The recent interest rate hikes are having little impact on the city’s prestige property market, which is maintaining its hot streak into the colder months.
Williams Real Estate partner John Williams told The Advertiser the top end of the market was largely insulated from the increase in mortgage repayments.
“We haven’t really seen any effect from the past two interest rate rises,” he said.
“The top end is pretty robust in that regard, but the bigger issue for the top end is supply – there’s no stock to choose from.
“We’re 22 per cent down on this time last year in properties available, and we’ve got half the properties available for sale that we had five years ago.”
Mr Williams, who according to realestate.com.au has a median sale price over the past 12 months of $3.21m, said while many sellers had dollar signs in their eyes during the first wave of the Covid-19 boom, expectations in the top end had tempered.
“They see that there’s been a softening in the market, and they see homes around them not selling, so they’re very attuned to market conditions,” Mr Williams said.
“We are in a more traditional market. It’s gone from nuts to normal quite quickly.”
New realestate.com.au data has revealed Adelaide’s top 10 metropolitan real estate sales. According to the data, the top metropolitan sale on their site for the 2022 financial year was a 1951 Queen Anne villa at 21 Whistler Ave, Unley Park, in October 2021. Department of Planning, Transport and Infrastructure documents reveal it sold for $6.425m.
The list does not include properties sold off-market or not advertised on the site and does not include properties listed on the site as sold with unverified sale prices.
According to the data, of the Adelaide suburbs to have recorded at least 10 sales for the 2022 financial year, the most expensive was Medindie, where the median sale price from 20 sales over the past 12 months was $2.625m.
Booth + Booth Real Estate agent Jamie Brown, who sold the Whistler Ave property, said the prestige market had “calibrated” in recent years, and the cream of the crop was now more expensive than ever.
“Three years ago, before Covid hit, $4.5m to $5m was probably considered the foundation to the top end, and now it really is $7m,” he said.
“Less than that is still considered the top end, but the true top end now really starts at $7m,” he said.
Mr Brown said there were now numerous sales in the Hills – notably properties in Stirling to Aldgate – reaching the $5m mark.
THE TOP TEN METRO SALES OF THE 2022 FINANCIAL YEAR
21 Avenue St, Millswood
4 bedrooms, 4 bathrooms, 2 parking spaces.
This home offers a fantastic old-meets new lifestyle in one of the state’s most popular suburbs. Character at the front, and contemporary open-plan living at the rear, the standout feature here is the striking pool and outdoor entertainment area.
28A Briar Ave, Medindie
4 bedrooms, 4 bathrooms, 7 parking spaces.
Situated on a spacious 1526sqm allotment, this Neo-Georgian wonder offers a luxe lifestyle and features quality fixtures and fittings throughout. Built for entertaining, this home has a swimming pool, open-plan living, a grand entry hall and offers a stunning view over the city from its upper level.
27 St Andrews St, Walkerville
4 bedrooms, 3 bathrooms, 4 parking spaces.
This single-owner corner site development opportunity sat on a 1641sqm allotment and offered dual street frontages and was complete with a swimming court and pool.
37 Austral Tce, Malvern
4 bedrooms, 4 bathrooms, 4 parking spaces.
This stunning 1908-built sandstone Queen Anne Villa is the ultimate package – prime address, gorgeous home, tennis court and swimming pool. The home has been renovated throughout and sits on a 2218sqm block.
42 Kent St, Hawthorn
6 bedrooms, 4 bathrooms, 3 parking spaces.
Built in 1991, this modern mansion has all the bells and whistles and, being set on a 2596sqm allotment with a stunning tennis court and pool, has plenty of room to move.
2A Victoria Ave, Medindie
4 bedrooms, 3 bathrooms, 2 parking spaces.
There’s not a whole lot of information to be found online about this property, but CoreLogic data shows it sits on a 1362sqm allotment, and listing photos show an incredible home with a pool, spa, a gym, an entertainer’s terrace and a tennis court.
307 Young St, Wayville
5 bedrooms, 4 bathrooms, 3 parking spaces.
The 1912-built manor Clovelly has been updated throughout to offer an old-meets-new lifestyle, retaining it’s character flair while infusing it with almost an industrial edge. It has a luxe swimming pool and sits on 774sqm of parklike grounds.
29 Esplanade, Somerton Park
4 bedrooms, 4 bathrooms, 8 parking spaces.
A modern stunner, this home offers 562sqm of luxe living space over its three levels and sits on a 623sqm allotment. It is complete with a sparkling ground pool and spa.
23 Wootoona Tce, St Georges
4 bedrooms, 3 bathrooms, 11 parking spaces.
Set among some of Adelaide’s finest homes, this classic sits on a 3773sqm allotment, has a tennis court and pool, and boasts an impressive 30.48m frontage.
21 Whistler Ave, Unley Park
5 bedrooms, 2 bathrooms, 4 parking spaces.
This renovated 1915 Queen Anne Villa sits on a 3845sqm allotment and has a tennis court, swimming pool, numerous outdoor entertainment areas and an impressive facade.
* Sales information supplied by realestate.com.au and verified through CoreLogic and the department of planning, transport and infrastructure. These are sales confirmed as sold on realestate.com.au during the 2022 financial year and does not include off-market sales or sales without a verifiable sold price.