South Australia’s statewide and metropolitan median house values have climbed over the past three months to a new record after slightly dipping over the previous quarter, demonstrating further proof of Adelaide’s resilient housing market.
It’s unable to offer hope to those trying to get into the market, however.
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According to the latest Valuer-General’s quarterly report for the year’s second quarter, South Australia’s median home value has increased 3.14 per cent or $24,000 over the past quarter to $789,000, while Adelaide’s metropolitan median is up $18,000 or 2.13 per cent to $865,000.
SA’s statewide median home value is also up 11.13 per cent, or $79,000 on this time last year, with Adelaide’s metropolitan median up 10.19 per cent or $80,000.
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The state recorded 6735 sales for the quarter – up on the 6546 recorded for the same quarter last year, and the 5764 recorded in this year’s first quarter.
Real Estate Institute of South Australia chief executive Andrea Heading said SA’s market was performing strongly.
“REISA is pleased that the new record median price and increase in the volume of sales underscores the strength and resilience of the South Australian real estate market,” Ms Heading said.
REISA CEO Andrea Heading. Supplied
“However, it is also acutely aware that the issues of supply and consequent housing affordability continue to impact greatly upon the first homebuyer and investor.”
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Home values are up in many SA suburbs. Picture: Supplied by Colliers
According to the report, the median metropolitan unit value is also up 2.54 per cent or $15,500, over the past quarter, and 9.82 per cent, or $56,000, over the past 12 months to a $626,500 median.
City units and apartments have also performed strongly – up 17.32 per cent or $79,000 over the past quarter, and 9.97 per cent or $48,500 over the past 12 months.
Values dropped 10.63 per cent for that quarter, the Valuer-General’s last report showed.
Of suburbs to have recorded at least 10 sales for this year and last’s second quarters – experts determine 10 sales to be the minimum to form a statistically reliable average – Blair Athol recorded the greatest percentage increase over the past 12 months, with the median up 89.79 per cent, or $435,000 from $485,000 to $920,500.
This is from 19 sales last quarter and 33 in the same quarter in 2024.
James Packham of Harcourts Packham Property. Picture: Supplied
Harcourts Packham Property selling agent James Packham said Blair Athol was well and truly on buyer’s radars, due in part to its proximity to the city.
“It’s sits directly north of Prospect which has solidified its standing as a premium suburb and the natural progression is for buyers to target adjacent suburbs trying to secure a similar lifestyle at a more manageable price,” he said.
“Blair Athol previously offered lots of new homes for sale under government affordable housing schemes. Under these schemes many homes were purchased for arguably less than market value and now as these owners sell out of the area they are realising true market value.”
James Harrison and Julia Fletcher with their dog Spencer, at their home in Blair Athol SA. Picture Ben Clark
Blair Athol resident Julia Fletcher, 32 and her partner James Harrison, 34, are currently selling their 1 Latrobe St, Blair Athol home through Mr Packham and said they had loved their area.
“We moved in just over four years ago and I bought it through Affordable Housing – the government scheme – and I really loved the lifestyle it offered and how close it was to everything and I thought the potential for resale in years to come would be good,” she said.
“It’s a really family-friendly suburb with lots of beautiful green spaces and parks that have been created and improved in that time.
“We’re hoping to move forward and the price growth in this property will hopefully set us up for our future.”
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For regional buyers, Port Lincoln houses have had the greatest increase over the past three months – up $61,000, or 12.2 per cent for the quarter to $561,000, while Port Augusta houses experienced the greatest rise over the past 12 months. Values here are up $57,500 or 25.27 per cent, to $285,000.
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