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What the median price can get you in Adelaide

What the median price can get you in Adelaide

by Sasha Karen | March 08, 2019 | 1 minute read

With Adelaide reportedly seeing its highest growth in six years, the South Australian capital city is definitely one to watch. Investors looking to enter into this market with high expectations might want to know what they can get for the median price, new data shows.

Adelaide Bank
March 08, 2019

As of the December quarter, the capital city’s median dwelling price sits at $480,000, while the unit price is at $325,000, below that of Sydney and Melbourne.

But what can smart property investors buy for the median price? The Herron Todd White Month in Review report for March analysed the major Adelaide sub-regions, breaking down the different kinds of properties that could be purchased for the sub-region’s median price:

CBD

Apartment sales are seeing a rise in popularity within the Adelaide CBD. Units here usually buy something with one or two bedrooms, a bathroom, and possibly a car space for the city-wide median.

“In the current market, it’s tough to get a read on the CBD apartment market as we continue to see increased levels of ‘off the plan’ settlements,” the report stated.

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“This market should be monitored closely as resales begin to occur in a number of the recently constructed apartment towers.”

Inner ring

According to the report, trying to buy at the median can be difficult, as many suburbs have median prices above the city-wide. Those that do however will find simpler properties on smaller lots, made up of heritage-styled dwellings and 2000s-era infill developments.

Example of some such suburbs include Mile End and Thebarton with medians of $475,000 and $500,000.

If investors, however, want to look hard for bargains, the report specified that NorwoodNorwood, TAS Norwood, SA contains some affordable bargains despite its median of $896,000.

As for units, the city-wide median can typically find single level brick units built between the 1960s to the 1970s with two bedrooms, one bathroom and one car space.

Middle ring

Moving slightly out from the CBD and into the middle ring will find quite a few suburbs at a price point closer to the city-wide median, the report stated, which can typically find newer infill development and “character” dwellings.

Property in the nearby suburbs of HillcrestHillcrest, TAS Hillcrest, QLD Hillcrest, SA, Woodville West, and Mitchell ParkMitchell Park, SA Mitchell Park, VIC, have been selling between $470,000 and $480,000 for generally three to four bedrooms and two bathrooms.

Similar units found in the inner ring can also be found in the middle ring.

Outer ring

Looking even further out, the report noted that there were two different dynamics at play to the north with the city of Playford and the south with the city of Onkaparinga.

In the north with the Playford region, suburbs here have the lowest entry price point of all metropolitan councils, as three out of 38 suburbs here had median prices over $375,000 – VirginiaVirginia, QLD Virginia, SA, One Tree Hill and Angle Vale, where property types in the latter include 1980s property with almost 2,000 square metres of land.

Other northern suburbs include Elizabeth Downs, Elizabeth Park and Elizabeth South, where free standing, three-bedroom dwellings can be found at around the $147,000 mark.

Moving to the southern end of the Onkaparinga region will place property close to the coast, with dwellings going from $400,000 to $480,000 and above.

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