Property prices have increased significantly over the past 10 years, with most of that growth occurring over the past five years.
However, new data shows there are five locations in South Australia where you can actually buy for less outlay than in 2014.
According to PropTrack data, Hackham units have experienced the greatest drop over the past 10 years, with units offering the best opportunity for househunters to enter the market at potentially a bargain basement price.
The median unit price in Adelaide’s southern suburbs sits at $200,250, some 22.1 per cent or $56,750 on the $257,000 recorded in July 2014.
There are bargains to be found across metro Adelaide. Pic: Supplied.
Also in metropolitan Adelaide, Hawthorn unit prices are down on this time a decade ago.
A median-priced unit will set you back $327,5000, however this time in July 2014, you would have been paying some 3.3 per cent, or $11,275 more.
PropTrack director of research Cameron Kusher said the capital city suburbs where prices were cheaper than in 2014 tended to be areas where there was a high rate of new housing construction, with much of that being high density units.
“There has been a high volume of new apartments over the last decade and the volume of stock has kept a lid on prices,” he said.
“Ultimately, prices rise because there is too much demand and not enough supply so when it’s the opposite it can moderate prices.”
PropTrack’s Cameron Kusher.
Home seekers being able to snap up properties for similar or lower prices to 2014 illustrated why more housing development was urgently needed, Mr Kusher said.
“Development is needed to slow price growth – we need to replicate some of what has been going on in these markets and build more in other areas.”
In regional South Australia, the greatest saving can be found in Whyalla Jenkins in the state’s Iron Triangle, where houses are currently 19.2 per cent or $83,000 cheaper than in July 2014.
An aerial view of the Whyalla district. Picture Simon Cross
Back then they had a median price of $433,000, while now their price is just $350,000.
Roxby Downs houses have also experienced a steep drop over the past decade, down 10.3 per cent or $32,500.
While in 2014 they would have set you back $315,000, now you can pick one up for just $282,500.
Goolwa unit and Coober Pedy house prices have also dropped over the past decade – down 4.5 per cent or $8,500, and 1.8 per cent or $2000 respectively.
Blights Real Estate managing director and Whyalla specialist Gregg Utting said regional markets were more prone to fluctuations than metropolitan ones.
Gregg Utting, Blights Real Estate.
“In 2016 the market in Whyalla was significantly impacted by Arrium going into administration, and we’re still seeing a recovery from that period,” he said.
“The market here has been really strong for the past four years.
“There are a lot of newer homes on smaller blocks being sold now and that might reflect that lower median, and we’re now selling a lot of smaller, more cheaper homes that are suited to investors.
“Regional markets don’t typically follow national trends, they’re much more influenced by what’s happening in their own region.”
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