The Netherby house at 34 Netherby Avenue fetched $1.34 million in March. Pic: realestate.com.au
Adelaide’s million-dollar club has changed a lot in a year, with four new suburbs making it into the exclusive group while six others have been pushed out.
Median house prices in Hazelwood Park, Netherby, Stonyfell and Westbourne Park surged to more than $1 million in the year to June 30.
On the flip side, those in Joslin, Kensington Park, Kingswood, Millswood, North Adelaide and Unley dipped below the seven-figure threshold.
The figures are based on suburbs with a minimum of 10 sales, so one deal could have pushed the suburb medians above or below $1 million.
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The Millswood property at 74 Mitchell Street sold for $1.685 million in March. Pic: realestate.com.au
Ouwens Casserly Real Estate agent Alistair Loudon said several renovations and new builds in suburbs like Westbourne Park and Netherby had improved house values, therefore pushing the areas into the million-dollar club.
Kingswood and Millswood were suburbs Mr Loudon believed would move back into the club very soon – but he said there were still good opportunities to get into them for less.
“There’s definitely options below the millions in Millswood, particularly on the western side of Goodwood Rd,” he said.
“If more stock sells on the western side of Goodwood Rd than the eastern side, then you’ll see the median house price come down.”
Chief economist at realestate.com.au Nerida Conisbee said househunters who had been longing to buy in some of the city’s most exclusive suburbs but couldn’t afford it now had a chance.
The Unley house at 14 Fairford Street sold in June for $781,000. Pic: realestate.com.au
The North Adelaide house at 24 Ward Street is on the market. Pic: realestate.com.au
“Despite being two of the most popular suburbs on realestate.com.au, Unley and North Adelaide have now dipped under a $1 million median, offering buyers a good opportunity to get into some of the most desired suburbs for less,” she said.
Harris Real Estate agents Henry Gower Tillett and Georgie Todd said there were always opportunities to buy into some suburbs like North Adelaide and Unley for six figures but it depended on market conditions at any given time.
“I think people were hesitating to commit through a four-week period in the peak of COVID-19,” he said.
“Some people may have had to sell quickly too.
“This could be reflective of that (median price) drop.
“But as soon as restrictions were lifted in South Australia, the numbers were skyrocketing.”
Adelaide now has 17 suburbs in its million-dollar club, according to realestate.com.au.
MILLION DOLLAR SUBURBS
(Suburb, median house price at June 30, 2019, median house price at June 30, 2020)
Dulwich – $1.2 million – $1.05 million
Erindale – $1.16 million – $1,085,250
Glenelg South –$1.02 million – $1.05 million
Glenunga – $1.207 million – $1,005,250
Hazelwood Park – $881,500 – $1.1 million
Hyde Park – $1,079,500 – $1.425 million
Malvern – $1.315 million – $1.09 million
Medindie – $1,450,500 – $1.65 million
Netherby – $970,000 – $1.205 million
St Georges – $1.125 – $1.090 million
St Peters – $1.215 million – $1.285 million
Stonyfell – $895,000 – $1.04 million
Toorak Gardens – $1,272,500 – $1.46 million
Tusmore – $1.25 million – $1,238,500
Unley Park – $1.9 million – $1.325 million
Walkerville – $1.125 million – $1.14 million
Westbourne Park – $910,000 – $1.085 million
JOINED THE MILLION DOLLAR CLUB
Hazelwood Park – $881,500 – $1.1 million
Netherby – $970,000 – $1.205 million
Stonyfell – $895,000 – $1.04 million
Westbourne Park – $910,000 – $1.085 million
LEFT THE MILLION DOLLAR CLUB
Joslin – $1.11 million – $925,500
Kensington Park – $1.04 million – $890,000
Kingswood – $1,067,500 – $945,000
Millswood – $1,018,500 – $995,000
North Adelaide – $1.145 million – $925,000
Unley – $1.06 million – $971,500
(Source: realestate.com.au)
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