Adelaide’s best performing suburbs of the year
CoreLogic RP Data has released its annual Best of the Best report, highlighting SA’s top-performing suburbs in a range of categories including highest median, most affordable, greatest value growth and highest rental yield.
The award for greatest annual growth goes to Kingston Park, which increased by 28.4 per cent or $211,494 on the previous year.
The southern coastal suburb had 10 sales for the past year, and a median sale price of $744,698.
Harcourts Plus agent Paul Goodwin, who sold several properties in the suburb this year, said Kingston Park’s success was due to being north-facing and relatively unknown.
“A lot of people have been moving there from esplanade addresses because they are trying to get away from the noisy main road,” Mr Goodwin said.
“Kidman Park faces north so the sun doesn’t set in your face and it’s just a really quiet suburb with beautiful views because you’re elevated so you get city and sea views.
“It’s going to be the most expensive suburb in Adelaide eventually, people just don’t know about it yet.
“It’s over $1000 per square metre there for blocks without a view, so it’s starting to get up around esplanade prices, and there are only 100 homes there and that helps hold the price high.”
Mr Goodwin said homes in the suburb had been mainly bought by older buyers and some younger families.
“This will definitely be a suburb to watch in the coming year,” Mr Goodwin said.
In terms of long-term growth, houses in Kidman Park have experienced the greatest five-year change in median value.
[4 Victoria Avenue Unley Park sold for $5.125 million ... another high flying suburb.]
It has risen by 62.9 per cent or $329,897 over the past five years and its current median is $524,480.
For prestige homes, Springfield, in Adelaide’s eastern suburbs, had the state’s highest median value at more than $1.64 million from its 13 sales this year.
Playford Council continues to be a winner for affordable housing, with nine of the 10 cheapest suburbs in the state in the northern-suburbs council area.
Elizabeth North has the state’s cheapest homes, with a median sale price of $173,360, while at $133,756, Evanston, in the Gawler Council area, has the cheapest units.
Davoren Park represents some great investment opportunities and is a winner for rental yield.
Its median house sale price is $176,000 and the median rent is $250 per week, delivering a gross yield of 7.4 per cent.
CoreLogic RP Data head of research Tim Lawless said Adelaide property prices should continue to rise over 2015.
“The Adelaide housing market is likely to finish the 2014 calendar year with a higher rate of capital gain compared with the 2013 calendar year,” Mr Lawless said.
“We are expecting Adelaide values will have increased by approximately 3.5 per cent in 2014
compared with a growth rate of 2.8 per cent over 2013.
“While we aren’t expecting values to surge across Adelaide in 2015, a steady market with values continuing to show a modest rise is the likely outcome.”
Mr Lawless said an increase in sales during the second half of the year indicated a rise in buyer demand, and that Adelaide housing was generally considered quite affordable.
He also said rental yields in Adelaide were higher than Australia’s eastern states.
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