Expert’s bold prediction for SA’s $1m+ suburbs
SA’s prestige real estate market is bucking the national trend. Find out how many suburbs now have a $1m+ median, and one agent’s forecast for the state’s top-end market. Did your suburb make it?
South Australia continues its march towards having 100 suburbs with a million-dollar median, with one agent predicting that number could reach triple figures by the end of the year.
According to realestate.com.au data, there are 84 SA suburbs with a median of more than $1m.
Medindie, on the city’s northern fringe, has the state’s highest median price, notching up an impressive $2.65m from 20 sales over the past 12 months.
Toorak Gardens in Adelaide’s leafy east and Malvern and Unley Park in Adelaide’s inner south all recorded medians of more than $2m.
Looking at the suburbs set to join Adelaide’s million-dollar club, there are 25 with a recorded median between $900,000 and $1m – 13 of them between $950,000 and $1m. Williams Real Estate partner and luxury property specialist Stephanie Williams said the number of million-dollar suburbs would “rapidly increase” in the next 12 months.
“When houses have gone up 25 per cent over the past two years, I would say there could possibly be up to another 50 per cent more million-dollar suburbs over the next 12 months, as the figures start to flow in from the sales that have occurred over the past six months,” she said.
“It’s quite likely we’ll have 100 million-dollar suburbs by the end of the year.”
Despite a recent PropTrack report forecasting Adelaide house prices would drop by 3-6 per cent next year, Mrs Williams says a lack of supply and continued demand for luxury homes would mean this was unlikely to happen in the top end of the market.
“Stock levels are down 22 per cent on the previous year for the fifth year in a row, and it would be higher than that in the luxury market, it would be closer to 40 per cent down on this time last year,” she said.
“And prices will hold – if all of a sudden the floodgates open, that’s when the impact will be felt.”
Ouwens Casserly Real Estate agent Cynthia Sajkunovic said the prestige market was running hot and had not been impacted by recent interest-rate hikes.
“It’s certainly not discussed with us, and we’re not seeing any impact from interest rate rises among top-end buyers. There aren’t fewer people at opens – if anything there are more,” she said.
“Our biggest challenge is getting enough stock to service the clientele, and this is what’s helping keep prices up.
“There’s still quite a bit of interstate interest around, but they’re not the only ones buying – there’s a lot of wealth in South Australia, particularly among those in the medical field, and there are some really successful business owners out there with a lot to spend and the confidence to do it here.”
EVERY SA SUBURB WITH A $1M+ MEDIAN
Suburb, Number sold in the past 12 months, Median sale price
Medindie 20 $2,625,000
Toorak Gardens 41 $2,105,000
Malvern 42 $2,068,000
Unley Park 16 $2,010,000
Tusmore 14 $1,876,000
Hyde Park 29 $1,810,000
St Peters 44 $1,795,000
Fitzroy 11 $1,775,000
Heathpool 15 $1,750,000
Glenelg South 21 $1,740,000
Glenelg 14 $1,735,500
Beaumont 79 $1,700,000
Erindale 35, $1,700,000
Glenunga 52 $1,661,000
Royston Park 25 $1,650,000
Kensington Park 33 $1,647,000
Leabrook 18 $1,635,000
St Georges 46 $1,614,444
Walkerville 60 $1,602,500
Trinity Gardens 20 $1,598,000
Millswood 28 $1,592,500
Netherby 21 $1,530,000
Kensington Gardens 37 $1,525,000
Joslin 14 $1,525,000
Dulwich 25 $1,521,000
Wayville 14 $1,520,000
Unley 63 $1,500,000
Hawthorn 37 $1,500,000
Hazelwood Park 29 $1,465,000
Collinswood 13 $1,410,000
Henley Beach South 47 $1,410,000
Kingswood 39 $1,385,000
Tennyson 24 $1,382,500
Myrtle Bank 34 $1,380,000
Westbourne Park 26 $1,377,500
Rosslyn Park 23 $1,372,000
Linden Park 45 $1,370,000
Burnside 62 $1,361,000
Wattle Park 40 $1,355,000
Teringie 18 $1,352,500
Norwood 84 $1,345,000
Torrens Park 55 $1,325,000
Goodwood 45 $1,320,000
Gilberton 35 $1,315,000
Fullarton 55 $1,315,000
Beulah Park 31 $1,310,000
Frewville 20 $1,301,000
Henley Beach 113 $1,300,000
Semaphore South 21 $1,290,000
Urrbrae 30 $1,280,000
Highgate 19 $1,278,000
Glen Osmond 35 $1,275,000
Stonyfell 25 $1,272,500
Glenside 34 $1,265,000
Colonel Light Gardens 36 $1,232,500
Mitcham 31 $1,215,000
Stirling 58 $1,205,000
Cumberland Park 34 $1,200,000
Seacliff 23 $1,200,000
Parkside 89 $1,175,000
Kingston Park 12 $1,145,000
Eastwood 12 $1,142,500
Vale Park 65 $1,140,000
Crafers 43 $1,135,000
Maylands 23 $1,125,000
Glenelg East 50 $1,122,500
North Brighton 34 $1,120,000
Clarence Park 32 $1,115,000
Croydon 19 $1,101,000
West Beach 80 $1,100,000
Aldgate 47 $1,100,000
Somerton Park 101 $1,100,000
Craigburn Farm 76 $1,093,500
Brighton 50 $1,067,500
Evandale 29 $1,063,000
Black Forest 23 $1,060,000
St Morris 23 $1,055,000
Lower Mitcham 31 $1,050,000
Mount Osmond 11 $1,050,000
Stepney 10 $1,025,000
Kensington 22 $1,023,400
Lockleys 78 $1,006,500
Forestville 15 $1,000,000
North Adelaide 99 $1,000,000
Prospect 192 $1,000,000