IF you’re looking to join SA’s upper echelon of homeowners you’ll need at least $5 million to do it, and one real estate agent says it won’t be long before the state records its first $10 million sale.
According to CoreLogic data to December 12, the top verified sale of 2018 was 68 Battams Rd, Marden, which sold off-market for $5.3 million.
16 Northgate St, Unley Park was the state’s second-highest selling property, fetching its owners a cool $5.2 million. It also sold off-market.
A four-bedroom family home at 21 Whistler Ave, Unley Park was the third-highest sale of the year, selling for $5.1 million through Jamie Brown of Bernard Booth Real Estate.
A waterfront Tennyson home owned by the Shahin family sold at auction on November 17 for $5.2 million, but does not appear on CoreLogic’s top-10 list as it is still awaiting verification.
Mr Brown said the Marden sale, which he was not involved in, was a ‘game-changer’ for the market.
“That sale has changed the whole complexity of the top end,” Mr Brown said.
“That to me has been the first sale in some time that has definitely calibrated the market.
“That will make everyone sit up and listen, and it gives buyers emotional and financial comfort to put in an offer at $6 million or $6.5 million for something that might have been seen in the high fives before.
“It also gives the valuers and the banks confidence. It reverberates right through and each sale underpins the next.”
Mr Brown said the majority of people seeking ultra top-end buyers were cashed-up locals.
“Adelaide’s always lacked confidence and that’s what’s driving it at the moment in that people see a brighter future,” he said.
“If they see light at the end of the tunnel and want to buy an investment for seven, eight or $9 million, can they see it being $10 million or $12 million in a few years time? Yeah, I think they’re starting to see it, and they’re getting in early.
“I’ve got three buyers who have got double figures in them straight away, but there’s nothing available for them.
“I would say confidently within two years a double-digit figure, will be achieved.”
Adelaide’s leafy city fringe suburbs have yet again dominated the list of the state’s most expensive house sales of 2018.
Homes at Beaumont, Medindie, North Adelaide, Gilberton, and Erindale were also among the most expensive sales for the year, while 49 King St at Brighton, with a sale price of $4.6 million, was the only coastal property to make the top 10.
The most affordable home to make the list was $3.7 million for an Erindale property, and the combined value of the top 10 was $44.675 million.
To put that value in perspective, a family home in Toorak was Melbourne’s most expensive house sale at $38.8 million.
Real Estate Institute of South Australia chief executive officer Greg Troughton said it had been a strong year for Adelaide prestige property.
“To have a number of sales at more than $5 million really does show the market is strong and people are still seeing value in the upper echelon,” Mr Troughton said.
“Adelaide is the darling of the real estate sector in Australia when it comes to affordability, particularly in that top tier.”
He said while discussion around the banking royal commission had stalled the more affordable sectors of the market, it hadn’t affected the top end.
“I think if you’ve got that sort of coin the bank looks at that and pays great respect to that,” Mr Troughton said.
The state’s most expensive unit or apartment sale was 707/61 Brougham Place, North Adelaide, which sold for $2.75 million in September.
SA’S TOP 10 HOUSE SALES FOR 2018*
$5.3 million. 68 Battams Rd, Marden. Sold in October.
$5.2 million. 16 Northgate St, Unley Park. Sold in April.
$5.1 million. 21 Whistler Ave, Unley Park. Sold in May.
$4.65 million. 20 Travers Dr, Beaumont. Sold in January.
$4.6 million. 49 King St, Brighton. Sold in August.
$4.475 million. 18 Dutton Tce, Medindie. Sold in January.
$4.1 million. 146 Molesworth St, North Adelaide. Sold in July.
$3.8 million. 14 Edwin Tce, Gilberton. Sold in February.
$3.75 million. 78 Barnard St, North Adelaide. Sold in August.
$3.7 million. 66 Statenborough St, Erindale. Sold February.
TOP 10 UNITS/APARTMENTS*
1. $2.75 million. 707/61 Brougham Place, North Adelaide. Sold September.
2. $2.02 million. 810/19 Holdfast Promenade, Glenelg. Sold March.
3. $1.825 million. 2/96 Esplanade, Hove. Sold January.
$1.75 million. 508/61 Brougham Place, North Adelaide. Sold March.
$1.75 million. 2/125 Mackinnon Parade, North Adelaide. Sold February.
$1.7 million. 509/61 Brougham Place, North Adelaide. Sold August.
$1.53 million. 705/15 Vaughan Place, Adelaide. Sold June.
$1.45 million. 701/36 Hurtle Square, Adelaide. Sold August.
$1,422,559. 1706/156 Wright St, Adelaide. Sold February.
$1.4 million. 3/96 Esplanade, Hove. Sold September.
* Properties supplied by CoreLogic. Verified sales to December 12 only.