Continued demand for quality homes on large allotments near “sought-after schools” led to a 25 per cent surge in Burnside houses selling for more than $2 million in 2018.
According to CoreLogic figures, 39 houses in the Burnside district exceeded the $2 million mark in 2018, with Toorak Gardens (six), Leabrook (five), Burnside (four) St Georges (four) and Glenunga and Hazelwood Park (three each) leading the charge.
Thirty one homes broke the $2 million barrier in 2017.
Scarce Real Estate director Matt Scarce said the “considerable increase” had been underpinned by well-off families seeking quality education for their children.
“Homes in these suburbs generally meet that criteria,” Mr Scarce said.
“Buyers in this price bracket are also generally aware that for proximity to the CBD, we are still very much undervalued compared to the Sydney and Melbourne markets, so $2 million is no longer seen as a barrier which suggests there is still high confidence at that end of the market.”
Mr Scarce said the “prestigious suburbs” of Toorak Gardens, Leabrook, St Georges and St Peters had been consistently strong performers.
Harcourts Sheppard sales consultant Sarah Sheppard said it was no surprise Burnside recorded a high number of $2 million-plus sales in 2018.
“Rich in history with little to no industry, there is approximately 257ha dedicated to parks and reserves, making it one of the greenest suburbs in South Australia and some of the most sought-after real estate,” Mrs Sheppard said.
“The eastern suburbs are seen as the most affluent ‘old money suburbs of Adelaide’.
“The streets are often wide and lined by established, lush green trees and many of Adelaide’s most prestigious and elite schools are also located in the east.”
MEANWHILE, IN THE NEIGHBOURNIG NORWOOD AREA…
In Norwood Payneham & St Peters, 14 houses exceeded the $2 million mark in 2018, with Norwood, St Peters and Glynde each recording three top-end sales. Just four NP&SP properties sold for more than $2 million in 2017.
“Norwood has grown even more popular due to the ever-improving facilities of The Parade,” Mr Scarce said.
The most expensive home across both council areas was a property in Provident Ave, Glynde, which sold for $5.36 million in October.
IN THE UNLEY COUNCIL AREA…
In Unley, the 5061 postcode was clearly the ritziest with Unley Park (10), Hyde Park (six), Malvern (four) and Unley (one) breaking the $2 million barrier.
Meanwhile, real estate agents say confidence remains high across the Mitcham district with a record number of houses selling for more than $1 million in the past year.
According to CoreLogic RP Data figures, 114 houses in the Mitcham Council area exceeded the $1 million mark in 2018. Kingswood was the best-performing suburb, with 16 million-dollar-plus sales.
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The traditional high-performing suburbs of Torrens Park (14 $1 million-plus sales), Netherby (14), Westbourne Park (13) and Mitcham (12) were again at the top of the list, but there were a couple of surprise entries in the top 10.
Harcourts Venn Millar sales director Stephen Venn said Cumberland Park and Colonel Light Gardens, both with four sales each topping the $1 million benchmark, were the year’s big movers.
“Those two might have been called middle-of-the-road suburbs in the past, but prices have shot up,” Mr Venn said.
“Overall, Mitcham has help up pretty well. Some sectors of the market have peaked in SA and growth is slowing, but nothing like Sydney and Melbourne. People are still keen to buy here.”
— BY BEN CAMERON WITH CRAIG COOK