On the 12 months to November 30, CoreLogic data revealed Adelaide property prices are up 13.4% despite rising interest rates.
Adelaide’s median dwelling value is around $650,000 which makes it the third most affordable city behind Perth and Darwin.
Peter Koulizos, Master of Property Program Director at The University of Adelaide and PIPA Chair, said Adelaide has been by far the best performing capital city in the country in 2022.
“During Covid-19, a lot of people moved to South Australia, particularly from Victoria, as they had such severe lockdowns over there,” Mr Koulizos told Savings.com.au.
“People realised that less than a one hour plane ride away there was a lot less restrictions and a lot more freedom, along with lower property prices and far less congestion.
“As Adelaide is one of the cheapest mainland capitals to buy a property, investors from the eastern states in particular realised the city was a very viable alternative.”
With Mr Koulizos expecting the Adelaide market to perform well once again in 2023, it’s time to find out which suburbs could see major growth in the new year.
Median price data sourced via Realestate.com.au and is accurate as at November 2022.
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Brooklyn Park
Situated just over 5km to the Adelaide CBD and only a five minute car ride to the beach, Mr Koulizos believes Brooklyn Park will continue to grow throughout 2023.
“Brooklyn Park has direct access to the city and beach via Sir Donald Bradman Drive, and is also adjacent to the more expensive suburb of Lockleys,” he said.
“There are some very good redevelopment opportunities in the suburb as the blocks of land are reasonably big - you can knock down a 1950s house and easily build two nice new homes.
“The suburb's proximity to Adelaide airport is a big driver. Being close to the airport [not under the flight path] is a major benefit for FIFO workers or regular travellers.”
Brooklyn Park is walking distance to childcare centres and schools, and is also within a few minutes' drive to Aldi, IKEA, Bunnings, and Harbour Town.
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Median price: $730,000 for houses, $305,000 for units.
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Median rent: $497 p/w for houses, $320 p/w for units.
Christies Beach
Known as one of the cheapest beachside suburbs in Adelaide, Christies Beach offers residents plenty of eateries, supermarkets, butchers, bakeries, retail therapy, and a family-friendly beach at the end of Beach Road.
“Christies Beach has easy access to the city via the train [40 min drive], with house prices about half of what they are 3km from the city,” Mr Koulizos said.
“The local council is spending a lot of money on infrastructure, in particular along the esplanade and high street.
“With lifestyle becoming more important since Covid-19 and work from home becoming the norm, living close to the sea is a very nice option.”
Christies beach is also a mere 20 minutes away from the McLaren Vale Wine region.
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Median price: $560,000 for houses, $400,500 for units.
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Median rent: $430 p/w for houses, $375 p/w for units.
Thebarton
Thebarton is a city-fringe suburb home to a plethora of local shops, cafes, artisan bakeries, and breweries.
“Within walking distance to the city, Thebarton is an attractive location for young professionals who can afford to pay the relatively higher rental property prices as many of them work in the CBD,” Mr Koulizos said.
“As the majority of the university campuses are in the city, this suburb is also popular with international students.”
According to Mr Koulizos, gentrification is a big driver in the suburb, with a number of older buildings being renovated or upgraded.
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Median price: $825,000 for houses.
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Median rent: $505 p/w for houses.
Torrensville
Mr Koulizos also recommends the neighbouring town of Torrensville.
“It’s within walking distance to the city, meaning it’s very appealing to the white collar office workers,” he said.
“Popular Henley Beach Road is the main road that goes through Torrensville and has direct access into the city and Henley Beach which makes for a very easy commute.”
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Median price: $900,000 for houses, $480,000 for units.
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Median rent: $500 p/w for houses, $405 p/w for units.
West Beach
Just a little over 10km away from Adelaide CBD is West Beach, which PRD Chief Economist Dr Diaswati Mardiasmo says is known as the seaside playground, aquatic adventure land.
“The suburb is very popular with families looking to balance work and leisure, especially with all of the water activities available,” Dr Mardiasmo told Savings.com.au.
“With Harbour Town only a 20 minute walk away, there are local jobs available which attracts plenty of people to the area.”
Within a 5-10 minute drive of West Beach is Henley Square, and popular neighbouring suburb Glenelg which has plenty to offer such as boutique shops, an amusement park, and Australia’s only official bar on the beach, Moseley Beach Club.
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Median price: $1,126,000 for houses, $400,000 for units.
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Median rent: $625 p/w for houses, $350 p/w for units.
Elizabeth Vale
With very affordable house prices and two nearby hospitals, Dr Mardiasmo also recommends Elizabeth Vale for 2023.
“With Lyell McEwin Hospital and Calvary Central Districts Hospital right at your doorstep, there are plenty of local jobs available which is a big factor driving people into the area,” she said.
Elizabeth Vale is also home to a primary school, early learning centre, and Grenville Hub - a local community centre for people 50 years and older. Nearby shopping centres Parabanks and Elizabeth City Centre are a mere 5-10 minute drive away.
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Median price: $395,000 for houses, $177,500 for units.
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Median rent: $350 p/w for houses, $235 p/w for units.
Salisbury
“Salisbury has a TAFE, as well as plenty of parklands, shops, cafes, and restaurants; it is well serviced by public transport,” Dr Mardiasmo said.
“It’s a very nice family friendly suburb that’s located 30 minutes from Adelaide CBD, making it ideal for people to live and work in.”
Nearby amenities include Parabanks Shopping Centre, Hollywood Plaza, a cinema complex, and plenty of sporting facilities.
Salisbury also has a number of public and private school options available within a short drive away.
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Median price: $460,250 for houses, $317,500 for units.
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Median rent: $377 p/w for houses, $290 p/w for units.
The Adelaide suburbs to keep an eye on if you’re a first home buyer
Have you got your heart set on buying your first home in Adelaide in 2023?
Here are the suburbs to consider according to Dr Mardiasmo’s research.
| House | |||
| Suburb | Median price | Annual growth | Future projects |
| Adelaide | $967,500 | -23.5% | $729.2M |
| North Adelaide | $1,105,500 | -18.6% | $5.4M |
| Walkerville | $1,595,000 | -3.3% | $950K |
| Unley | $1,527,500 | -1.5% | $7.3M |
| Torrens Park | $1,098,000 | -0.3% | $7.9M |
| Underdale | $815,000 | 1.9% | $4.0M |
| Woodville | $810,000 | 8.4% | $1.5M |
| North Plympton | $737,750 | 7.1% | $4.9M |
| Bridgewater | $728,500 | 8.4% | $1.8M |
| Brompton | $727,000 | 6.7% | $5.9M |
| Unit | |||
| Suburb | Median price | Annual growth | Future projects |
| Salisbury Downs | $319,000 | -0.6% | $6.6M |
| Mawson Lakes | $321,000 | -2.0% | $100.7M |
| Clarence Park | $355,000 | -13.9% | $1.2M |
| Goodwood | $355,250 | -2.9% | $7.5M |
| Findon | $395,000 | -10.2% | $10.6M |
| Plympton | $399,500 | -5.3% | $25.8M |
| Glenside | $445,000 | -13.2% | $15.2M |
| Hectorville | $445,000 | -12.7% | $1.4M |
| Kurralta Park | $463,000 | -1.5% | $4.9M |
| Park Holme | $478,000 | -7.2% | $900K |
While the above suburbs are not the cheapest by any means (most have a higher median price than the capital city metro), they have seen negative or lower growth in recent months, thus creating new opportunities for first home buyers e.g. higher affordability. Suburbs that do have a lower or on par median price than the capital city metro are in bold. Median prices capture sale transactions from 1st January to 30th September 2022.
Image by Syed Hadi Naqvi via Unsplash
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