Mapped: How much you need in savings to buy in SA

Looking to buy a house or unit in South Australia? Search our interactive map to find out the average amount of savings you will need to get your foot in the market.

The average South Australian househunter needs more than $133,000 in upfront savings to buy a median-priced home with just a 10 per cent deposit in metropolitan Adelaide, new data shows.

Analysis of PropTrack AVM figures by tax experts MCG Quantity Surveyors reveals the upfront costs needed to buy a house in 365 South Australian suburbs or towns, and a unit in 123, factoring in a deposit of 10 per cent, stamp duty and lenders mortgage insurance.

PropTrack’s most recent Home Price Index had metropolitan Adelaide’s median house value sitting at $760,000 and its median unit value at $538,000.

For context, according to MCG’s analysis, buying a median-priced Gulfview Heights house of $760,844 would require a 10 per cent deposit of $76,084, another $35,676 in stamp duty and$21,249 in LMI, bringing the total savings needed upfront to $133,009.

A median-priced Wayville unit of $535,912 would require a 10 per cent deposit of $53,591, another $23,305 in stamp duty and $12,968 in LMI, bringing the total savings needed upfront to $89,864.

MCG Quantity Surveyors director Mike Mortlock. Picture: Supplied

MCG Quantity Surveyors director Mike Mortlock said home seekers in most of the country now required “massive” amounts of savings to crack the housing market, but few could get the necessary funds together.

“Saving for a home has always been difficult, but what’s different now is that it is so much harder for people to save because of the cost of living crisis and the rental crisis,” Mr Mortlock said.

“We like to think of first-home buyers as staying at home with mum and dad while they save, but the reality is that most people don’t have that luxury.

“It becomes really difficult in a rental crisis to save when so much of your income is going into housing costs.”

According to the data, Fisherman Bay houses require the lowest initial outlay of any suburb or town in SA, with just $11,477 needed upfront to buy a median-priced house of $80,319.

SA’s Iron Triangle offered the best prospects for those with limited savings, with median-priced houses in Port Pirie West, Port Augusta, Whyalla Norrie, Whyalla Stuart, Risdon Park and Port Pirie South all requiring less than $50,000 upfront.

A median-priced Mount Gambier unit also came in at sub-$50,000.

Salisbury units, with a median price of $358,650, require the lowest upfront expenditure of any metropolitan Adelaide suburb, with just $57,584 needed to get into the market.

Elizabeth North has the cheapest house options in metropolitan Adelaide, with just $60,142 needed upfront to secure a $373,630 home.

Kate and Steve De Sousa outside their Blakeview home. Picture: Dean Martin

Suncorp managers Kate and Steve De Sousa, 33 and 36 respectively, have recently bought in Blakeview after buying through a HomeStart graduate loan, which requires as little as a 2 per cent deposit plus upfront costs for an established home, and no LMI.

“We found it challenging because the deposit we needed was quite high so it limited what we could look for and the houses we were aiming for initially, at opens there would be 20 or 30 other people there and it just becomes a bidding war and houses get pushed up higher and higher and outside of what you can afford.

“We could have done it without HomeStart, but it would have taken us longer to do it.”

HomeStart chief executive officer Andrew Mills.

Human Services Minister Nat Cook. Picture: Matt Loxton

HomeStart chief executive officer Andrew Mills said homeownership was not an easy dream to realise.

“Many homebuyers are struggling to save for the growing deposit and upfront costs brought about by rapidly rising house prices,” he said.

“HomeStart’s low-deposit loans requiring as little as 2 per cent deposit and not charging lenders mortgage insurance have been key to helping a record number of South Australians into home ownership.”

Human Services minister Nat Cook said more affordable options were needed.

“We are experiencing a housing shortage across the country, and too often we see the people with the lowest incomes struggling to find a place to call home,” she said.

“This is why we are committed to working with our community housing partners to support them to deliver more social housing to South Australians.”

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