Once regarded as an affordable area for renovators, Salisbury North has seen a dramatic surge in property values, with recent sales breaking records and marking a significant shift in the market. A three-bedroom home at 48 Traverse Ave has become a prime example of this unexpected rise.
Despite being a renovator’s delight, the property recently sold at auction for $631,000—well above the suburb’s median house price of $553,750, according to PropTrack. This sale price is more than double what a similar property would have fetched just five years ago, reflecting the dramatic growth in the local market. Nine bidders registered for the midweek auction, with four actively competing. Ultimately, the property was purchased by a developer, although first homebuyers were also vying for the property.
The 701sqm block, located near public transport, sought-after schools, and shops, sold under the hammer for $77,250 more than the suburb’s average, highlighting the strong demand for properties in this previously affordable area. Selling agent Linda Baker of Ray White Norwood, who marketed the home with a guide price of $550,000, noted the high level of interest from both developers and first-time buyers.
While the property is in need of renovation, with the original structure dating back to 1991, it boasts “good bones,” according to Baker. “It looked worse than it was, but you could tell it had good floorboards underneath the dust,” she said. The home features spacious living areas, a large backyard with potential for subdivision, and has been owned by the same family since its construction.
Baker remarked on the changing nature of the market in Salisbury North, once known for its public housing. Just a few years ago, homes in the area rarely exceeded $500,000, and prices of over $600,000 were almost unthinkable. The recent surge in property values, however, is reflective of a broader trend in Adelaide’s housing market.
“Four or five years ago, anything over $500,000 would have been big money in the northern suburbs, especially given how far north it is,” she said. “But over the past two years, Adelaide property prices have skyrocketed, and the areas once seen as more affordable are now seeing huge growth.”
This home, despite requiring substantial work, represents a 117.2% increase in value over the past five years—an indication of just how rapidly the market has evolved in Salisbury North and surrounding suburbs.
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