Prospective buyers looking for an affordable unit are no longer restricted to the north like househunters, with new data revealing there are options right across the city.
Salisbury Downs has the city’s cheapest units, according to latest PropTrack data, with a median price of $402,500.
Tonsley followed closely behind, with a median unit price of $419,950, then Kurralta Park ($425,000), Bedford Park ($430,000) and St Marys ($442,000).
There were 15 suburbs with median unit prices below $500,000, all of which were across Adelaide’s north, south and west.
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Affordable unit options can be found right across metropolitan Adelaide, new data reveals. Picture: Colliers
Meanwhile, Adelaide’s cheapest house suburbs were mostly in the north, with just two of the top 25 in other regions – those being Woodville Gardens and Hackham West.
All of them had median prices above the $500,000 mark, the most affordable of which was Elizabeth North at $507,500.
Ray White SA chief executive Matt Lindblom said being able to buy units at an affordable price in a desirable location was one of the main reasons they were gaining popularity.
“It’s still about location, location, location, however the size of the property, the land, is not as important to a lot of people,” he said.
“Units are more affordable and they can be built quicker so more of them are coming onto the market quicker.”
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Ray White SA chief executive Matt Lindblom.
Mr Lindblom said many people, including downsizers and first-home buyers, preferred to live in a good location close to amenities over a big house.
“It’s still the great Australian dream, most people want to own their own home,” he said.
“But I think particularly the younger generations, they’ll choose lifestyle and location over a bigger house.”
Mr Lindblom believed the unit market would record 5 to 6 per cent growth in the next year on the back of rising demand – increasing supply would stop it climbing much higher though.
Harris Real Estate managing director Phil Harris said earlier this month that many buyers were embracing units, which historically haven’t been as popular as houses in SA.
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Harris Real Estate managing director Phil Harris.
Location was the priority and just as people turned to suburbs neighbouring those they wanted to live in for cheaper alternatives, Mr Harris said the same concept applied to property styles and types.
“We’re seeing that shift in lifestyle as well,” Mr Harris said.
“Pre-Covid, selling properties off the plan was very challenging in South Australia.
“Now there’s been a massive shift in buyer behaviour.”
Mr Harris said buying off the plan was very normal in the state now.
Adelaide’s cheapest unit suburbs
(Suburb, median price, 12 month change in median price)
Salisbury Downs – $402,500, -19.5 per cent
Tonsley – $419,950, -9.7 per cent
Kurralta Park – $425,000, -25.4 per cent
Bedford Park – $430,000, 0 per cent
St Marys – $442,000, 13.3 per cent
Mile End – $460,000, -19.9 per cent
Brooklyn Park – $461,000, 20.7 per cent
Paralowie – $480,000, 24.4 per cent
Edwardstown – $489,000, 11.1 per cent
Gawler South – $490,000, 20.2 per cent
(Source: PropTrack)
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