PropTrack’s latest quarterly home value report brings good news for most SA homeowners, and for those experiencing the pain of struggling to enter the market, some green shoots as property values fall in some areas.
According to the figures Gilberton house values have grown the most over the past quarter – up 10 per cent to a $1.54m median – the only suburb to record double-digit growth for the quarter.
Its 12-month change was also solid at 10 per cent.
Kilburn units, Two Wells houses and Kurralta Park units recorded a 9 per cent jump for the quarter, while houses in Croydon Park, Parafield Gardens and Devon Park, and units in Semaphore, Walkerville and Klemzig were all up 8 per cent for the quarter.
Click here to see how your suburb performed during the September quarter
Some of our coastal suburbs came up trumps for 12 month growth, while Brighton units were the star performers at an increase of 21 per cent, ahead of West Beach and Seacliff units – both up 19 per cent.
Somerton Park houses recorded the fourth-highest growth at 18 per cent, ahead of Hove units at 17 per cent.
Michael Gentilcore
Belle Property Glenelg/Henley Beach agent Michael Gentilcore said the whole western coastline was performing strongly, and he didn’t see it slowing down any time soon.
“We’re seeing a lot of interstate, Hills and country buyers coming in looking for a seachange and that’s driving prices up, and some of the interest is potentially coming from buyers who are finding Henley Beach and some of those suburbs a bit expensive and are now looking this way,” he said.
“With how prices are tracking, really the perfect time to buy is now.”
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Geoff and Ann Pettinger, aged 71 and 70 respectively, are selling the 9 Grantham Rd, Somerton Park home they have owned since 2002 through Mr Gentilcore and say they have seen prices increase sharply in recent years.
“Home prices here have seen a huge jump in the past few years, and we’re hoping we’d leave here by getting a reasonable price,” Mr Pettinger says.
“It’s a wonderful suburb, we’re so close to Glenelg and just 700m from the beach.”
Ann and Geoff Pettinger are selling their 9 Grantham Rd, Somerton Park home and say they have loved their suburb. Picture: Dean Martin
While values are up in many areas, in good news for househunters, according to the data, values have actually dropped in 33 suburbs across Adelaide over the past quarter.
Henley Beach South units experienced the greatest fall – down 7 per cent for the quarter, despite growing 3 per cent over the past year.
Everard Park unit values dropped 6 per cent for the quarter and remained level for the quarter, and both Glenside units and Netherby houses were down 5 per cent for the quarter, with Glenside units also down 1 per cent over the past year, and Netherby houses up 2 per cent.
PropTrack senior economist Angus Moore
PropTrack senior economist Angus Moore said the pace of price growth in Adelaide was starting to favour househunters.
“Prices are still growing – it’s still up 8.5 per cent in the past 12 months, which is still really quite solid,” he said.
“But if we look at the last sort of six months or so, the pace of growth has started to slow down.”
– with Peter Farago
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