Adelaide’s land prices have reached dizzy new heights, with a seaside block at Tennyson selling for a whopping $2.35m.
At 582sqm, Lot 2, 8 Estcourt Road is not quite double the size of a typical metropolitan vacant allotment but, on a per square metre basis, is almost six times the price.
According to PropTrack, it is also just $400,000 shy of the median selling price for a house in Tennyson – despite sitting empty.
Selling agent David Paladino, from National Realty, spent several months negotiating the sale with the successful buyers and said they and the developer vendor were thrilled with the “phenomenal’’ outcome.
The land sold for the equivalent of about $4038 per square metre.
Across metropolitan Adelaide, the typical vacant allotment (375sqm) sells for $268,700, or $691 per square metre, latest Housing Industry Association data shows.
The average block with a house, meanwhile, sells for $820,000 across greater Adelaide.
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This 582sqm block has sold for a whopping $2.35m.
It may be missing a house but does feature stunning ocean views and direct beach access.
Mr Paladino said the selling price was exactly what the vendor had been seeking and while several local buyers had shown early interest in the property, he had always expected it would go to someone outside of South Australia.
“Even though $4000 a square metre seems like a lot of money – and it is, don’t get me wrong – for interstate buyers to get something like that (on the beachfront, in their home state) they would have to pay triple (that price),’’ he said.
“We had a lot of interest from locals but when we spoke about the expected price we were
looking for they didn’t proceed.
“The negotiations (with the eventual buyers) started back in late 2024. We just kept bringing whatever offers we had (to the vendor) until it reached a point where the vendor was willing to part ways (with the land for the sum offered).’’
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The block was one of four sold.
The future home will also have views across Tennyson.
The land parcel was the last of four subdivided allotments to sell, Mr Paladino said.
Situated within a quiet cul de sac just walking distance from one of Adelaide’s most pristine beaches, he said the property offered uninterrupted ocean and city views and private rear lane access.
He said Tennyson was a highly sought after, tightly held suburb, with a Seaview Road mansion setting a new price record when it sold for $5.2m in 2018.
“It’s a pretty private beach and quieter than Henley Beach, Grange or Glenelg,’’ Mr Paladino said.
He adds the buyers were hopeful of building a home on the land within the next 12 to 18 months.
“Without divulging too much, (the buyers were) locals who moved interstate, I think to further their careers and whatnot, and now they’re planning to live in little old Adelaide again,’’ he said.
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