Riverlea Park home sets precedent following record-breaking sale

House buyers will need to dig deeper to afford properties at Riverlea after a luxury five-bedroom home sold for a record $1.8m.

Experts say this week’s sale of 2 Allan Place, which smashed Riverlea’s previous property benchmark by a massive $735,000, represents a turning point for the northern suburb, which has typically seen houses sell for less than half the record-breaking sum.

Ray White Gawler East director Ross Whiston, who sold the record-setting home, said prices could soon reach the $2m mark, particularly for properties on allotments of 600sqm or more.

Only one other house in Riverlea Park has sold for more than $1m – property records show that was 10 Bonnin Cres when it sold in 2024 for $1.065m, setting the benchmark.

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The Riverlea Park home at 2 Allan Place has set a new record for the area.

It was recently snapped up for $1.8m.

The sale is tipped to set a precedent for the area.

Mr Whiston said the Allan Place sale would set a precedent.

“More people will be more comfortable to buy in that (price) range because they’ve now seen someone else has done it,” he said.

“If people are looking to move (to Riverlea), I would do it sooner rather than later because … prices will go up and you may miss the opportunity to get yourself a great purchase price for homes in that area.’’

Mr Whiston said there had been up to eight buyers interested in the Allan Place residence, with most willing to spend between $1m and $1.7m.

The home, which is set on a 442sqm block and was finished only this year, features a stunning open-plan kitchen and living area with a fully-equipped bar and wine room.

The master bedroom has a walk-in robe with a glass-topped jewellery display and an ensuite with a freestanding tub – one of six bathrooms throughout the home.

There is also an impressive outdoor area with a spa pool and an outdoor bathroom with a hot rock sauna and ice bath.

Mr Whiston said the buyer was a northern suburbs family that owned businesses in the CBD and the Barossa Valley and sought a Riverlea home for its convenient access to both locations.

The massive purchase price will strike a blow to first home buyers, with Riverlea developer Walker Corporation promising the masterplanned community would help to improve housing affordability when construction work first started in 2021.

Mr Whiston said Riverlea, which will eventually become home to 40,000 people, still represented good value for money.

Several prospective buyers were vying for the keys to the home.

It has five bedrooms and six bathrooms.

It’s the second property in Riverlea Park to sell for more than $1m.

If the Allan Place property was located at popular Henley Beach, it could have fetched almost $4 million, he said.

He expected homes of a similar pedigree, with stone counters, floor-to-ceiling tiled bathrooms and large outdoor entertaining spaces, would now regularly sell for more than $1m.

However, there would still be cheaper offerings, with laminate benchtops and wet area-only tiling, that would be available to those with smaller budgets, Mr Whiston said.

Harcourt Gawler selling agent Simon de Wit said high demand for homes at Riverlea, particularly among those employed on the nuclear submarines project at Osborne, and low supply was contributing to increased house prices.

He said most buyers in the suburb were now owner-occupiers rather than investors, as they had been in the past.

“Prices (in Riverlea) are getting a little too high (for investors),’’ Mr de Wit said.

“It’s a nice estate but for value for money you could probably get better at Miravale at Angle Vale and there’s also a lot happening at Roseworthy.’’

– by Lauren Ahwan

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