Rising stars: Where in South Australia you should be buying right now
Looking to buy in SA? With prices having boomed in recent years it’s hard to know where to do it. Canstar and Hotspotting’s report has you covered – identifying 15 SA locations tipped for growth
Property
Don't miss out on the headlines from Property. Followed categories will be added to My News.
South Australian real estate prices have boomed in recent years, with many being priced out of the market.
But there are still some places in SA where you can get a good deal, according to comparison site Canstar and market analyst Hotspotting.com.au.
Their Rising Stars 2024 has identified 10 suburbs tipped for future value growth and which present great buying opportunities.
These are Andrews Farm, Elizabeth East, Enfield and Salisbury in Adelaide’s north, Greenwith and Hope Valley in the northeast, the southern suburbs of Christie Downs and Woodcroft, St Clair in Adelaide’s northwest, and Mount Barker in the Adelaide Hills.
All of these suburbs had offered more than 7.4 per cent value growth over the past 12 months, with Andrews Farm leading the pack at 20.1 per cent.
Personal finance expert and Canstar editor-at-large Effie Zahos said a key change in the market was the strengthening of demand in capital cities after a long period of regional areas outperforming big cities.
“During the pandemic, regional areas went up,” she said.
“Now there is a turnaround and capitals are out in front again.”
MORE NEWS
SA’s new state record revealed, plus the final sale price of Bishop’s Court exposed
The home tipped to break the new state record
Container home on Adelaide’s smallest block snapped up
Balinese-inspired home will leave your passport collecting dust
Rare chance to snag popular Airbnb overlooking a vineyard
She said a fear of missing out was sweeping property markets again ahead of an anticipated interest rate cut later this year.
“The sentiment out there is that rates will go south and there comes a feeling that by making it more affordable for people to get into the market, it will mean more people jumping into the market,” Ms Zahos said.
“A lot of people want to get in ahead of that.”
Ms Zahos suggested prospective buyers avoid falling into the trap of trying to “time the market”.
“If you can get in, and that purchase is sustainable for you, get in,” she said.
Edge Realty director Mike Lao said, despite solid value growth in recent years, there were some fantastic buying opportunities in the northern suburbs.
“Rental returns are still great in comparison to properties closer to the city, and affordability out here is great,” he said.
“The median price in Adelaide is around $720,000 or $740,000, and we’re still sitting under that between $450,000 and $500,000.”
He said Andrews Farm, in particular, had a lot to offer.
“It’s so close to great infrastructure – there’s the expressway, plenty of shops and great schools, and it’s not a big suburb as well, so a bit of a hidden gem,” he said.
Inventory controller for Maughan Thiem at Port Adelaide, Brianna Thomas, 37, recently bought in Andrews Farm and said it offered fantastic value for money.
“The house was so big and accommodates for all of our family and was under $600,000, which is not that common anymore,” she said.
“It’s a family-friendly area with great schools and some beautiful, well-maintained parks, and we’re really happy here – we’ve seen our house price rise significantly in the short time we’ve own it, so hopefully it continues going up.”
Regionally, the report singled out Kadina, McCracken, Mt Gambier, Murray Bridge and Whyalla as being rising stars.
First look: Giant ‘sky-mansion’ tower on quiet residential street
Plans for a giant riverfront tower, which will boast the Gold Coast’s largest penthouse, have been unveiled for a residential street which have been high-rise free until now.
Experts make major rate call
Aussies are doing what the Reserve Bank of Australia is asking and cutting back on spending, but they might need to wait nine months for a reduction on their mortgage.