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Top 10 most affordable suburbs in South Australia

PR Newswire

Broadbeach Waters, Qld., Oct. 20, 2020 /Medianet/ --

Despite COVID-19, Adelaide’s housing market has retained its reputation as a reliable and consistent performer. However, there are still irresistible pockets of affordable houses that are around 70 per cent of the median price for the capital city, according to Pete Wargent, co-founder of BuyersBuyers.com.au. 

 

Mr Wargent said that “the lowest mortgage rates on record mean that all cities now offer opportunities for those with a reasonable buffer and a level of employment security”. 

 

“With first homebuyer incentives now in play we expect affordable suburbs to be sharply in focus” Mr Wargent said.  

 

RiskWise Property Research has undertaken an indepth analysis into the housing market identifying the Top 10 most affordable suburbs in South Australia. 

 

RiskWise CEO Doron Peleg said now was the time for buyers to take advantage of some incredible buying opportunities using a long-term strategy to build equity. 

 

He said the analysis clearly showed that houses, not units, represented solid buying opportunities for those with long-term strategies and this was reflected in the latest Westpac Consumer House Price Expectations Index which saw a surge of 21.7 per cent in September after tumbling 51 per cent in April.  

 

In addition, ultra-low interest rates are expected to drive price increases once the pandemic is over when the long-held link between the cost of borrowing and housing prices reasserts itself.  

 

In South Australia, Adelaide North had the highest number of affordable houses. Willaston, with a median price of $333,000 came in at the most affordable with five-year capital growth of 10 per cent. The median price for Greater Adelaide is $476,600. 

 

 

 Mr Peleg said now was the perfect time to take advantage of the conditions before things changed and the property market began to move again. 

 

“There are areas where bargains can be had and if you have a long-term strategy you can expect solid capital growth over the next few years,” he said.  

 

“There are many opportunities for buyers looking for houses with high land value as a proportion of the property, and a strong component of scarcity, especially if they intended to hold on to the property for several years or longer. 

 

“In addition, the current ultra-low interest rates have created a unique environment where buying a house in many areas was cheaper than paying rent on one.” 

 

“While COVID-19 impacted the property market, it also helped strengthen ‘work from home’ opportunities, meaning owner-occupiers can take advantage of ‘lifestyle’ prospects instead of being tied to employment hubs.”  

 

Mr Wargent of BuyersBuyers.com.au said that more affordable areas have become a strong drawcard as the number of first homebuyers in the market has surged to decade highs.  

 

However, Mr Wargent stressed while this is the case for houses in these areas, units continued to carry a materially high level of risk. 

 

Please Note: This list is based on suburbs that are around 70% of the medium price and suburbs with at least 1000 houses in the existing stock. It should be noted that the lower end of the market presents different types of risks.  



For all media enquiries, contact BuyersBuyers.com.au Media Manager Tatiana Marchant on 0410 655 020 or email tatiana@buyersbuyers.com.au

 

Visit www.buyersbuyers.com.au/weintelligence

ENDS

About BuyersBuyers.com.au

 

BuyersBuyers.com.au is a national marketplace offering affordable buyer’s agency services to all Australians. Our ‘best in class’ nationwide panel of expert agents gives every Aussie a fair go in the housing market by reducing time, cost and stress through the property buying process. All data referred to is sourced and verified by independent research house Riskwise Property.

 

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