Home owners in Adelaide have seen property values rise by an average of $14,000 each year since 1993. But some neighbourhoods have done even better!
A landmark study by Aussie Home Loans and CoreLogic confirms that Adelaide residents have enjoyed steady property price growth over the past 25 years. Think back to 1993, and the median house price in the South Australian capital was just $111,000. Today that median value is $462,000 – an annual rise in value averaging 5.9%.
Apartments in Adelaide have delivered steady price gains too. Today’s median apartment value is $328,000, a figure that has grown by an average of $9,400 each year since 1993.
But here’s the really amazing part. According to CoreLogic estimates, in another 25 years Adelaide’s median house value could reach $1.9 million and apartments could be worth $1.17 million!
Adelaide’s top performing suburb
So, which suburb has dished up the strongest gains in value since 1993? Chances are you’ll be surprised.
Only one Adelaide suburb made the nation’s top 100 for property price growth since 1993, and that accolade goes to Andrew’s Farm located to the north of Adelaide.
In fact, Andrew’s Farm comes in at a respectable 40th place in Australia’s top 100 suburbs, having notched up property price gains of 998% over the past 25 years. It’s remarkable to think that in 1993, a house in Andrew’s Farm cost a mere $24,000 yet today the median house value is $266,000.
Taking out second place for price gains within Adelaide, apartments in Kurralta Park in West Torrens have risen in value from $57,000 in 1993 to $415,000 today – a total gain of 628%, or an average of 8.3% annually.
Apartments perform well
A number of other Adelaide suburbs have seen the value of apartments rise dramatically since 1993. Units in Henley Beach South have seen price gains of 490%, with Mile End (469%) and Norwood (433%) also performing well in the apartment market.
Western suburbs go for growth
Suburbs to the west of Adelaide, in the Charles Sturt area, have achieved healthy gains since 1993, with five of Adelaide’s top 20 suburbs for growth being located in this region.
In the Charles Sturt region, Royal Park tops the list, where the median house price of $74,250 back in 1993 is just a fraction of today’s median value of $400,000
Discover which Australian suburbs have been the top performers over the past 25 years by viewing the full Aussie/CoreLogic 25 years of housing trends report or contact your Aussie Broker for a free copy.
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