The average South Australian house now costs a record $600k

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.

1. Maslin Beach

1Q 2022: $475,000

1Q 2023: $688,500

Median change: 44.95 per cent

2. Davoren Park

1Q 2022: $285,000

1Q 2023: $375,000

Median change: 31.58 per cent

3. Sellicks Beach

1Q 2022: $565,800

1Q 2023: $730,000

Median change: 29.02 per cent

4. Aldgate

1Q 2022: $870,000

1Q 2023: $1.11 million

Median change: 27.59 per cent

5. Virginia

1Q 2022: $520,000

1Q 2023: $657,500

Median change: 26.44 per cent

6. Elizabeth Downs

1Q 2022: $308,000

1Q 2023: $388,000

Median change: 25.97 per cent

7. Elizabeth East

1Q 2022: $340,000

1Q 2023: $426,500

Median change: 25.44 per cent

8. Andrews Farm

1Q 2022: $355,00

1Q 2023: $437,500

Median change: 23.24 per cent

9. Smithfield Plains

1Q 2022: $305,000

1Q 2023: $375,000

Median change: 22.95 per cent

10. Grange

1Q 2022: $970,000

1Q 2023: $1.19 million

Median change: 22.29 per cent