A popular coastal suburb is on the verge of becoming Adelaide’s first to have a million-dollar median unit price.
Henley Beach is the city’s most expensive unit suburb, according to latest PropTrack data, with a median price of $910,000.
The data shows unit prices have climbed 35.8 per cent in the past year and 133.8 per cent over the past five.
There are more than 100 suburbs in Adelaide’s million-dollar club, but all of those are for houses.
Henley Beach houses have already cracked the seven-figure threshold, with a median of $1.63m.
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Henley Beach is on the verge of becoming Adelaide’s first million-dollar unit suburb, new data shows.
It’s one of Adelaide’s most popular coastal suburbs.
Belle Property Glenelg-Henley Beach agent Jae Curtis said while a few luxury unit sales in recent months likely bumped the suburb’s median up, prices were definitely climbing.
“That skews the statistics … but I still think it’s on its way to be a million-dollar unit suburb,” he said.
“It’s one of the best coastal suburbs in Adelaide so it’s not hard to understand why it’s performing as well as it is.”
Mr Curtis said the area had become much more appealing to prospective buyers over the years, which had caused prices to soar.
“When they did The Square up it became a new trendy Glenelg,” he said.
Soaring house values since the Covid pandemic have priced many buyers out, driving those desperate to live in the suburb to more affordable units, Mr Curtis said.
“That’s been the biggest reason unit prices have boomed,” he said.
“Units also don’t have the stigma like they used to.”
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Belle Property Glenelg-Henley Beach agent Jae Curtis.
REA Group senior economist Angus Moore.
Meanwhile, Highgate was hot on Henley Beach’s heels, with a median unit price of $900,000, followed by Tranmere ($862,500), Glenside ($847,190) and Torrensville ($830,000).
Many buyers are choosing units over houses right across Adelaide at the moment, with skyrocketing prices forcing many to rethink their home ownership dreams.
REA Group senior economist Angus Moore said earlier this month he expected Adelaide’s median house price to crack the $1m mark by March, with no indication momentum was fading.
“That particular milestone doesn’t necessarily mean a big change for affordability, but South Australia is a much less affordable market than it used to be,” he said.
“It’s seen enormously strong growth over the last six years, and what that means is the affordability has deteriorated very significantly, at record lows for the state, no matter how you cut it on our property housing affordability index, it’s the second least affordable state in Australia, sitting only just behind New South Wales.”
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