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