SA’s mortgage-free hotspots revealed

The mortgage club is one many eagerly anticipate entering, and hope to leave as soon as they can.

A new report by data analysts SuburbTrends has revealed the suburbs with the highest proportion of property owners who have done just that.

Of all suburbs and towns across South Australia, West Lakes, in Adelaide’s western suburbs, has the most mortgage-free privately owned properties.

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Some 53 per cent – or 2811 – of the suburb’s 5298 private dwellings have no money owing on them.

It narrowly edged out Clarendon where 456 or 52 per cent of the suburb’s 884 homes are paid off; One Tree Hill, where 391 or 50 per cent of the suburb’s 779 homes are debt free, and Toorak Gardens where 2783 or 49 per cent of the suburb’s 5712 homes are owned outright.

LJ Hooker West Lakes/Henley beach agent Rosemary Auricchio said she wasn’t surprised to hear so many had paid off their home.

“There are a lot of older buyers who bought at the suburb’s establishment who have worked hard and over time paid their mortgage off and now live in a freehold home,” she said.

According to census data, the suburb’s median age is 54.

LJ Hooker West Lakes/Henley Beach’s Rosemary Auricchio. Picture: Supplied

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“The growth West Lakes has had in that time has been significant, so not only have they now got a freehold property but they have one that has had strong capital growth from when they originally purchased,” Ms Aurrichio says.

Due to the suburb’s lifestyle offerings and higher median price, Ms Auricchio said it was targeted by the wealthy, meaning some buyers never had a mortgage to begin with.

“I have had some properties where there were no banks involved, it was a case of: ‘we’ve got the money in the bank and we’re ready to buy, and certain buyers who have worked hard have put themselves in that position to have that freedom.”

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Commercial real estate negotiator Carla Fox, 27, bought a house in West Lakes in October

“I was living in a unit in West Lakes and have upgraded and the lifestyle really attracted me to the area.

“I loved the convenience of having Westfield right around the corner,” she said.

Carla Fox in West Lakes, the SA location with the most mortgage-free homes. Picture: Keryn Stevens

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“I’d love to pay off my home loan as soon as I can.”

Report author Kent Lardner said high mortgage-free homeownership can lock younger buyers out of the market.

“Suburbs with high outright ownership tend to have low turnover, reducing housing supply and making it harder for younger and lower-income buyers to enter,” he said.

“Over time, this reinforces wealth divides, as those who own property continue accumulating equity, while renters struggle with rising housing costs.

SuburbTrends founder Kent Lardner

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“Solutions could include incentivising downsizing to increase supply, expanding first-home buyer assistance, and planning reforms for higher-density housing in high-equity areas. “Without intervention, property wealth may become increasingly inherited, limiting economic mobility for future generations.”

In terms of total unencumbered property wealth, Burnside-Wattle Park came in as the state’s wealthiest with an estimated $4.28bn paid off.

Unley–Parkside wasn’t far behind with $3.96 billion in unencumbered wealth, while Toorak Gardens, Glenelg and Mitcham rounding out the top five with $3.72bn, $3.69bn and $3.34bn respectively.

SA’s mortgage-free suburbs