The South Australian capital has traditionally been the home of slow and steady price growth, riding out the peaks and troughs of the Melbourne and Sydney markets with flatter periods and modest gains.
Seemingly immune to the boom and bust conditions experienced elsewhere, the City of Churches hasn’t really been on many property investors’ radars – until now.
While national dwelling values are declining, dragged down by the slump in Sydney, the Adelaide property market is looking as robust as ever, and many experts predict it will enjoy a price surge in 2018. Despite job losses in the manufacturing sector, property values across Adelaide were up 0.3 per cent in last quarter of 2017, while nationwide values saw a 0.3 per cent drop, according to figures from CoreLogic.
Some experts are tipping growth in the Adelaide property market to push double figures this year, gains which are unlikely to be matched in the stagnating markets of Melbourne and Sydney.
With investors turning to South Australia as it offers a better return on their outlay than the east coast capitals, an influx of interstate buyers is tipped to further boost the Adelaide property market. Renovated period homes are particularly popular with Victorian buyers, while beachside properties tend to attract Sydneysiders.
So, where are the hotspots in the 2018 Adelaide property market?
Adelaide Property Market: Units
North Adelaide – unit prices here are up 11.6 per cent since last year, to a median of $478,750. Home to the Adelaide Zoo and Botanic Gardens, North Adelaide is a relatively affluent area where terrace houses abound.
Woodville West – since 2017, unit prices here have grown a staggering 30.8 per cent to $410,000, in this family suburb 9km northwest of the city centre.
New Port – unit values here may have skyrocketed 19.6 per cent over the past year, but with a median of just $290,000 it’s still exceptionally affordable compared to Sydney and Melbourne.
Largs Bay – growth of 21.4 per cent has seen unit values in Largs Bay soar to a new median price of $335,000, but at 16km from the CBD it’s a bargain by eastern state standards.
Kidman Park – the median unit price in Kidman Park is now $465,000, up 18.6 per cent since 2017, but still great value given it’s just 7km from the city.
Adelaide Property Market: Houses
Osborne – 11.1 per cent growth has boosted the suburb’s median house price to $382,250, with four-bed properties now commanding around $446,500 – cheaper than 10 years ago in Sydney!
Wingfield – the current median house price of $416,250 is a 30.1 per cent jump from 12 months ago, when the same property would have set you back just $320,000.
Semaphore South – the median house price here is now $600,000, up 10.8 per cent since last year, in this seaside suburb bursting with gorgeous heritage-listed properties.
West Beach – values here have now topped the three quarters of a million mark, up 13.3 per cent to $760,000, no doubt boosted by the stunning beaches and wetlands close by.
Fulham – sitting on the bend of the River Torrens, 8km from the city, Fulham has seen growth of 13.3 per cent over the past 12 months. The median house price is now $695,250, although you could snap up a two-bedroom property for around $460,000.