Where to bag a South Australian property bargain
Looking to score a real estate bargain? New PropTrack data reveals the cheapest locations to do it in. And the list of suburbs might just surprise you …
Looking to bag a real estate bargain?
According to PropTrack data, you need look no further than Adelaide’s northern suburbs.
The company, which analysed realestate.com.au data, found houses in Adelaide’s north were the most affordable in the state.
With an estimated median value of $368,000, Elizabeth North – 40 minutes north of Adelaide – has metropolitan Adelaide’s most affordable houses.
Smithfield Plains was the next most affordable at $401,000, while Elizabeth South and Gawler West both recorded median values of $403,000.
Elizabeth Downs, Elizabeth Park, Elizabeth East, Elizabeth Grove, Smithfield and Elizabeth rounded out the top 10, all recording median values of $454,000 or less.
Edge Realty’s Mike Lao said Adelaide’s north had a lot to offer.
“There are some fantastic options in the north and it does offer some really good buying, and often on decent block sizes,” he said.
“As affordable as it is, and for the options it gives our migrants, many of whom settle in the northern suburbs, the prices are rising, and will continue to, particularly with the number of new homes forecast for the area.
“With how much demand there is here I can’t see any reason why values wouldn’t continue to climb, but they will still retain their relative affordability.”
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When it comes to units, geographically, buyers can spread the net a little wider.
Kilburn in Adelaide’s inner north has metropolitan Adelaide’s cheapest units at an estimated median value of $362,000, just $5000 less than the second-most affordable suburb of Salisbury.
Paralowie units will set you back $381,000 on average, while Kurralta Park and Salisbury East homes rounded out the top five.
Regionally, the state’s most affordable suburbs were all located in the state’s Iron Triangle, with Whyalla Norrie, Port Augusta and Whyalla Stuart topping the list.
Whyalla Norrie had an estimated median value of $212,000, Port Augusta $217,000 and Whyalla Stuart $222,000.
Elders Whyalla sales consultant Jake Pope said, despite its affordability, the area had performed strongly.
“We have a strong investment market for rentals and are getting a lot of interstate investment from the east coast, and our rental market is quite strong, so homes are renting quickly too and we have low vacancy rates,” he said.
“Over the past four years or so we have seen slow, consistent growth year-on-year.
“I’m not seeing any signs of the market slowing.”
Mount Gambier has the cheapest regional units, the data shows, at an estimated median value of $309,000.
South Australia’s most affordable homes
Metro houses
Rank, Suburb, Estimated median value
1 Elizabeth North $368,000
2 Smithfield Plains $401,000
3 Elizabeth South $403,000
4 Gawler West $403,000
5 Elizabeth Downs $408,000
6 Elizabeth Park $411,000
7 Elizabeth East $431,000
8 Elizabeth Grove $440,000
9 Smithfield $444,000
10 Elizabeth $454,000
Metro units
Rank, Suburb, Estimated median value
1 Kilburn $362,000
2 Salisbury $367,000
3 Paralowie $381,000
4 Kurralta Park $391,000
5 Salisbury East $394,000
6 Brooklyn Park $395,000
7 New Port $398,000
8 St Marys $404,000
9 Windsor Gardens $411,000
10 Plympton $418,000
Regional houses
Rank, Suburb, Estimated median value
1 Whyalla Norrie $212,000
2 Port Augusta $217,000
3 Whyalla Stuart $222,000
4 Bordertown $274,000
5 Port Pirie South $286,000
6 Tailem Bend $295,000
7 Port Augusta West $299,000
8 Risdon Park $309,000
9 Roxby Downs $309,000
10 Waikerie $313,000
Regional units
Rank, Suburb, Estimated median value
1 Mount Gambier $309,000
2 Port Lincoln $330,000
3 Victor Harbor $410,000
Source: PropTrack
Originally published as Where to bag a South Australian property bargain