In a revelation that’s likely to make homeowners rejoice, and hopeful househunters lament.
South Australia’s statewide and metropolitan median house values have both climbed $50,000 over the past three months to record highs.
According to the latest Valuer-General’s quarterly report for the year’s fourth quarter, South Australia’s median house value has increased 6.25 per cent over the past quarter to $850,000, while Adelaide’s metropolitan median is up 5.71 per cent to $925,000.
SA’s median house price is also up 10.39 per cent – or $80,000 – over the past 12 months, with metro Adelaide’s median house price up 8.82 per cent or $75,000 over the same period.
The state recorded 6767 sales for the quarter – up from both the 6307 recorded on the past quarter and the 6580 recorded in 2024’s final quarter.
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Real Estate Institute of South Australia chief executive Andrea Heading said SA’s market was performing strongly.
“What we’re seeing now is a market that has grown steadily and then settled at a higher level,” she said.
“For homeowners, that’s a positive outcome, it means equity gains are being retained rather than lost in sharp cycles, and values are being supported by genuine demand, not short-term speculation.
REISA CEO Andrea Heading. Supplied
“This kind of maturity gives people confidence to make decisions, whether that’s upgrading, downsizing or simply holding onto an asset that has proven resilient.”
According to the report, the median metropolitan unit value is also up 2.27 per cent or $15,000 over the past quarter, and 12.5 per cent, or $75,000 over the past 12 months to a $675,000 median.
City units and apartments, historically more prone to steep value drops, have performed impressively for both periods, up 5.42 per cent or $29,000 for the quarter, and 9.51 per cent or $49,000 over the past 12 months.
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Of suburbs to have recorded at least 10 sales for this year and last’s second quarters – experts determine 10 sales to be the minimum to form a statistically reliable average – Eyre recorded the greatest percentage increase over the past 12 months, with the median up 46.43 per cent, or $237,500 from $$511,500 to $$749,000.
This is from 16 sales last quarter and 118 in the same quarter in 2024.
Selling agent Mike Lao outside a property he is selling at 307 Stebonheath Rd, Eyre. Picture: Kelly Barnes
Edge Realty director Mike Lao said Eyre properties’ price jump was likely the result of new finished stock hitting the market.
“I’ve had quite a few investors who have built them now look at selling them now that they’re finished – because a finished product sis quite appealing to buyers who might not necessarily want to wait for it to be built – and obviously having the government incentives for first homebuyers helps, and that 5 per cent deposit scheme helps as well,” he said.
He said there was still value buying in the north.
“Sure you can’t buy out here for what you used to, but the prices keep going up, to the point where we did an auction in Elizabeth in December that sold for $915,000, so from that price-rise point of view, there’s still value out here.”
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Ms Heading said the outlook for South Australian homeowners remains positive.
“Many South Australians are now sitting on meaningful equity, which gives them flexibility and choice,” she said.
“For those who have been thinking about selling, current conditions are supportive, buyer demand remains active, listings are limited, and well-presented homes are attracting strong interest.”
The outlook for Adelaide homeowners remains strong. Picture: Brenton Edwards
Adelaide Hills was Adelaide’s top-performing council area for the quarter, with values up 15.5 per cent, and despite recording a house value drop of 3.03 per cent for the quarter, Holdfast Bay houses had the greatest value growth for the past year at 18.3 per cent.
For regional buyers, Naracoorte houses have had the greatest increase over the both past three months and year – up $75,000, or 19.74 per cent for the quarter, and $133,000 for the year to $455,000.
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