Beverley is Adelaide’s most affordable suburb within 5km of the CBD

A ONCE industrial suburb northwest of the city is Adelaide’s most affordable suburb within about 5km of the CBD.

Lucky Tselekidis with his wife Sue and daughter Stavroula at their Beverly property. Picture: Dylan Coker

A ONCE industrial suburb northwest of the city is Adelaide’s most affordable suburb within about 5km of the CBD and one of only two with a median price under $400,000.

Beverley, between Port and Grange roads, has a median price of $372,000, making it one of the last affordable suburbs on the city fringe along with West Richmond, which has a median price of $396,000.

Real Estate Institute of South Australia chief executive Greg Troughton said the redevelopment of neighbouring suburbs Bowden and Brompton will have a flow-on effect to Beverley.

“It is one of the forgotten gem suburbs ... it doesn’t have the gentrified name that other areas are slowly growing into,” he said.

“Normally when you say ‘city-fringe’ we are talking significant dollars to get into that area.

“In and around Beverley there is a lot of industrial area, it doesn’t take very long for the value and worth of industrial land to be superseded by what you get for residential, I expect to see a lot more development in that area.”

Mr Troughton said the affordability of some city-fringe suburbs was unlikely to remain, as more and more people looked to move closer to the city.

“In the next 10 or 20 years I would see Adelaide running out of affordable city-fringe suburbs because they will all be awakened, they will all be developed, and you will have people living there happily ever after,” Mr Troughton said.

Harris Real Estate managing director Phil Harris said Adelaide’s city-fringe suburbs represented greater value-for-money compared to interstate.

“The median price for a home in Sydney now is around $750,000,” he said.

“Anything that is on the city fringe that is within an affordable price bracket, less than 5km to the city ... the value is exceptional.

“There have been renovations through the Croydon area, there are a whole heap of character homes with almost a Parkside-like feel and some cute little restaurants and cafes, it’s becoming a real professional hub,” he said.

Lucky Tselekidis is selling his three-bedroom Beverley property through Michael Kris Real Estate.

He said he was attracted to the area because of the affordability and excellent location.

“All the neighbours are really friendly, it’s good,” he said.

“Everything is close, you have schools ... Arndale Shopping Centre, West Lakes, and the beach and the city are not far, it’s very good.”

RP Data figures also revealed that Adelaide has the second most affordable rents — a weekly median of $350 for homes — and had also seen the highest growth this year compared to other capital cities, up 2.9 per cent.

Toop & Toop head of property management Suzannah Toop said the strong growth in Adelaide’s rental price was a sign of renters willing to pay a bit more to be close to the CBD.

“We have affordable living so close to the CBD which simply isn’t available in other capital cities,” she said.

“There is also no over supply in the sale or rental markets which has kept supply tight.

“This coupled with a large number of ‘trendy’ suburbs that have emerged in the last six to12 months, we are seeing that tenants are happy to pay a bit extra to secure a home in these popular spots.”