Where to find property below $560k in SA
It’s still possible to find good bargains below the median price in the state, despite many buyers being scared off by skyrocketing prices, according to a property expert.
Raine & Horne’s general manager James Trimble has recognised this claim may seem near impossible, with the state having recorded 22 per cent median price growth to $562,882 in 2021 and the potential to see a further 15 per cent value added to properties across South Australia in 2022.
Mr Trimble reasoned that this upward trend in South Australia’s property market is driven by “improved infrastructure and SA’s real estate affordability compared to NSW and Victoria”.
Side by side with other states, South Australia has a lower cost of living and, like what most buyers with families are looking for, lower private school tuition.
“Compared to the median price in NSW that is close to $1 million, at $562,882, South Australia’s real estate affordability is a standout,” said Mr Trimble.
The synergy of all these factors, plus the anticipated reopening of borders that will attract local and international buyers, will continue to fuel the growth of the state, explained Mr Trimble.
For those planning to wear their wise-buyer and investor hat, the network’s state general manager has recommended seizing the opportunity to buy a property ahead of the next value explosion.
To help you get started, here are three investor options in South Australia, as curated by Raine & Horne, which could be considered a bargain in comparison to their neighbouring markets:
- Adelaide CBD for under $500,000
Perfect for owner-occupiers or tenants, a modern two-bedroom property at Grote Street features an expansive balcony with 180-degree views of the city from the north.
The location provides a metropolitan lifestyle vibe with easy access to Chinatown, the Adelaide Market, retail establishments, cafes, and schools such as Adelaide University’s North Terrace city campus and The University of South Australia’s east and west campuses.
Given these power-packed features, Mr Trimble opined that “yield-hungry investors will note the apartment can fetch a rent of $550 a week and perhaps more as international students return to the city’s universities”.
- Multi-purpose property in Strathalbyn for $495,000
Open a restaurant, run a home business, or live in a charming three-bedroom home with a front stone façade in Strathalbyn, a gateway to the boutique Langhorne Creek wine region.
With open fireplaces, timber flooring, high ceilings, bathroom with a spa, and a storage area that can be turned into a shed, Mr Trimble said, “the home perched on an 870 square metre block will appeal to residential and commercial buyers as it has an eclectic history”.
Currently a bed and breakfast, the property has served as a residence, a computer company’s HQ and an award-winning restaurant.
- Classic homestead for $550,000
A classic homestead in the prime lifestyle area of Murray Bridge offers buyers just over one-hour door-to-desk commute to Adelaide.
It includes a pool and spa, is adjacent to the CBD and situated nearby to the Murray Bridge Green Shopping Centre.
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