ONCE considered somewhat humble, Adelaide’s inner northern suburbs are “riding the wave” of their blue-chip neighbours to achieve price growth well beyond the Adelaide average.
Local agents say Vale Park, Sefton Park, Manningham and Greenacres are experiencing flow-on growth from nearby Walkerville, Collinswood and Prospect, which are all known for their prestige properties.
Their claims are backed up by CoreLogic data, which shows several inner northern suburbs experienced growth well above that of wider Adelaide.
Adelaide house prices grew by 18.4 per cent over the past five years to $450,000.
Manningham prices, meanwhile, increased 49.5 per cent over the past five years to $627,750, while Vale Park house prices rose 23.8 per cent to $679,750.
Sefton Park, meanwhile increased by 57.4 per cent, Broadview by 31.1 per cent, Klemzig by 25.5 per cent, Greenacres by 24.8 per cent and Hampstead Gardens by 13.9 per cent.
Bronte Manuel, of Toop&Toop Real Estate sold a 1950s-style home on the “wrong side” of Regency Rd in Prospect for $541,000 on the weekend.
The property sold for the exactly same unexpectedly high price at auction in May last year and Mr Manuel was surprised to achieve the price a second time. (Read our story on the sale last year here).
‘This property went absolutely troppo,” Mr Manuel said last year.
“(The price) was what you would expect on the southern side of Regency Rd, not the northern side.”
Mr Manuel said inner north’s prestige suburbs were “radiating” into their surrounds.
“Absolutely, I think with anything in real estate when you’re looking at investing or for growth, you look to the next suburb over so you can ride the wave,” Mr Manuel says.
“These suburbs have been so affordable for their proximity to the city and they had to grow. The big well-known suburbs continue to do well and they radiate into those surrounding areas.”
Other suburbs Mr Manuel highlights as strong performers are Klemzig, Kilburn, Manningham and Hampstead Gardens.
“People have always been saying ‘Prospect, Prospect, Prospect’, no one was saying Kilburn and now Kilburn is seeing ridiculous numbers,” Mr Manuel says.
“Everyone wants what everyone else has. Those top areas spike and it pushes over to the next suburb. If it spikes in Collinswood, it pushes into Manningham, Klemzig pushes Hampstead Gardens and it just continues to radiate.”
Ouwens Casserly agent Catherine Crease had a record-breaking sale in Manningham, selling 2 Birkinshaw Ave for $1.04 million in October and one of the top sales for Hampstead Gardens with 11 Ways Rd, which sold for $825,000.
“I also sold a house in Broadview just before Christmas that was going to be for land only and that was just under $1000 per square metre,,” she says.
Ms Crease says buyers look for convenience and suburbs such as Vale Park and Manningham are in a “great location”.
“It’s in a Linear Park location, close to the city and amenities,” Ms Crease says.
People have tuned into the idea of being close to the city and the lifestyle these suburbs offer.”
She also says these suburbs have flown under the radar for a number of years.
“People didn’t know of them,” Ms Crease says
She also lists Sefton Park, Hampstead Gardens and Broadview as being highly sought-after.
“Vale Park has been doing well for a few years. Hampstead Gardens in particular, people have a new awareness of the suburb and its potential. Broadview more so has always performed well but people are really starting to see the value and potential.”
Another suburb expected to perform well is Greenacres.
“Greenacres has been rebuilt massively and anyone who bought a Trust home there five years ago would be doing really well now,” Ms Crease says.
LJ Hooker Kensington agent and auctioneer Richard Thwaites, who recently sold a partially-renovated home on a 393 sqm block in Vale Park for $560,000 – “that one was something we did not see at all” – says suburbs in the inner north east were being gentrified “to some degree”. (Read our story on the sale here)
“They’ve gone from working class to being a popular place to go,” Mr Thwaites says.
“I’ve noticed the expansion from Regency Rd north toward Enfield and Clearview, with all that new housing Lightsview, Oakden and Northgate making it more appealing.
“People want convenience. Somewhere like Vale Park where you can jump on a bus and be in the city in 15 minutes. At Klemzig you’ve got the O’Bahn. Transport corridors, good, convenient shopping and good schools (is what buyers are after).”
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