A handful of South Australian suburbs have defied current market trends by performing above median price growth, according to an Adelaide agency.
New research by Turner Real Estate has found that 11 suburbs, including Hidding Taperoo, Semaphore and Munno Para, have proven to be smart financial decisions for homeowners and investors.
The analysis was conducted against the Adelaide baseline for median price growth for houses and units over 12 months, three years, five years and 10 years, using statistics from RP Data.
Turner Real Estate managing director Robin Turner said the figures showed that areas right across the metropolitan area could offer solid returns and growth for buyers.
“Many of the suburbs and towns which have made this list have had substantial activity in a sector such as defence or mining support, or there has been substantial population growth,” he said.
“With Adelaide’s 30-year plan pointing to sustained growth for both population and the economy, the future looks bright for property.”
The figures also revealed that the suburbs of Munno Para, Taperoo, Evanston, Hope Valley and Pennington had a median house price that was under that of Adelaide’s metropolitan area median price ($385,000).
“The market is slowly starting to turn, so now is an opportune time for people to buy and ride the curve upwards, with price growth over the medium to long term,” Mr Turner said.
“The really important part of this research is that it highlights that property needs to be considered as a long-term investment and those who are patient will see a nice nest egg blossom in the years to come.”