Deanna Daminato and Michael Alves at Pane E Latte in Broadview. The couple recently bought a house in the area. Picture: Brenton Edwards
Why pay more for a property in your dream suburb when you can enjoy the same amenities and potentially save hundreds of thousands of dollars by buying next door?
An analysis by realestate.com.au of Adelaide’s suburbs with the greatest variance in median price has found househunters could find much cheaper alternatives in nearby areas.
Greenwith and Elizabeth East recorded the largest value difference across Adelaide.
In the outer northeast, Greenwith’s $495,000 median house price is more than twice Elizabeth East’s median of $206,000 – a saving of $289,000.
MORE NEWS
The fun-filled backyards children will fall in love with
Divine converted chapel almost ‘pew’ good to be true
Take a sneak peek inside MasterChef star Laura Sharrad’s home
The figures paint a similar picture for prospective tenants, with Hewett and Evanston recording the largest median rent difference for houses at 64.23 per cent – or $176 a week.
The findings are ranked on the greatest variance in median price and rent between areas they either share a boundary with or are within a few kilometres of.
Harcourts Sergeant director Matt Sergeant, who specialises in the northern and northeastern suburbs, said it all came down to what people wanted in a home.
“You can still buy in Salisbury Heights at the lower end but it’s down the hill and they’re older homes,” he said.
“But $300,000 will buy you a superstar house in Elizabeth”.
Looking for property in a neighbouring suburb could save you money.
Closer to the city, Broadview’s median house price is $585,000 cheaper than Walkerville’s, which has broken the million-dollar threshold.
Ray White Norwood agent Nick Borrelli said many people were turning to the more affordable suburb.
“That’s what a lot of people started to do four to five years ago and that’s when we started to notice prices go up,” he said.
“Not a lot of people knew … how close it was.
“You’re surrounded by everything that you need and (have) got good access to the city and the water.”
Deanna Daminato and Michael Alves recently bought a house in Broadview because the area was affordable and close to family.
“This may not be our forever home because we want to live closer to the beach or city one day, but this works for us right now,” Ms Daminato said.
“We were looking for a big house with a backyard and this had everything we wanted.”
BRIDESMAID SUBURBS TO BUY
(Suburb #1, median house price, suburb #2, median house price, price difference, percentage difference)
Greenwith: $495,000 – Elizabeth East: $206,000 = $289,000, 140 per cent
Salisbury Heights: $400,000 – Elizabeth South: $171,000 = $229,000, 134 per cent
Hillbank: $347,500 – Elizabeth North: $159,000 = $188,500, 119 per cent
Onkaparinga Hills: $497,500 – Hackham West: $245,000 = $252,500, 103 per cent
Somerton Park: $924,000 – Seacombe Gardens: $456,000 = $468,000, 103 per cent
Walkerville: $1,157,500 – Broadview: $572,500 = $585,000, 102 per cent
(Suburb #1, median unit price, suburb #2, median unit price, price difference, percentage difference)
Glenelg North: $430,000 – Plympton: $240,000 = $190,000, 79 per cent
Norwood: $527,500 – Kensington Gardens: $391,000 = $136,500, 35 per cent
Glenelg East: $366,000 – West Beach: $292,500 = $73,500, 25 per cent
Henley Beach: $425,000 – Seaton: $345,000 = $80,000, 23 per cent
North Adelaide: $425,000 – Prospect: $379,000 – $46,000, 12 per cent
Fullarton: $436,100 – Unley: $393,000 = $43,100, 11 per cent
BRIDESMAID SUBURBS TO RENT
(Suburb #1, median house rent, suburb #2, median house rent, price difference, percentage difference)
Hewett: $450 – Evanston: $274 = $176, 64.23 per cent
Henley Beach South: $610 – Brooklyn Park: $405 = $205, 50.62 per cent
Walkerville: $550 – Broadview: $380 = $170, 44.74 per cent
Salisbury Heights $360 – Elizabeth South $251 $109 43.43 per cent
Hillbank: $350 – Elizabeth Grove: $250 = $100, 40.00 per cent
North Adelaide: $525 – Renown Park: $380 = $145, 38.16 per cent
(Suburb #1, median unit rent, suburb #2, median unit rent, price difference, percentage difference)
West Lakes: $433 – Queenstown: $265 = $168, 63.40 per cent
Adelaide: $448 – St Peters: $280 = $168, 60.00 per cent
Golden Grove: $360 – Salisbury East: $255 = $105, 41.18 per cent
Kent Town: $410 – Dulwich: $298 = $112, 37.58 per cent
Wayville: $385 – Richmond: $280 = $105, 37.50 per cent
Glenelg: $400 – Camden Park: $300 = $100, 33.33 per cent
(Source: realestate.com.au)
The post The Adelaide suburbs that are much cheaper than their neighbours appeared first on realestate.com.au.