The cost of living crisis isn’t deterring cashed-up buyers, with a string of Adelaide properties smashing sale price records in recent months.
Industry experts say interest in premium properties hasn’t eased despite increasing financial pressures – and it probably won’t in the near future.
A Kidman Park house is one of the latest to raise the bar for its suburb after selling for $2.175m.
The five-bedroom home at 20 Cassia Cres knocked the residence at 103 Riverway, which changed hands for $2.011m in January, out of the top spot.
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The Kidman Park property at 20 Cassia Cres has set a new house price record for its suburb.
It changed hands for $2.175m.
Ray White Henley Beach principal Anthony Fahey.
Ray White Henley Beach principal Anthony Fahey, who sold the property with Samuel Parsons, said it attracted strong interest throughout its campaign.
“It’s a well-built property and it would be hard to replicate at that value,” Mr Fahey said.
“A younger family who were upgrading from a smaller property bought it.”
“We have seen a lot of high-end properties selling and a lot of suburb records broken at the moment.”
A beachfront house at Somerton Park also recently set a new price record, this time for its council area, following its $7.65m sale.
The two-storey 1960s-built home at 27 Esplanade attracted more than a dozen offers before the deal was sealed.
Property records show the previous top sale for a house in the council area was the South Brighton residence at 181 Esplanade, which sold for $6.375m in July 2024.
Mr Fahey said some buyers, including those looking to purchase their first home, could be priced out of many suburbs if homes continued to smash records.
Ouwens Casserly Real Estate executive director Alex Ouwens agreed it could make getting into the market harder for some.
He said a range of factors, including further interest rate cuts forecast over the next year, could give some more buying power but it could also further inflate prices.
“When people have more money in their pockets, they’ve got more to put into a house,” he said.
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The Somerton Park home at 27 Esplanade broken the house price record for its council area.
It was snapped up for $7.65m.
Ouwens Casserly managing director Alex Ouwens.
“Normally when you get a couple of really good sale prices in a suburb, it recalibrates values to a degree.
“I think there is a little bit of a plateau in the market at the moment, especially in that middle range.
“But the affordable end of the market is still quite strong and we’re really seeing a fair bit of strength in the premium market.”
Mr Ouwens said Adelaide has had a tight supply for years, which has been worsened by low new listings this winter and high barriers to new builds, including labour shortages, material costs and planning red tape.
“Buyers, especially families upsizing or interstate returnees, are forced to compete for the best homes,” he said.
“Adelaide’s market is being driven by a unique combo: high demand, low supply, and relative affordability compared to the bigger capitals.
“Add motivated, cashed-up buyers and a bit of competition, and suburb records are the natural outcome.”
Mr Ouwens said not every property would break records so it was important for sellers to speak to a real estate specialist in their area to get a realistic expectation of what their home might sell for.
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