Homeowners who bought property in some Adelaide suburbs five years ago could make a hefty profit if they decided to sell up now.
Latest realestate.com.au figures to the end of March reveal the suburbs where house and unit prices have surged over the past five years – some as high as 58 per cent.
Those who owned a house in Glenelg South and a unit in Semaphore Park were best positioned to reap the rewards, with both recording 58.6 and 57.1 per cent price growth respectively.
They are significant increases in comparison to the 18.6 per cent rise in metropolitan Adelaide’s median house price and the 6.3 per cent jump in its median unit price during the same period.
Fullarton and Tusmore ranked second and third for houses, while Campbelltown and Kent Town rounded out the top three for units.
Allan Real Estate director Brad Allan said several multimillion-dollar sales recently likely influenced Glenelg South’s median house price, which sat at $1.285 million.
However, he said increasing demand for property in the small suburb was bumping prices up, particularly over the past few months.
“It’s really just due to the popular location,” he said.
“It’s that bit quieter (than Glenelg) and obviously we’ve got a huge demand to be beachfront.
“A lot of people we’ve been selling for are moving within the suburb as well.”
Emma Jeffs with her sons Patrick, 3, and Jack, 1, outside their Largs Bay home. Picture: Emma Brasier
Further north, Largs Bay was one of the more affordable suburbs that recorded strong growth over the five-year period – 42.5 per cent taking its median house price to $662,500.
Ouwens Casserly Real Estate Henley Beach director Samantha Hirniak said its affordability coupled with its proximity to the beach and city made the suburb popular.
“For affordability … Largs is still extremely appealing,” she said,
“It’s just such a central location – between the ocean and the river of the Port, near really good schools and close to everything.
“It’s become this hot little pocket, now people are specifically searching for that family home in Largs Bay.
“At the moment I don’t have enough supply for the demand.”
She believed property values would continue to climb over the next five years.
Emma Jeffs and Dan Wellman moved into their Largs Bay character home with their sons, Patrick and Jack, earlier this year after relocating from interstate.
Ms Jeffs, who grew up in Adelaide’s western suburbs, said they chose the area because of the lifestyle it offered and it was family friendly and good value for money.
“I don’t think this is going to be a bad investment, that’s for sure,” she said.
WHERE YOU SHOULD HAVE BOUGHT PROPERTY FIVE YEARS AGO
HOUSES
(Suburb, median price, change in median price over five years)
Glenelg South – $1.285 million, 58.6 per cent
Fullarton – $1.175 million, 52.4 per cent
Tusmore – $1.402 million, 50.8 per cent
Glenunga – $1.2 million, 46.8 per cent
Walkerville – $1,382,500, 46.3 per cent
Kensington Gardens – $1.06 million, 45.2 per cent
Largs Bay – $662,500, 42.5 per cent
Forestville – $808,500, 42.2 per cent
Westbourne Park – $1.2 million, 41.2 per cent
St Peters – $1,774,750, 40.6 per cent
UNITS
(Suburb, median price, change in median price over five years)
Semaphore Park – $495,000, 57.1 per cent
Campbelltown – $443,250, 52.8 per cent
Kent Town – $688,000, 51.2 per cent
Hectorville – $415,250, 36.1 per cent
Modbury – $345,000, 36 per cent
Brighton – $461,000, 36 per cent
Paradise – $350,000, 35.1 per cent
Walkerville – $450,500, 23.4 per cent
Camden Park – $320,000, 20.9 per cent
Glenelg – $457,750, 20.5 per cent
Henley Beach – $449,500, 19.9 per cent
(Source: realestate.com.au. Suburbs needed to have recorded 20 sales or more in the past year to be included)
