South Australia’s property boom is showing no signs of abating, with house values in 253 areas and unit values in another 78 recording double-digit growth over the past year.
New PropTrack figures reveal some suburbs and towns even managed to crack the 20 per cent growth threshold over the 2024-2025 financial year.
Unit values in Everard Park had the highest growth at 25 per cent, taking the estimated median value to $628,794.
Salisbury North units followed closely behind, with its estimated median value rising 24 per cent to $546,698, while Elizabeth South and Waikerie house values both rose 23 per cent to $543,354 and $386,100 respectively.
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REA Group senior economist Anne Flaherty.
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The figures are determined by PropTrack’s automated valuation model, which offers a statistically derived estimate of a property’s value.
The values are estimated by analysing a range of data points, including sales history.
Only suburbs with a minimum of 200 dwellings were included in the analysis.
REA Group senior economist Anne Flaherty said having so many suburbs and towns record double-digit growth, most of which were in metropolitan Adelaide, was a clear sign of the market’s strength.
“It’s definitely not something we’re seeing all over the country, it’s very specific to Adelaide,” she said.
“Also, the whole of Adelaide prices are sitting around 10 per cent up from a year ago.
“We did see the rate of growth slow at the end of last year but not as much as the other capitals.”
Ms Flaherty said prices would continue to rise, especially if interest rates were dropped again, which was also why many interstate buyers were turning to the city.
“Adelaide has definitely been on the radar for a lot of interstate investors, especially from Victoria,” she said.
Harris Real Estate managing director Phil Harris.
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Harris Real Estate managing director Phil Harris said latest property data showed the value of new investor loans was up 16 per cent in the first three months of the year compared to the same time the previous year, which was a good sign the market was set for solid future growth.
He said the state could be in for another price surge if interest rates continued to fall.
“We are absolutely set for growth,” he said.
“There is a massive undersupply of property, lots of buyers and we’re now going to start seeing rates going down.
“Rates going down could mean a price surge again for Adelaide.”
Given SA’s strong growth and more interest rate drops are predicted, despite holding on Tuesday, homeowners are being urged to consider refinancing.
New data from Aussie Home Loans reveals that around 1.2 million Australians may be missing out on refinancing savings.
Sam Mason and his partner Molly unlocked $140,000 after refinancing their Valley View home, allowing them to consolidate a loan and buy a new family car and a jetski.
Sam Mason at his Valley View home. Picture: Brett Hartwig.
Their home is now valued at $800,000, almost $300,000 more than what it was four years ago.
Valley View house values have climbed 8 per cent over the past year to an estimated median of $782,742, according to PropTrack data.
Mr Mason said they were lucky to buy in the area before prices surged, which has also helped their cause when refinancing.
“We built our house through Covid-19, pre-Covid was when we signed the contract for our home,” he said.
Aussie Prospect mortgage broker Jordan Hagicostas said refinancing was worth considering every few years, even if just to save a bit of cash that would help with the everyday costs of living.
“There’s never a bad time to look at refinancing,” he said.
“Realistically you should be taking note of your interest rates at all times, but you should be asking your bank what the best rate in the market is at least once a year.”
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