Adelaide’s house prices are highly variable by region, but its latest slew of best-performing suburbs represents a surprising cross section of markets.
According to CoreLogic, seven council areas featured in the top 10 suburbs for percentage price growth for the 12 months to December 2018, with all of the high-achievers recording double-digit growth for the period.
Virginia, a small northern suburb in Playford took top spot with a 31 per cent price growth, followed by Summertown (29.9 per cent) and Mylor (27.9 per cent) in the Adelaide Hills.
Kensington Park, Forestville, St Georges, North Adelaide, Millswood, Henley Beach South and Mansfield Park rounded out the top 10.
Liam McDevitt, of Harcourts Sergeant Salisbury, Golden Gorove, Modbury attributes Virginia’s popularity to its recent community revamp.
“Just 12 months ago there was nothing out here, but now, you have a pub, a Woolworths and a massive community redevelopment going on out at Virginia Grove,” he said.
“That’s what’s been driving prices and demand from buyers, predominantly families who are moving here from more traditional suburbs like Ingle Farm and Modbury.
“You also get big 1200sqm blocks out here with big modern homes with a pool and a shed on it. You can pick them up for around $400,000, so it’s really good value for money.
“And with the north-southern connector, you’re only 30 minutes from town.”
Mr McDevitt said Virginia was undoubtedly a seller’s market with many of his homes going under contract after just one week.
“I have this property at 6 Claret Ave, Virginia which went under offers after just two opens,” he said.
“We also had 20 groups through and three written offers presented. So yes, we’ve been getting a massive interest from buyers.”
Price growth in Summertown and Mylor was also driven by market demand, according to Adelaide Hills sales specialist Arabella Hooper of Harris Real Estate.
“Summertown is an area that has gone up in value because of the complete overhaul of Uraidla as a township,” she said.
“That area has had a massive revival and quite literally put those towns on the map as a destination.
“Buyers now realise that they can have a lifestyle property in the Hills and still be close to eateries and the city.
“The same is true for Mylor where people chase the lifestyle and will jump on a property as soon as it comes to the market.”
Adelaide’s top 10 growth suburbs for houses in the Adelaide region
(based on the highest 12-month median change to December, 2018)
Median house price: $275,000
12-month price change: 31 per cent
Median house price: $744,056
12-month price change: 29.9 per cent
Median house price: $820,000
12-month price change: 27.9 per cent
4. KENSINGTON PARK
Median house price: $1.171 million
12-month price change: 27.3 per cent
Median house price: $746,000
12-month price change: 23.3 per cent
6. ST GEORGES
Median house price: $1.15 million
12-month price change: 22.3 per cent
7. NORTH ADELAIDE
Median house price: $991,500
12-month price change: 20.9 per cent
Median house price: $1.125 million
12-month price change: 19.7 per cent
9. HENLEY BEACH SOUTH
Median house price: $921,250
12-month price change: 17.4 per cent
10. MANSFIELD PARK
Median house price: $400,000
12-month price change: 15.9 per cent
This article was first published in www.realestate.com.au. Here is the link to the original article: https://www.realestate.com.au/news/which-suburbs-are-adelaides-strongest-price-performers/