The South Australian towns and Adelaide suburbs where house prices are booming

WHILE home value growth has been restrained in South Australia in recent months, new figures reveal demand is on the way up. Check our interactive map to see how your suburb fared.

WHILE home value growth has been restrained in South Australia in recent months, new figures reveal demand is on the way up.

During the three months to July 2014, Adelaide home values fell by 2.6 per cent, while in regional South Australia home values fell by 2.8 per cent in the three months to June.

Despite the overall falls, there were still some standout performers in the state.

In the three months to the end of May, Tumby Bay, on the Spencer Gulf, recorded a 24.8 per cent increase in its median house price to $337,000.

In the greater Adelaide area, Crafers West was the best performer with the median house price rising by 23.7 per cent to $705,000.

Leabrook, 20.5 per cent, and Millswood, 19.1 per cent were both also strong performers during the quarter.

25 Alexandra Ave, Rose Park is on the market for $1.85 million. Picture: realestate.com.au

LJ Hooker Stirling sales representative Michael Christou said more people were looking for properties in Hills suburbs like Crafers West than ever before.

“It’s the first stop off the Freeway so it’s close to town and offers easy access to the CBD and is just a few minutes from Stirling,” Mr Christou said.

“You get more for your money up here in comparison to in town, being only eight minutes from the tollgate, so you’re getting much bigger allotments, decent sized houses compared to the city and we’re seeing a lot of young people coming up here an making the move from town.’’

Pat Borgardt recently sold her Crafers West home and said her home had attracted strong interest.

Pat Borgardt’s home at Crafers West sold quickly. Picture Dean Martin

“Michael Christou sold my previous house in Aldgate in two days and he sold this one in 12 and I asked him why he was being so slack,” Ms Borgardt said.

“It sold at the second opening and both houses I got more than I was expecting to get.”

“There’s a big demand for property up here and if the price is right it will sell very quickly.

“There’s a lot of competition up here among buyers.”

RP Data research analyst Cameron Kusher said home value growth was fairly mild across Adelaide however, Eastern Adelaide appeared to be experiencing slightly greater conditions.

Many of South Australia’s high-end house markets still enjoyed solid results, particularly over the year.

The median house price in Rose Park rose by 31 per cent in the past year to reach $1.153 million.

The best high end performer during the quarter was Leabrook where the median value rose to $1.52 million.

“Home sales have picked up significantly across the city over the year however, this is yet to result in meaningful value growth,’’ Mr Kusher said.

“It is difficult to determine how Adelaide will perform through spring and the rest of the year, volumes are up suggesting more demand, however as listings rise in spring it will potentially be sufficient enough to meet demand.’’

43 Ferrers St, Mount Gambier is on the market for $649,000. Picture: realestate.com.au

Mr Kusher said the regional market was experiencing “persistent weakness’’ and that looked unlikely to change over the remainder of the year.

Mount Gambier was the popular spot for home buyers during the past year, racking up 459 sales.

Morphett Vale was also popular with 426 sales, as was Aldinga Beach where 315 houses sold in the past year.

While the auction market is not huge in South Australia in recent weeks it has been returning strong clearance results in the high 60 per cent range.

The average time it takes to sell a house in Adelaide currently sits around 63 days which is in line with the Brisbane and Perth markets.

Sellers only have to reduce their original asking price by about 5.5 per cent to sell at the moment.