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Adelaide, a top performer for price growth

Real estate & property news
04 July 2024
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Bidders flock to winter auctions across South Australian capital city

Adelaide is among Australia’s top three capital cities with significant growth in median house values in the past year.

The South Australian capital recorded a median house price jump of 15.4 per cent to $767,974 in the 12 months to June 30, according to the CoreLogic Hedonic Home Value Index.

Perth led the way with a 23.6 per cent rise to $757,399, followed by Brisbane where values increased 15.8 per cent to $859,240.

Tight supply levels were keeping an upwards pressure on values, and the number of homes advertised for sale in Adelaide was significantly lower for this time of year, according to research director Tim Lawless.

Strong competition for a lower number of listings across Adelaide suburbs had contributed to the rise in values, Barry Plant Norwood director Michael Duff said.

“This price growth is a sign that the median price could rise to $1 million by the end of 2025,” he said.

The Norwood office has experienced the busiest June to date, according to Mr Duff.

“We were about 40 per cent above budget for the month,” he said.

Most homes that came on the market drew 15 to 20 groups at inspections and recent auctions attracted an average of seven bidders.

On June 29, five buyers registered to bid for a four-bedroom unit at 1/6 Wynyard Grove, Wattle Park, which sold under the hammer for a price well above expectations at $1.14 million.

1-6-wynyard-grove-wattle-park-sa-5066-SOLD

“Four bidders competed at the auction and a dad bidding on behalf of his kids bought the home,” Mr Duff said.

The property in a tree-lined street was highly sought after because it is in a desirable school zone and in a prized eastern suburb, Mr Duff added.

On the same day, a classic 1940s three-bedroom house on 770sq m at 91 Seventh Avenue, St Morris, sold at auction for $1.155 million.

“Five bidders registered and four put their hands up,” Mr Duff said.

91-seventh-avenue-st-morris-sa-5068--SOLD

The buyer was keen to snap up the property because of its land value, potential, and location about 5km from the CBD.

“This small eastern suburb is coveted for its good school zones and larger allotments with grand homes,” Mr Duff said.

In Felixstow, only 6km from the CBD, a four-bedroom ranch-style double brick house at 1 Beaufort Crescent, attracted nine registered bidders.

1-beaufort-crescent-felixstow-sa-5070-SOLD

“Two couples competed strongly at the auction,” Mr Duff said.

“And the younger pair splashed $1.27 million to win the keys.”

Real estate & property news
04 July 2024
Save Article

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