Adelaide’s stalled economy and flagging housing sector provide the best opportunities on the mainland for first home buyers, latest figures show.
While home buyers will need to shell out more than half a million dollars to live within 10 kilometres of Sydney, Melbourne or Darwin, Adelaide has houses half that price in the same radius.
Real estate researcher RP Data says house hunters will still be paying more than $700,000 to live in Sydney’s cheapest suburb close to the CBD – Wolli Creek.
Bellfield, in Melbourne’s north-east, was that city’s cheapest option, costing $70,000 less than the greater Melbourne median price of about $608,000.
RP Data analyst Cameron Kusher said rising home prices are forcing potential buyers away from the major eastern seaboard cities, searching for value and liveability.
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Dry Creek is 10km from Adelaide’s CBD and houses in that suburb cost an affordable $255,349.
If we can find jobs for prospective house buyers, Adelaide might become attractive to the frustrated first home buyers of Australia.
While units are typically cheaper than houses, Kusher said, they’re not practical or affordable for everyone.
“While units present as an alternative option, even units in certain cities have restrictive price points,” he said.
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Each state’s capital cheapest inner city suburb for houses
• New South Wales – Wolli Creek, median house price of $710,303
• Northern Territory – Malak, $585,478
• Victoria – Bellfield, $533,252
• Australian Capital Territory – Page, $445,417
• Western Australia – Glendalough, $438,995
• Queensland – Rocklea, $330,848
• South Australia – Dry Creek, $255,349
• Tasmania – Clarendon Vale, $159,159
Source: RP Data Weekly Property Pulse
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