A surprising northern suburb could join Adelaide’s exclusive million-dollar club in the next few years if renewed buyer interest continues to push prices up, a local industry expert says.
Ray White Salisbury agent Jake Flavel said a spike in demand for Salisbury North properties was slowly driving prices closer to the million-dollar mark.
“It used to be Paralowie (that was sought after) but now interest is just moving into Salisbury North,” he said.
“It’s going to be a million-dollar suburb soon.”
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Strong demand for homes in Salisbury North is driving prices up at a staggering rate.
The Salisbury North property at 15 Mobbs Court was snapped up at auction for $751,000.
Mr Flavel said the suburb’s proximity to the city and the expressway made it particularly appealing to prospective buyers seeking more affordable homes without having to go too far north.
His comments come after he sold a Salisbury North property for $751,000 at auction on the weekend.
The three-bedroom house on a 670sqm block at 15 Mobbs Court attracted strong interest in the lead up to its auction.
“We probably had 50 to 60 people there and 28 registered bidders,” said Mr Flavel, who sold the home with Justin Irving.
“It was a mix of buyers – first-home buyers, developers and renovators.”
Mr Flavel said a local secured the house and they planned to live in it for a while before redeveloping the site.
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It attracted almost 30 registered bidders at auction.
The property is one of several to have sold for more than $700,000 in the suburb over the past few months.
With land in strong demand, Mr Flavel said many of the larger allotments in Salisbury North would be hot property on the market.
“That’s what really heightens everyone’s interest – a bit of land and they’ll jump on it straight away,” he said.
The property was one of several in the suburb to have sold for more than $700,000 over the past couple of months.
A four-bedroom house at 5 Moore Court was snapped up for $750,000 earlier this month, while another on the same street fetched $755,000 in December.
Meanwhile, a three-bedroom house at 130 Diment Rd changed hands for $801,000, also in December.
According to latest CoreLogic data, Salisbury North’s median house price has climbed 11.7 per cent in the past year and 61 per cent in the past three years to a $620,000 median.
Just five years ago the suburb’s median house price was $255,000.
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