Value buying in South Australia is all about knowing where to look.
Aussie CoreLogic’s latest report Most affordable suburbs for housing highlights the cheapest suburbs in South Australia.
Coober Pedy – SA’s cheapest suburb
The famous outback town of Coober Pedy takes the title of South Australia’s most affordable suburb for houses. With a median house value of $66,544, Coober Pedy comes in at 11th place on the nation’s cheapest 20 suburbs.
And if you’re looking for super value in an apartment, Rowland Flat, located in the Barossa, an hour’s drive north of Adelaide, could provide the solution. With a median value of $160,161, Rowland Flat is the only SA suburb that makes it onto Australia’s 20 most affordable suburbs for apartments.
Elizabeth North: Adelaide’s cheapest suburb
Adelaide’s property market is living up to its reputation as a steady performer, with housing values tracking 1% higher over the 12 months ending February 2019. That’s the third highest rate of annual growth among Australia’s capital cities, yet the city still offers tremendous affordability. With a median dwelling value of $427,000, Adelaide is the second cheapest capital city behind Darwin. And buyers have a choice of eight suburbs across the metropolitan area with a median house value under $200,000.
Elizabeth North has the lowest median house value of $166,870. In fact, 15 of the top 20 cheapest suburbs for house values are located within the Playford area.
Across the unit sector, five of the 20 most affordable locations are found around Tea Tree Gully. However, it’s Salisbury that tops the list of value buying with a median apartment value of $187,819.
Affordable suburbs within 10km of Adelaide’s CBD
Looking closer to the city, the Port Adelaide area dominates the list of more affordable suburbs.
Wingfield is the cheapest neighbourhood to buy a house within 10km of Adelaide’s city centre. It’s the only inner ring suburb with a median house value under $400,000. Expect to pay around $290,000 for a house in Wingfield, though canny buyers could achieve a house-buying goal with a budget of $265,000.
Finding a cheap apartment within 10km of the Adelaide CBD is much easier. Eighteen of the 20 cheapest 20 inner suburbs have a median unit value under $300,000. The cheapest is Kilburn at $252,436. Or head to Windsor Gardens – also in Port Adelaide, where the median is $254,436.
To read the full Aussie/CoreLogic report click here. Or talk to your local Aussie Broker for expert advice on the Adelaide home loan that’s right for you.