General information on houses for sale – Adelaide
Houses for sale in Adelaide tend to be noticeably cheaper on average than those you’ll find in other major Australian cities. With a population of just over 1.2 million, Adelaide is much smaller than Sydney and Melbourne and, in terms of its real estate market, Adelaide isn’t as overheated as the big cities.
Even during boom periods in the Australian real estate market, houses for sale in Adelaide have been and in all likelihood will continue to be the best of the big cities from a value for money standpoint.
Adelaide Housing Pricing trends: Why now is a good time to invest
Starting in the latter part of the decade, the Adelaide housing market experienced a bubble that reached its height in mid-2010, and has since began to cool down, due primarily to extra supply.
Pricing adjustments in the Adelaide housing market have continued through the first half of 2011. Until recently houses for sale in Adelaide tended to have asking prices well above realistic market value, considering the number of houses available there and in other major urban areas in Australia. As houses for sale in Adelaide remain unsold, prices are starting to go down and look set to go down significantly.
This and other general economic conditions in Australia have led to a true buyer’s market. In fact, it’s been years since conditions have been this good for potential buyers of houses for sale in Adelaide. Adelaide is currently a very desirable location for its weather and lifestyle, and this desirability will only grow as demographics change and the Australian population ages. This means that the majority of houses for sale in Adelaide are viable as both long-term investments and family residences.
Houses for sale in Adelaide suburbs
The residential property market in downtown Adelaide consists mostly of apartments, but the suburbs offer all kinds of interesting choices and opportunities.
Eastern suburbs: The eastern suburbs include some of the most in-demand localities in Adelaide and indeed in all of South Australia; as such, you can find some of the highest property prices in Adelaide within the eastern suburbs. Two of the hottest suburbs in the inner eastern section of Adelaide right now are Norwood and Glenunga. Both of these towns are known for spaciousness, leafy streets, and a good family atmosphere.
While the building trend as of late in most of the eastern suburbs has been towards higher density developments, there are still plenty of great houses for sale in Adelaide’s eastern suburbs. The median price of houses sold in Norwood in 2010 was just over $650,000, and the current listings are fairly evenly distributed between the low end of $400,000 and the high of just over $1 million. Prices in Glenunga tend to be a little higher at the moment, with a median sale of $725,000 in 2010, and an average current asking price of about the same.
Northern suburbs: Just north of the CBD and North Adelaide is Prospect, another one of Adelaide’s largest and most desirable suburbs. Prospect’s population is around 12,000 and the vast majority of the population lives in houses, making it a low density suburb while still being very close to the city core. Despite this attractive combination, Prospect remains fairly affordable, with the median sale in 2010 coming in at just over $500,000. Among the houses for sale in Adelaide’s nothern suburbs like Prospect you’ll see some classic architectural styles and spacious properties.
Further to the north are Salisbury and Paralowie, where the added distance from the CBD results in lower housing prices and some excellent values for families. Salisbury is known for its quiet atmosphere, with lots of green space. In 2010 the average house sold in Salisbury went for just over $275,000. Among the houses for sale in Adelaide’s suburb of Salisbury are quite a few four bedroom homes for under $275,000. Property value statistics and current home prices in Paralowie are similar. Both are close to the University of South Australia.
The port: Located to the northwest of downtown Adelaide are Port Adelaide and the surrounding suburbs. Port Adelaide is one of the most historic parts of the entire city. After a period of decline in property values, Port Adelaide has seen a reversing of that movement in recent years and looks set to continue the upward trend.
Houses for sale in Port Adelaide in 2010 sold for an average of just over $400,000, but this might have been a temporary spike beyond even the general upward trend of the last few years.
Most of the recent residential developments in the area have been high density waterfront units, and the majority of the houses for sale in Port Adelaide at the moment are older style properties at moderate prices.
Western suburbs: To the west of downtown Adelaide are the beautiful seaside suburbs of West Beach and Glenelg. West Beach is a community of under 5000, with property values ranging from very high (most beachfront properties being valued at well over $1 million) to about average for Adelaide’s outer suburbs. Median price in 2010 was just over $600,000.
Glenelg is a very popular choice among home buyers in recent years thanks to its combination of an excellent and picturesque seaside location, comfortable urban layout, and surprisingly inviting property prices. Average prices of houses for sale in Adelaide’s western suburb of Glenelg are brought up by the beachfront properties, but there are many family homes and suitable properties currently available in the $400,000-500,000 range.
Further down the coast is the interesting suburb of Happy Valley, home to about 12,000 people. While still within commuting distance of the CBD, Happy Valley has a less urban feel and is now considered a prime destination for young families and retirees alike. The suburb is lined with parklands. In contrast with some of the more central suburbs, current house prices in Happy Valley go no higher than about $550,000.
Southern suburbs: The inner southern suburbs have more of a quiet character compared to the areas just north of the Adelaide city centre, and prices in the southern suburbs have generally been more stable over the last several years than in some other sections of Adelaide. Prices on houses for sale in Adelaide’s inner southern suburbs tend to be high, owing to the good location and large allotments. Malvern and Unley Park largely represent the high end of the market in the inner southern suburbs, with their stately mansions and spacious properties, while the market in Goodwood tends more towards the moderate.
Adelaide Hills: The Adelaide Hills area is located to the east of Adelaide and includes several dozen small suburbs, the largest of which is Mount Barker; the Hills region is known for its moderate (at least compared to the rest of Adelaide) summer weather and lush, green landscape dotted with national parks and landmarks such as the Waterfall Gully. Median price of houses for sale in Adelaide Hills was around $400,000 in 2010, making this a relatively affordable location with a good quality of life. Additionally, recent road improvements have helped make the commute to the CBD much smoother, and the Hills suburbs are generally considered within reasonable commuting range of the downtown area.