South Australia’s statewide and metropolitan median house values have climbed over the past three months to a new record, demonstrating further proof of Adelaide’s resilient housing market.
It’s unlikely to offer hope to those trying to get into the market, however.
According to the latest Valuer-General’s quarterly report for the year’s third quarter, South Australia’s median home value has increased 1.27 per cent or $10,000 over the past quarter to an even $800,000, while Adelaide’s metropolitan median is up $12,000 or 1.39 per cent to $877,000.
SA’s statewide median home value is also up 10.34 per cent, or $75,000 on this time last year, with Adelaide’s metropolitan median up 8.94 per cent or $72,000.
The state recorded 6293 sales for the quarter – up from the 6135 recorded for the same quarter last year, but down from the 6730 recorded in this year’s second quarter.
REISA CEO Andrea Heading. Supplied
Real Estate Institute of South Australia chief executive Andrea Heading said SA’s market was performing strongly.
“The market has proven remarkably steady and reliable throughout the year. Buyers are clearly still active and willing to pay for quality, well-positioned homes,” Ms Heading said.
“While growth remains strong, it is underpinned by sensible buying behaviour — people are seeking stability and long-term value in the South Australian market, not just short-term opportunity.”
According to the report, the median metropolitan unit value is also up 6.33 per cent or $39,555 over the past quarter, and 13.6 per cent, or $79,555, over the past 12 months to a $664,555 median.
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City units and apartments, on the other hand, dropped in value for both periods – down 4.58 per cent or $24,500 for the quarter, and 7.18 per cent or $39,500 over the past 12 months.
Of suburbs to have recorded at least 10 sales for this year and last’s second quarters – experts determine 10 sales to be the minimum to form a statistically reliable average – Somerton Park recorded the greatest percentage increase over the past 12 months, with the median up 40.03 per cent, or $677,500 from $1.6925m to $2.37m.
This is from 17 sales last quarter and 19 in the same quarter in 2024.
Ray White Glenelg agent Simon O’Donohue. Supplied
Ray White Glenelg agent Simon O’Donohue said Somerton Park was very much a destination suburb.
“Once people go there that’s where they want to stay,” he said.
“There’s a fantastic mix of new, architectural builds combined with the older dwellings with space – add to that the lifestyle of the boutique restaurants and a great beach and you’ve got everything you’re ever going to need there.
“I don’t see anything in Somerton Park that is looking like going backwards – it’s only trending upwards.”
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Somerton Park resident Victoria Lecky, who is currently selling her 16 Rymill Rd home through Mr O’Donohue said Somerton Park offered a relaxed family-friendly lifestyle without the busyness of nearby Glenelg or Henley Beach.
“It’s a quiet, beautiful beach and I can walk everywhere from here – I have almost every small business I could want within walking distance,” she said.
“I couldn’t want for any more.
“There are plenty of new places going up and new families moving in but that hasn’t changed the feel of it – it still feels like it’s got a really good community base.”
Victoria Lecky inside her 16 Rymill Rd, Somerton Park home which is currently on the market. Picture: Tim Joy
For regional buyers, Murray Bridge houses have had the greatest increase over the past three months – up $40,000, or 7.55 per cent for the quarter to $570,000, while Port Pirie houses experienced the greatest rise over the past 12 months.
Values here are up $135,000 or 58.7 per cent, to $365,000.
It comes as new data from Oliver Hume reveals median prices for vacant land across metropolitan Adelaide were up 32.1 per cent, or $84,990 to $349,990 over the 12 months to October.
Port Adelaide Enfield block prices jumped the most – up 153.6 per cent or $403,875 for the quarter and 101.8 per cent or $336,375 year on year to a $666,875 median.
Adelaide Plains Council has Adelaide’s cheapest vacant lots with a median of $229,900.
Only one council experienced a median price drop for both the past quarter and year – Onkaparinga – which is down $94,000 in the past three months and $80,000 year on year.
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