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SA drops off the million dollar perch
July 15, 2011
During the peak of Spring Selling Season in 2010, South Australia recorded two million dollar suburbs. However recent market conditions have meant that South Australia is no longer contributing to the exclusive million dollar club.
Knocking on the door
In Q3 of 2010, South Australia recorded 2 suburbs with medians over one million dollars placing them within the exclusive million dollar club.
During this time, Milswood was the most expensive suburb with a median of $1,100,000 however has since fallen to 11th position in the list of most expensive suburbs in South Australia.
With a median price of $1,000,000 St Peters was the second million dollar suburb in South Australia. Whilst St Peters has experienced a decline in its median price to $917,500, it has remained as one of the most expensive South Australian suburbs.
Other most expensive suburbs on the cusp of joining the million dollar club are;
|Most Expensive||Suburb||Mar- 2011 Median|
|1||St. Peters real estate||$917,000|
|2||North Adelaide real estate||$908,000|
|3||Torrens Park real estate||$890,000|
|4||Brighton real estate||$845,000|
|5||Unley real estate||$850,000|
Whilst South Australia may not currently have any million dollar suburbs, the number of sales over one million dollars is on the rise. When comparing Q1 2006 to Q1 2011, the number of properties selling for more than one million dollars rose by 261% from 56 to 202.
With the rise of million dollar property sales, there is no doubt that South Australia will re-enter the exclusive million dollar club in the near future.
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