House values in five Adelaide suburbs are more than $300,000 higher than they were a year ago, realestate.com.au data shows.
Property values are falling right across the state as the country grapples with a national housing downturn but some suburbs are defying the odds.
Homeowners in five Adelaide suburbs are still reaping the rewards of the long-gone property boom, with latest realestate.com.au figures revealing their house values are more than $300,000 higher than they were a year ago.
Kensington Gardens house prices climbed the most from a dollar-value point of view.
The median house price is $485,056 higher than it was a year ago – or 28.9 per cent – taking it to $2.165m.
The Kensington Gardens property at 10 Sandford St is on the market with a $2.2m to $2.4m price guide.
The Payneham home at 12 Kapunda Tce with be auctioned on November 7.
Houses in Payneham followed, with $421,000 added to its median price, which now stands at $1.396m, then St Peters ($415,000), West Beach ($344,000) and Kensington Park ($330,000).
Real Estate Institute of South Australia chief executive Andrea Heading said they were all tightly-held and sought-after areas with a particular type of property – mainly larger blocks – which was why they were still performing so well.
She said the top end of the market was holding up better than the lower end through the downturn.
“What we’re expecting is for the market to balance out a little but it’s harder when there are those unique price points,” she said.
Ms Heading said househunters could expect to see more prestige properties hit the market in sought-after areas as it moved into peak selling season.
“In the last three days … there are some really beautiful properties that have been listed,” she said.
The figures were remarkably different to those that were revealed earlier this week showing Adelaide homeowners have lost $44,000 on the value of their houses in the past five months.
According to realestate.com.au’s November Home Price Index, the city once again suffered the greater monthly value drop of any capital, with values down for the fifth consecutive month.
Adelaide’s median home value dropped 0.6 per cent, or $8,000, last month – and is down 3.4 per cent from its peak in May.
Real Estate Institute of South Australia chief executive Andrea Heading. Picture: Supplied.
Senior economist at realestate.com.au Eleanor Creagh. Picture: Supplied.
Senior economist at realestate.com.au Eleanor Creagh said it was striking how quickly South Australia’s market conditions had shifted.
“Adelaide’s gone from being one of the strongest housing markets to recording the largest monthly price falls of any capital two months in a row now,” she said.
“It comes after five years of extraordinary growth, but higher interest rates and deteriorating affordability are now taking a much greater toll on buyer demand in Adelaide.
“Values are up more than 60 per cent, but we know that sustained growth has eroded much of the city’s former affordability advantage.
“And with the median dwelling value now sitting over $900,000, high mortgage rates are placing an increasingly significant constraint on what buyers can afford in Adelaide.”
(Suburb, median sale price, $ price growth, percentage price growth)
Kensington Gardens – $2,165,000, $485,056, 28.9 per cent
Payneham – $1,396,000, $421,000, 43.2 per cent
St Peters – $2,515,000, $415,000, 19.8 per cent
West Beach – $1,764,000, $344,000, 24.2 per cent
Kensington Park – $2,010,000, $330,000, 19.6 per cent
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