Home Industry News Adelaide now has 22 million-dollar suburbs

Adelaide now has 22 million-dollar suburbs

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Adelaide now boasts 22 million-dollar suburbs, with most located in the blue-chip east, closely followed by the south and then the north.

Analyzing numbers from CoreLogic, The Weekly Times reports that the number of suburbs with a median house price of over a million dollars have doubled in Norwood Payneham & St Peters, Unley, Burnside and parts of Mitcham.

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In just two years, these areas have gone from having 9 million-dollar suburbs up to 18.

The median house price data covers the period from April 2016 to April 2017 and suburbs that saw at least 10 sales.

Springfield, a prestigious suburb that frequently has sales topping one million, wasn’t included due to having less than 10 sales in the one-year period.

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Real estate agents told The Weekly Times that the increase in million-dollar suburbs was due to increased competition between buyers and a “spillage effect” that lifted the value of neighbouring suburbs.

The spillage effect suggests that buyers who would love to live somewhere like Unley Park may be happy to look at somewhere “close enough” such as Hawthorn.

In the north, Walkerville nudged out Medindie to become the most expensive out of the four northern suburbs to crack one million.

The east, with a total of 9, has the most million-dollar suburbs. Leabrook is the most expensive, closely followed by Rose Park and Toorak Gardens.

The south has 8 million-dollar suburbs and also lays claim to the most expensive suburb, Unley Park.

Meanwhile, the West only has one suburb – Tennyson – with a median house price of over one million.

Here is the list of Adelaide’s 22 million-dollar suburbs and their median home value:

NORTH:
WALKERVILLE $1,350,000
MEDINDIE $1,342,500
FITZROY $1,105,250
NORTH ADELAIDE $1,100,000

EAST:
LEABROOK $1,470,000
ROSE PARK $1,466,000
TOORAK GARDENS $1,390,000
ST PETERS $1,256,000
COLLEGE PARK $1,180,000
ERINDALE $1,175,000
TUSMORE $1,160,000
JOSLIN $1,143,000
DULWICH $1,075,000

SOUTH:
UNLEY PARK $1,505,000
MALVERN $1,350,000
NETHERBY $1,220,000
HYDE PARK $1,180,000
MILLSWOOD $1,132,500
HAWTHORN $1,012,000
KINGSWOOD $1,006,444
KINGS PARK $1,005,000

WEST:
TENNYSON $1,030,000

*NOTE South-eastern million-dollar suburb SPRINGFIELD not included due to lack of sales.

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