What your home will be worth in SA in 2030 – if history repeats, that is…
If you’re looking to get into the market, you might want to think about doing it soon.
New data analysis by REA Group show if South Australia’s market repeats over the next five years the growth it experienced over the past five, househunters will need a heck of a lot more in savings than they do now.
According to the report, if history repeats, Adelaide’s median house price could increase from its current $841,000 median to a whopping $1.464m, based on the 75 per cent growth it has demonstrated over the past five years.
Those looking to buy a unit will also need a significantly larger deposit – if unit prices increase by the 64 per cent they have in the past five years, that will take the median from the current $573,000 to an eye-watering $938,000.
This would make Adelaide houses the third-most expensive in the nation, behind Sydney at $2.4m and Brisbane at $1.54m, and units the second-most expensive for that accommodation type, following Brisbane with a $984,000 median.
REA Group Senior Economist Angus Moore said while prices might not repeat what we have seen over the past five years, continued price growth is expected in at least the short term.
“We are expecting that we’re going to continue to see home prices grow this year … and the reason for that is that we’re expecting to see interest rates falling, and that’s going to boost borrowing capacities,” Mr Moore said.
REA Group Senior Economist Angus Moore. Supplied
“However, we’re certainly not expecting to see anything like the pace of growth that we saw in 2021 when prices grew incredibly quickly, or even, you know, the sort of pace that we’ve been seeing in Adelaide and Perth in more recent years.”
“We’re still expecting that Adelaide will do relatively well (compared to other capitals).”
If history repeats, homeowners in Adelaide’s northern suburbs look set to be the biggest winners.
Another 209 per cent increase – the growth seen there over the past five years – would take Davoren Park’s median to $1.578m.
Elizabeth North and Elizabeth Downs houses weren’t far behind, with prices up 197 per cent and 193 per cent respectively.
Edge Realty director Mike Lao, who sells in the northern suburbs said he expected continued value growth in the northern suburbs, but that the pipeline of new homes scheduled during the next five years would temper its rise.
“The market has flattened off a bit from the meteoric rise home values in the north saw at the start of Covid, but they’re still trending upward,” Mr Lao said.
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Mike Lao of Edge Realty. Supplied
“We’ll still see growth over the next five years, but that growth will be naturally limited by the increase in buyer choice due to the enormous number of new homes coming in in that time.”
According to the report, for suburbs to have recorded 30 or more sales during 2024, Hazelwood Park houses would have the state’s highest median house price, increasing 102 per cent from their current $1.91m to $3.852m.
St Peters houses were hot at their heels if their 74 per cent increase is repeated.
It’s current $2.203m median would rise to $3.842m.
What prices will be in 2030 (if history repeats)
Largest growth
| Suburb | Current median sale price | 5 year % change | Median sale price in 2030 |
| Davoren Park | $511,000 | 209% | $1,578,000 |
| Elizabeth North | $468,000 | 197% | $1,388,000 |
| Elizabeth Downs | $520,000 | 193% | $1,523,000 |
| Smithfield Plains | $522,000 | 188% | $1,504,000 |
| Peterborough | $193,000 | 177% | $533,000 |
| Cleve | $283,000 | 175% | $778,000 |
| Elizabeth East | $546,000 | 168% | $1,461,000 |
| Elizabeth South | $480,000 | 167% | $1,280,000 |
| Elizabeth Park | $530,000 | 163% | $1,394,000 |
| Hackham West | $620,000 | 158% | $1,602,000 |
Our most valuable suburbs in 2030
| Suburb | Current median sale price | 5 year % change | Median sale price in 2030 |
| Hazelwood Park | $1,910,000 | 102% | $3,852,000 |
| St Peters | $2,203,000 | 74% | $3,842,000 |
| Malvern | $2,132,000 | 76% | $3,747,000 |
| Glenelg East | $1,650,000 | 116% | $3,570,000 |
| Somerton Park | $1,750,000 | 94% | $3,403,000 |
| Hawthorn | $1,795,000 | 88% | $3,383,000 |
| Beaumont | $1,735,000 | 93% | $3,345,000 |
| Kensington Gardens | $1,725,000 | 86% | $3,217,000 |
| Mitcham | $1,663,000 | 91% | $3,177,000 |
| Kensington Park | $1,670,000 | 90% | $3,176,000 |
Source: REA Group. All data is for suburbs.
– with Lydia Kellner
The post What your home will be worth in SA in 2030 – if history repeats, that is… appeared first on realestate.com.au.
JKDS is a licensed New York State real estate brokerage firm. #10351200205
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