Home' InDaily : February 5th 2010 Contents Auction action
The week's highest seller was a renovated
and extended bungalow at 27 Highgate
Street, Highgate which sold for $975,000.
Next best price went to a sandstone
property at 71 Alfred Street, Parkside
which blended old and new styles and
Third highest seller under the hammer
was a modern townhouse very close to the
city. The home, situated at 13 King William
Street, Kent Town was sold for $815,000.
A turn of the twentieth century
sandstone cottage located at 12 Ophir
Street, Goodwood was sold for the fourth
best price of $800,000.
It was a big week for auctioneers with
34 properties presenting for sale and 22 of
27 Highgate Street, Highgate $975,000
71 Alfred Street, Parkside $855,000
13 King William Street, Kent Town $815,000
12 Ophir Street, Goodwood $800,000
1a Castlebar Road, Lockleys $462,500
22 Hackett Terrace, Marryatville $750,000 27 Highgate Street, Highgate -- sold for $975,000
The $1 million mark carries a certain amount of prestige
when it comes to residential real estate.
Adelaide had nine suburbs which managed to crack
the $1 million median house price barrier in the latest set of
figures released by the Valuer-General.
There were some surprising new entrants into the million-
dollar club for the 2009 December quarter, and some of the
traditional prestige suburbs dropped out.
The million-dollar suburbs this time around were Auldana,
Fitzroy, Glenelg, Marryatville, Rose Park, Rosslyn Park,
Springfield, Toorak Gardens and Unley Park.
Of course, median house prices need to be placed in the
right context, with low levels of property transactions in a
particular period sometimes skewing the overall median figure.
This is particularly relevant in the so-called "tightly held''
suburbs. This is a favourite term among real estate agents
to describe suburbs where very few transactions take place
because residents are so content living there and don't want
It's important to also recognise the impact which one very
expensive house changing hands can have on the median house
price for a particular suburb, which all of a sudden is catapulted
into the big league but then drops back in subsequent periods.
Auldana is an example of that in the latest Valuer-General's
figures. Just one house changed hands and it pushed the
median value for the suburb up to a whopping $2.3 million for
the December quarter of 2009. This compared with Auldana's
median value of $630,000 in the December quarter of 2008.
Marryatville was in a similar category, with one transaction
for the quarter which pushed the median value up 70 per cent
to $1.05 million.
The beachside suburb of Glenelg continues to be an
attractive location for buyers at the upper end of the market.
Glenelg experienced a 23.4 per cent jump in its median house
price in the December quarter to $1.15 million, with seven
houses changing hands.
Toorak Gardens also managed a substantial jump in median
price of 32.3 per cent to $1.11 million, while nearby Rose Park
increased by 15.3 per cent to $1.19 million. Rose Park has been
one of the most consistent performers in the top end of the
Adelaide residential real estate market over the years.
Most experts are predicting the top end of the real estate
market will make solid gains in 2010 as the Australian economy
improves and buyers have more confidence in recovery after the
uncertainty triggered by the global economic meltdown.
High-end buyers also had their confidence knocked by the
sharp plunge in the Australian sharemarket, which hit its low in
March 2009 in the wake of the global crisis.
Interestingly, Adelaide had 11 suburbs with a median house
price value above $1 million in the December quarter of 2008.
Those suburbs were College Park, Hyde Park, Joslin,
Malvern, Medindie, Netherby, Ovingham, Rose Park,
Springfield, St Georges and
Ovingham, adjacent to
Brompton, was the surprise
packet in the 2008 figures but
it can be explained by one
hefty transaction of $1.11
million. In the December,
2009 quarter Ovingham didn't
register any houses changing
Chris Ward (pictured) is general manager BankSA
13 King William Street, Kent Town -- sold for $815,000
71 Alfred Street, Parkside -- sold for $855,000
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