SA market ‘poised to bounce back’

It reported that the recovery is predominately being driven by Adelaide’s outer-ring suburbs, particularly across the outer north.

Gawler East saw the most substantial lift, up 6.9 per cent quarter-on-quarter. That pushed the suburb’s yearly growth to 13 per cent.

Virginia, Evanston South, Evanston Park, Willaston and Elizabeth Downs also had strong showings.

In Virginia, a lift of 5.8 per cent over the quarter pushed prices up by 41.3 per cent over the year to date, while Evanston South saw growth of 5.7 per cent over the quarter and 16.1 per cent over the 12-month period.

Evanston Park saw 5.3 per cent growth over the quarter and 18.4 per cent year-on-year, while Willaston prices lifted by 5.2 per cent over the same three-month period, leading the suburb to 26 per cent growth over 12 months.

While Elizabeth Downs only saw 4.4 per cent growth during the quarter, property prices in the area across the entire year ballooned by 18.2 per cent.

According to PointData founder and chief executive officer George Giannakodakis, the growth in prices – particularly across the outer north suburbs – can be attributed to not only the constantly increasing demand for affordable housing but also improved infrastructure.

“[That] has and will continue to put upwards pressure on prices, exacerbating the housing affordability issue.”

And while the outer north suburbs are blooming, they aren’t the only Adelaide suburbs seeing growth.

“The outer southern suburbs of Noarlunga Centre and Sellicks Beach have also performed well,” as noted by Giannakodakis, who pointed out that the two suburbs saw 6.1 per cent and 4.8 per cent quarterly growth, respectively.

Cowandilla was another winner, this time in the west.

It achieved the quarterly growth of 6.8 per cent, off a more moderate price range when compared with its counterparts across the eastern, southern inner and middle rings.

All in all, Mr Giannakodakis flagged 191 suburbs across the capital city as having experienced “positive growth over 12 months to May 2023, with a median sale price of $676,000”.

“Conversely, 143 suburbs saw negative growth over the same period, with a median sale price of $912,000,” he continued.

Not just the city seeing strong results

The CEO also called out the strong performance of South Australia’s regional areas, sharing that all areas saw positive growth over the first half of 2023 at an average of 3.8 per cent.

“The two regions closest to Adelaide, Fleurieu and Kangaroo Island; and the Barossa, Light and Lower North, are leading the way with high growth rates of 6.9 per cent and 5.9 per cent, respectively. This again demonstrates buyer preference for quality, more affordable regions outside of central Adelaide,” he concluded.