Parkside, South Australia the most searched for suburb

The South Australian suburb Parkside is again the most searched for suburb around the nation, having held the position for the past six months, according to realestate.com.au.

South Australia dominates as the state most searched for, accounting for 50% of the top 10 most in demand suburbs.

“The proximity of Parkside to the city and the range and style of houses available continue to drive demand for property in the area,” says Anthony Toop of Toop and Toop Real Estate.

“Parkside is well located and caters to the modern needs of buyers.

“There are great schools in the area and new restaurants opening, it is a growing, cosmopolitan area that caters to a wide range of buyers,” says Toop.

South Australian Walkerville re-entered the list in third place, having slipped off in the March top 10.

Norwood, Aldgate and Kensington Gardens also made it onto the list.

Victoria’s Surrey Hills slotted into second place, having been listed in seventh place in the March report.

Toby Park from Hocking Stuart Balwyn put this down to Surrey Hills offering good schools and public transport.

“There are terrific schools in the area and it is close to a train line which is important.

“The suburb itself is relatively tightly held and purchasing in the area can be quite competitive,” says Parker.

Victoria’s Fitzroy North was a newcomer onto the list - ranking in seventh, as was Wantirna, taking out ninth place.

Oyster Bay was the most searched for suburb in New South Wales, but ranked eighth around the nation.

“Oyster Bay is a leafy bay area, where buyers can find a quieter lifestyle and escape, only 40 minutes from the city,” says Warren McCarthy of McGrath Real Estate.

“It has great local schools, a tight community and is close to public transport,” McCarthy says.

New South Wales’ Bondi was ranked tenth.

Australia’s hottest suburbs are as follows:

1. Parkside (SA)
2. Surrey Hills (VIC)
3. Walkerville (SA)
4. Norwood (SA)
5. Aldgate (SA)
6. Kensington Gardens (SA)
7. Fitzroy North (VIC)
8. Oyster Bay (NSW)
9. Wantirna (VIC)
10. Bondi (NSW)

Parkside is located within the Municipal of Unley, has a total population of 11,606.

Of that population 61.6% are employed, 30.1% are not in the labour force, 2.7% are unemployed and 5.6% are not started.

Median monthly home loan repayment of the suburbs population is $1,343 and a median weekly household income of $1,115.

The average household size is two (2).

Parkside is 2.4 kilometre’s form Adelaide’s city center. It is 1.63 kilometre’s squared in size.

Of the occupations, the major ones are professionals, managers and clerical and administrative workers.

Out of the dwellings in the suburb, 53.5% are separate house, 23.8% are semi-detached and 22.5% are flats/units/apartments.

Of the dwellings, 28.3% of them are fully owned, 32.5% are being purchased, 32.3% are rented, 1.9% other tenure and 4.9% are not started.

Within the market it is shown that;

The median house sale price of the suburb was $652,000, which was a change in median price of 10% to last year’s median, and has an average time on the market of 75.6 days.

Within the rental market of Parkside houses, the median asking rent was of $450, with an indicative gross rental yield of 3.6%. There has been a major increase in the median asking rent since 2008.

The unit market of Parkside has a median sale price of $470,000, a 6.8% change to last year median price, with an average 98.3 days on the market.

The median asking rent is $330, with an indicative gross rental yield of 3.7%. A considerable increase in rent was experienced between 2008 and 2011.

Of recent properties sold in the Parkside area, 11 Dunks Street Parkside (pictured below) sold for $771,000 on May 7^th 2013, where it was only on the market for 10 days.

The property has four bedrooms and two bathrooms and is 200 square metres in size.

20 Scott Street, another property in Parkside’s leafy suburb, sold on May 2^nd 2013 for $622,000. It was listed on the market for 46 days.

The property has three bedrooms, and the sharing of one bathroom, on a site of 512 square metres.

Previous sales of this property suggest that the value has appreciated. In February 2007 this same property was sold for $503,000 and listed for just only 14 days.

At 21 Leicester Street there was a May 6 sale for $570,000. It was listed on the market for 56 days.

The home has five bedrooms and two bathrooms, situated on a land size of 523 square metres.
In 2009 the same property was sold for $600,000, suggesting depreciation in the price of the property has occured.

Currently on the market is an updated sandstone cottage located at 10 Scott Street Parkside, which has an asking price of between $670,000 - $720,000.

This property has three bedrooms, one bathroom and two living rooms with a lush backyard.