The Adelaide suburbs racing towards a million-dollar median house price
New research reveals the suburbs on track to reach a million-dollar median house price in the next six months.
It might not stop the nation like the Melbourne Cup but a highly anticipated race in Adelaide’s property market will captivate homeowners and househunters.
New research by realestate.com.au reveals there are five suburbs on track to claim a spot in the city’s exclusive million dollar club over the next few months.
The analysis based on latest quarterly growth in suburbs that have recorded 20 sales or more over the past 12 months shows where the median house price could reach seven figures in the next three or six months if the same level of growth continued.
Hawthorn was first out of the gate, with its $985,000 median price tipped to hit $1,050,165 in just three months and $1,119,641 in six months.
Glenelg was closely trailing, with its $940,000 median price expected to reach $1,025,304 in three months and $1,118,349 in six months.
Henley Beach South, Mitcham and Highgate were predicted to reach a million-dollar median by April next year.
Chief economist at realestate.com.au Nerida Conisbee said while they were just predictions, the data showed what areas had already performed well through the coronavirus pandemic.
“We looked at areas that were close to $1 million but had also experienced reasonable price growth during COVID,” she said.
“In some of these cases, it’s more likely that some of these suburbs will hit $1 million sooner.
“They’re also suburbs that people have wanted to live in most post COVID too compared to other areas.”
Ouwens Casserly Real Estate agent James Robertson was confident Hawthorn would cross the line given homes in the tightly held suburb were in such high demand.
“I’m actually surprised it’s not there already,” he said.
“Hawthorn is a spot that’s very well regarded – it’s got stunning homes and really nice wide streets.
“You get big allotments, gorgeous character homes and it’s a super family friendly area.
“I would be shocked if it wasn’t at that level in the next six months, it’s always well received.”
Mr Robertson said many young families aspired to live in Hawthorn or similar areas, which would continue to drive prices up.
SUBURBS RACING TOWARDS A MILLION-DOLLAR MEDIAN
(Suburb, median house price, median house price in six months if latest quarterly growth continued)
Hawthorn: $985,000 – $1,119,641
Glenelg: $940,000 – $1,118,349
Henley Beach South: $935,000 – $1,019,703
Mitcham: $920,000 – $1,048,387
Highgate: $893,000 – $1,001,205
Source: realestate.com.au
Originally published as The Adelaide suburbs racing towards a million-dollar median house price
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