – up 53.6 per cent to a $1.705m median.
It narrowly edged out the northern suburb of Elizabeth South, where house prices increased 52.8 per cent to a $298,000 median.
Seaton, in Adelaide’s west, was the winner for 12-month unit value growth, up 39.1 per cent, ahead of Salisbury East in Adelaide’s north, where values increased by 37.4 per cent.
Regionally, Jamestown was the winner regionally for houses – up 56.8 per cent over the past year, while McCracken recorded Adelaide’s strongest 12-month regional unit growth of 76 per cent.
Finder consumer research head Graham Cooke said while value gains were great for homeowners, they were bad news for those looking to buy.
Interest rate rises also weren’t helping, he said.
“The current series of rate hikes has added almost $11,000 to the annual cost of a $500,000 mortgage – a huge amount of extra money for mortgage holders to fork out,” he said.
“Renters are also doing it tough; vacancy levels are at record lows and the latest Rental Affordability Index shows all capital cities saw a drop in affordability in this year.
“Between what Aussies earn and what they spend – for many there’s nothing left over at the end of the month.”
Despite the widespread value growth experienced across the state, some suburbs still offer a relatively affordable entry point in to the market, particularly for those looking to live near the city.
According to the data, Woodville Gardens, 8km northwest of the CBD, has the most affordable houses within 10km of the city, with a median of $467,500.
Kilburn, St Clair, Athol Park and Mansfield Park were identified as the other near-city bargain buys – all offering median prices of $480,000 or less.
St Marys has the cheapest units within 10km of the city, with a median of just $253,500.
Looking further afield, Roxby Downs offers the state’s best rental yields, with units in the mining town returning 9.74 per cent.
Port Pirie houses deliver 9.15 per cent rental yield, while Smithfield Plains wins for metropolitan houses – returning 6.26 per cent.
St Clair wins for top rental yield for houses within 10km of the city, at 4.7 per cent.
Harcourts Packham director James Packham said many people were wondering what 2023 would hold for real estate.
“A continued market correction is tipped across all Australian markets next year,” he said.
“Many predict housing prices to drop by up to 10 per cent to accommodate higher interest rates, but with continued heavy demand and lower supply we are still experiencing premium prices by those eager to snap up good property in a smaller market.
“Prices increased by 25 per cent in recent years, so even with a drop of 10 per cent we have seen a 15 per cent growth nationally over three years.”
Meadows our blooming town right in the sweet spot
While short-term data is interesting, real estate experts will tell you long-term analysis provides the best indication of the strength of a location.
In SA, Meadows is the clear winner when it comes to the highest capital growth over a five-year period, with median values increasing a whopping 100.9 per cent to $640,000.
Raine & Horne’s Gary Dawe, who has lived in Meadows for 66 years, said the town’s secret was out. “It’s close to everything you want – it’s 45 minutes from both Adelaide and Victor Harbor, it’s an hour from the Barossa Valley and a bit over 30 minutes from the River Murray,” he said. “Prices have gone boonta in the past 18 months, where it would have increased by 30 per cent in just that time.”
Nurse Jodie Hall and her partner, veterinarian Peter Hutchinson, both 53, recently bought in Meadows.
“I love horses and I wanted to get a suitable property for them and Meadows offered us that space, tranquillity and ambience, and a break from our hectic working lives,” she said.
“Hopefully, property values here continue to climb – it’s a really beautiful spot and all of our neighbours are friendly. Plus, a lot of people here work from home, too, because the internet is really good.”
PropTrack and realestate.com.au’s Best of the Best: The Winners
Highest median price – Metro Houses
Suburb, Median Price
Medindie $2,803,000
Rose Park $2,310,000
Toorak Gardens $2,125,000
Malvern $2,105,000
St Peters $2,097,500
Highest median price – Metro Units
Heathpool $827,500
West Lakes Shore $697,500
Hyde Park $670,000
Stepney $619,888
Kent Town $610,000
Highest median price – Regional Houses
Middleton $820,000
Carrickalinga $797,500
Port Elliot $742,500
Suttontown $705,000
Compton $695,000
Highest median price – Regional Units
Normanville $417,500
Encounter Bay $375,000
Victor Harbor $360,000
Tanunda $357,500
Strathalbyn $350,000
Lowest median within 10km of city – Houses
Suburb, current median, distance from CBD
Woodville Gardens $467,500 8km
Kilburn $538,000 8km
St Clair $550,000 8km
Athol Park $552,500 9km
Mansfield Park $580,000 9km
Lowest median within 10km of city – Units
Suburb, current median, distance from CBD
St Marys $253,500 8km
Richmond $275,000 3km
Kilburn $277,500 8km
Croydon Park $290,000 6km
Brooklyn Park $296,000 4km
Greatest five-year change in median – Metro Houses
Suburb, current median, 5-year growth
Meadows $640,000 100.9%
Kingswood $1,680,000 96.8%
Kensington Park $1,705,000 89.4%
Beulah Park $1,350,000 84.7%
Royston Park $1,680,000 84.2%
Greatest five-year change in median – Metro Units
Suburb, current median, 5-year growth
Morphett Vale $358,750 53.0%
Salisbury Downs $320,000 50.9%
Salisbury East $305,000 48.8%
Fullarton $580,000 48.2%
Semaphore Park $499,000 46.8%
Greatest five-year change in median – Regional Houses
Suburb, current median, 5-year growth
Middleton $820,000 84.3%
Robe $625,000 81.2%
Normanville $620,000 75.4%
Mount Compass $676,000 71.1%
Goolwa North $650,000 71.1%
Greatest five-year change in median – Regional Units
Suburb, current median, 5-year growth
Wirrina Cove $175,000 62.8%
Victor Harbor $360,000 43.1%
Murray Bridge $245,000 41.2%
Mount Gambier $236,500 38.3%
Strathalbyn $350,000 29.6%
Greatest 12-month change in median – Metro Houses
Suburb, current median, 12-month growth
Kensington Park $1,705,000 53.6%
Elizabeth South $298,000 52.8%
Marden $952,500 51.2%
Meadows $640,000 50.6%
Beulah Park $1,350,000 50.0%
Greatest 12-month change in median – Metro Units
Suburb, current median, 12-month growth
Seaton $460,000 39.1%
Salisbury East $305,000 37.4%
North Adelaide $600,000 35.4%
Broadview $400,250 32.3%
Glenelg North $430,000 30.3%
Greatest 12-month change in median – Regional Houses
Suburb, current median, 12-month growth
Jamestown $225,000 56.8%
Risdon Park South $272,500 51.4%
Mount Compass $676,000 50.2%
Goolwa North $650,000 47.7%
Solomontown $181,750 41.2%
Greatest 12-month change in median – Regional Units
Suburb, current median, 12-month growth
McCracken $150,000 76.0%
Murray Bridge $245,000 39.6%
Mount Gambier $236,500 16.8%
Tanunda $357,500 32.4%
Strathalbyn $350,000 12.5%
Highest gross rental yields – Metro Houses
Suburb, 12 months rental yield
Smithfield Plains 6.26%
Elizabeth North 6.24%
Elizabeth Downs 6.16%
Davoren Park 6.07%
Andrews Farm 5.76%
Highest gross rental yields – Metro Units
Suburb, 12 months rental yield
Kilburn 6.54%
Edwardstown 6.54%
Kurralta Park 6.27%
Mawson Lakes 6.15%
New Port 6.12%
Highest gross rental yields – Regional Houses
Suburb, 12 months rental yield
Port Pirie West 9.15%
Risdon Park 8.34%
Whyalla Norrie 8.31%
Port Augusta 8.05%
Goolwa South 8.03%
Highest gross rental yields – Regional Units
Suburb, 12 months rental yield
Roxby Downs 9.74%
Whyalla SA 56008.16%
Mount Gambier 6.00%
Port Lincoln 5.95%
Murray Bridge 5.90%
Highest gross rental yields within 10km of CBD – Houses
Suburb, 12-month rental yield, distance from CBD
St Clair 4.70% 8km
Ferryden Park 4.39% 7km
Woodville North 4.24% 8km
Kurralta Park 4.24% 3km
Morphettville 4.24% 7km
Highest gross rental yields within 10km of CBD – Units
Suburb, 12-month rental yield, distance from CBD
Kilburn 6.54% 8km
Edwardstown 6.54% 6km
Kurralta Park 6.27% 3km
Walkerville 6.03% 5km
Camden Park 5.87% 6km
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Originally published as Best of the best: SA’s winning suburbs