Forecast predicts SA high-end properties set to bloom in spring

This house in College St, College Park, sold for about $5 million. Source: AdelaideNow

Agents are reporting positive signs, despite threats of a potential double-dip recession in the US.

In the past month, sales include homes in:

COLLEGE St, College Park, for about $5 million,

MILLS Tce, North Adelaide, for about $3.5 million,

GRANT Ave, Toorak Gardens, for $2.5 million,

FOURTH Ave, St Peters, for about $3 million,

ELM St, Unley Park, for about $3 million,

STANLEY St, North Adelaide, for about $3 million,

SHAKESPEARE Ave, Tranmere, for $2.1 million.

Toop and Toop managing director Anthony Toop said interest in prestige properties was so strong that last week he auctioned a Toorak Gardens home quoted at $2.2 million, but fierce competition forced it to $2.5 million.

"There were eight registered bidders, it was a cold and wet day in the middle of the election campaign and yet it still took off," Mr Toop said.

While all registered buyers were local, he believes there is a new trend developing in the top end of Adelaide, signifying that a generational change is taking place.

"It's the kids of early baby boomers - in their late 30s to early 40s - who have money and are now starting to buy their family homes. They're medicos and professionals and there's still a lot of old Adelaide money," he said.

Agents also argue that the mini boom is party driven by a new confidence within Adelaide and because people are putting more of their investment funds into their principal place of residence as a safe haven from the fluctuations of the stock market.

Bernard H Booth agent Jamie Brown this weekend begins advertising the $7 million Gilberton mansion Ivanhoe, featuring six bedrooms, a swimming pool, tennis court and grand reception.

"We've already had some preliminary inspections but it was always the plan to release it officially in spring. We feel confident it will be received well, given some recent results," he said.

Klemich Real Estate managing director Oren Klemich, whose company recently sold the $5 million College Park property, is also expecting a bumper spring.

"We have seen a large number of outstanding homes and will find that, after the AFL grand final is finished and the school holidays are over, the public will see a fantastic selection of new property," he said.

Brock Harcourts director Michael Brock said interstate and overseas interest was again gaining momentum, with a contingent of Chinese buyers about to visit Adelaide to inspect prestige properties.

"There's a lot of people who believe Australia is a safe haven and that SA, in particular in the top-end residential, represents much better value than Melbourne or Sydney," he said.

"There's a lot of buyers around ... We're looking at a number of properties between $3 million and upwards of $6 million coming on to the market during spring."