Several once affordable regional SA locations now have seven-figure house prices.
South Australia’s million-dollar suburbs were once confined to Adelaide’s metropolitan area but that’s no longer the case.
The property boom post-Covid has pushed several over the seven-figure threshold with many others on the verge, with prices in some areas climbing by half-a-million dollars.
Latest realestate.com.au data shows nine regional locations have a median house price above $1m.
There were none in September 2020, realestate.com.au data at the time showed, with the most expensive location being Boston, which had a median house price of $570,000.
Today, Cockatoo Valley in the Barossa region is the state’s most expensive regional area, with a $1.275m median.
Ray White Barossa selling principal Darren Pratt.
The remaining eight million-dollar locations are on the Fleurieu Peninsula.
Ray White Barossa Valley/Two Wells principal Darren Pratt wasn’t surprised Cockatoo Valley was the priciest regional area.
“Cockatoo Valley has the amazing lifestyle properties so most that sell in that area are probably at least two acre-plus – most of them that sell are 10 to 20 acre lifestyle allotments,” he said.
“It’s always been sought after, it’s always been fairly tightly held too.
“A lot of people are still looking for lifestyle properties.”
Mr Pratt said there had been a lot of development in the area, including in Gawler and Lyndoch, over the past few years, which was making Cockatoo Valley more appealing.
Port Elliot has a median house price of $1,037,500. Picture: Dean Martin.
“It’s an easy place to get in and out of, get to the city … and you’re not really remote anymore,” he said.
“It’s a really cool spot to be.”
It was a similar story on the Fleurieu Peninsula, with once affordable areas now much pricier.
Waitpinga, Carrickalinga, Hindmarsh Valley, Lower Inman Valley, Myponga, Middleton, Chiton and Port Elliot have median house prices that range between $1.243m and $1.037m.
Harris South Coast director Mark Forde said the beachside lifestyle and travel time from the city being less than two hours made it appealing to owner occupiers and holiday-makers.
Harris Real Estate’s Mark Forde. Picture: Supplied.
“When you see our coastline, what we’ve got and what we’ve got coming (development wise) … you’d be hard pressed to find a nicer place,” he said.
“It’s just a beautiful lifestyle and people really enjoy it.
“It’s all about having a comfortable lifestyle and a beautiful location here.”
Mr Forde said homes in the area had been undervalued for years until the Covid pandemic put the area on the map.
“It’s certainly been discovered since Covid by a lot of interstate people,” he said.
“Most people who buy down here aren’t buying to flick a property tomorrow, they’re buying for long term.”
Lower Inman Valley has a median house price of $1,172,500.
While prices had climbed significantly over the years – for example, Port Elliot’s median house price was around $480,000 in 2020, according to realestate.com.au data at the time – Mr Forde said there were still plenty of affordable options.
“Where you find those really big prices, they are often premium waterfront positions,” he said.
South Australia has 220 suburbs with a median house price above $1m, according to the realestate.com.au data.
Million-dollar regional SA locations
Lower Inman Valley – $1,172,500
