Published : 2 September 2015
Figures from CoreLogic RP Data are showing an interesting anomaly in the Adelaide area.
Typically, suburbs drop in price the further they are from the CBD. But 'lifestyle' and location suburbs are bucking the trend in Adelaide, keeping prices high in suburbs 10km or even 20km out from the CBD.
For example, Tennyson, 11km from the CBD, has the highest median sale price of $1.07 million, CoreLogic RP Data shows.
Real Estate Institute of South Australia immediate past president and Professionals SA chief executive Ted Piteo said Tennyson homes rarely changed hands.
“People know what they’ve got there — why would you move?’’ he said.
“It’s beachside, it’s got a big, long stretch of beachfront, close to Semaphore and Port Adelaide. It’s a great spot with great infrastructure.’’
Data showed beachside suburbs dominated the top 10. Glenelg, Glenelg South and Somerton Park also have some of the highest median values in the area, again up to 20km from the city.
Mr Piteo said the appeal of beachside suburbs was “a no-brainer” because of the high quality lifestyle on offer.
Adelaide Hills towns, including Aldgate and Crafers, also continue to attract high prices. So it's no surprise that Adelaide has been ranked as the fifth most liveable city in the world.
“From properties along the beach, it’s only 20 minutes to the city, from the Hills and country areas it’s only 20 minutes, too,’’ Mr Piteo said. “How many other places offer that?”
Some residents in these suburbs have been there for up to 40 years and, due to the low turnover of properties, a strong community spirit has emerged.
Properties are tightly held in these suburbs so they don't tend to stay on the market for long.
Most Expensive Suburbs 10-20km from Adelaide CBD
1. Tennyson — $1.07 million
2. Glenelg — $810,000
3. Glenelg South — $790,000
4. Somerton Park — $751,000
5. West Lakes — $710,000
6. Seacliff — $702,000
7. Craigburn Farm — $677,500
8. Aldgate — $675,000
9. Crafers — $660,000
10. Mylor — $637,500
(Median house price figures supplied by CoreLogic RP Data)