We often hear people say: “If only I had a crystal ball, that’s what I would have done.”
Well, a new report has revealed where you should have bought a decade ago, had you had one.
According to PropTrack data, of suburbs to have recorded 30 sales in the past 12 months, Somerton Park houses have had the largest growth year on year, with an average annual change in median price of 13.4 per cent.
This has taken the coastal suburb’s median to $2.35m.
The Esplanade at Somerton Park. Picture Dean Martin
Not too far behind was Elizabeth Downs, where house values have increased by 13.3 per cent a year over the past 10 years to a median of $610,000.
Also at $610,000 was the third-placed Davoren Park, where house values are up by 13.1 per cent a year over the past 10 years.
The northern suburbs continued to dominate the rest of the top 10, with Elizabeth North, Elizabeth Grove, Elizabeth South, Smithfield Plains, Elizabeth Park, Elizabeth East and Elizabeth Vale completing the list – all with house value increases of 12 per cent or more per year.
Hackham West also recorded an annual change of 12 per cent.
James Packham of Harcourts Packham Property. Picture: Supplied
Harcourts Packham Property’s James Packham said Adelaide’s market was strong.
“South Australia’s property market continues to show strong resilience, with Adelaide values sitting at record highs and demand remaining steady across both established suburbs and more affordable price points,” he said.
“Adelaide dwelling values continue to record solid annual growth, supported by limited supply, strong buyer competition and ongoing rental pressure.”
Ray White Glenelg agent Simon O’Donohue. Supplied
Simon O’Donohue of Ray White Glenelg said Somerton Park’s position at the top of the list came as no surprise to him.
“It’s just a very, very in-demand area,” he said.
“Historically Somerton Park was a working class suburb and an affordable alternative to others around it, whereas now it offers an opulent lifestyle and is a blue-chip destination suburb in its own right.
“A lot of young buyers are coming in and they are developing their properties are doing some incredible builds.”
Mr O’Donohue said he didn’t see its growth slowing anytime soon.
“I think even with all the turmoil going on at the moment, it’s an area that you could quite easily rest on if you have the ability to be able to buy in there,” he said.
“I can’t see how it could possibly go backwards over the course of the next 10.
Margie and Mike de La Haye at the waterfront Somerton Park home they are selling. Picture: Roy VanDerVegt
Mike de la Haye, 74, who owns bunk bed manufacturer Bunkers, is currently selling his 22C Esplanade, Somerton Park through Mr O’Donohue and said he had loved his 26 years in Somerton Park.
To the point where, despite selling his home, he isn’t leaving it.
“We’re staying in Somerton Park – we’re just moving 400m down the road,” he said.
“It’s no surprise to me that home prices here have done what they’ve done – it’s always felt like a hidden jewel, not just here but nationally.
“It’s a terrific spot.”
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