Netherby boasts the biggest increase in median house prices in metro Adelaide

THE median house price has skyrocketed at an upscale Adelaide suburb from about $650,000 to more than $900,000 in just 12 months. Here’s why ...

Real estate - house at 37 Claremont Avenue, Netherby.

HOME owners knocking down old houses and building new ones are driving up house prices in Netherby.

Real estate agents say large blocks and their potential for development in the suburb, astride Fullarton Rd in the inner south, have contributed to a 37.5 per cent jump in the median sales price from $659,000 to $906,000 in 2013/14.

The rise — based on 30 sales in the suburb in the past 12 months — was the highest in metro Adelaide.

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It compared with a city-wide median price increase of 3.9 per cent, from $385,000 to $400,000.

Cocks Auld Real Estate director Christine Auld said the area’s block sizes appealed to couples with young families.

“There are good quality homes, both old and modern, and it’s also a prime location which is close to very, very good schools such as Mercedes and Scotch colleges,” Mrs Auld said.

“Netherby has nice people, good solid real estate, beautiful open space and parks — it’s a very prestigious suburb.

“A lot of the houses on the western side of Netherby are being knocked over so the value of that side is coming up in value.

“Whereas the eastern side of Fullarton Rd has bigger homes and bigger blocks and always gets top prices.”

Smallacombe senior sales consultant Bruce Farrow predicted Netherby’s prices would continue to rise as “about 30 per cent”of its blocks were ripe for development.

“In the last 15 years there have been lots of rebuilds happening and that’s created large numbers of modern bigger homes replacing little cream brick pre and post-war houses,” Mr Farrow said.

“The atmosphere in Netherby is terrific and there is still a lot of room for growth.”

Harcourts VennMillar director Stephen Venn said cashed-up buyers were drawn by 1920s bungalows and mock Tudors on blocks with room for a pool or tennis court.

“A lot of people like Netherby and they realise that’s where they want to spend their hard-earned money because there is a large number of very large allotment sizes paired with high quality homes,” Mr Venn said.

With a median price rise of 22 per cent to $502,500, Pasadena had the second highest increase of any suburb in the Mitcham district.

Mitcham was up 21 per cent to $667,500 and Lower Mitcham increased by 17 per cent to $640,000.

“Pasadena is on people’s shopping list because it’s only about 8km from the city,” Mr Venn said.

“Mitcham is similar in that it appears to be undervalued for where it is, but it is growing.

“It also has Brown Hill Creek, lots of really lovely natural features and a convenience to everything including Mitcham Shopping Centre.”

The median price in the wider Mitcham district rose 6.6 per cent, from $500,000 to $532,750, in 2013/14.

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