The average South Australian house now costs a record $600k
Data from the state’s peak real estate body showed the median house price is now sitting at $600,000 — an almost 10 per cent lift over the past 12 months.
The latest data from the Real Estate Institute of South Australia (REISA) showed that the South Australian property market “has continued to show its resilience and strength”.
Posting a record median price of $600,000 in the March quarter of 2023, it’s a rise of 9.09 per cent on the same time 12 months prior.
House prices rose 0.84 per cent over the three months from December 2023 — when prices sat at $595,000.
While it may not seem like a huge increase, it’s off the back of a continuously cooling market — with sales volumes across South Australia down 10.54 per cent over the March 2023 quarter, compared to the December 2022 quarter.
Metro Adelaide sales were also down substantially — by 13.51 per cent over the same period. Even so, the city posted median house price growth of 0.75 per cent compared to the previous quarter — and a lift of 3.85 per cent over the 12-month period.
So, how have South Australia’s areas performed?
Whole-of-state
1Q 2022: $550,000
1Q 2023: $600,000
Median change over 12 months: 9.09 per cent
Metro Adelaide
1Q 2022: $650,000
1Q 2023: $675,000
Median change over 12 months: 3.85 per cent
Central metro
1Q 2022: $782,500
1Q 2023: $797,000
Median change over 12 months: 1.85 per cent
Inner metro
1Q 2022: $1.27 million
1Q 2023: $1.29 million
Median change over 12 months: -0.08 per cent
Major towns (inclusive of Millicent, Mount Gambier, Murray Bridge, Port Augusta, Port Lincoln, Port Pirie, Victor Harbor, and Whyalla)
1Q 2022: $325,000
1Q 2023: $374,500
Median change over 12 months: 15.23 per cent
Here are the top 10 metro suburbs that saw the greatest gains in median house price growth over the past 12 months (March 2022 to March 2023):
NB: Based on suburbs with 10 or more sales in Q1 2023. Please note, suburbs may have recorded less than 10 sales in Q1 2022.
- Maslin Beach
1Q 2022: $475,000
1Q 2023: $688,500
Median change: 44.95 per cent
- Davoren Park
1Q 2022: $285,000
1Q 2023: $375,000
Median change: 31.58 per cent
- Sellicks Beach
1Q 2022: $565,800
1Q 2023: $730,000
Median change: 29.02 per cent
- Aldgate
1Q 2022: $870,000
1Q 2023: $1.11 million
Median change: 27.59 per cent
- Virginia
1Q 2022: $520,000
1Q 2023: $657,500
Median change: 26.44 per cent
- Elizabeth Downs
1Q 2022: $308,000
1Q 2023: $388,000
Median change: 25.97 per cent
- Elizabeth East
1Q 2022: $340,000
1Q 2023: $426,500
Median change: 25.44 per cent
- Andrews Farm
1Q 2022: $355,00
1Q 2023: $437,500
Median change: 23.24 per cent
- Smithfield Plains
1Q 2022: $305,000
1Q 2023: $375,000
Median change: 22.95 per cent
- Grange
1Q 2022: $970,000
1Q 2023: $1.19 million
Median change: 22.29 per cent
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