What’s a good price for a standard house?

Puchasing Property In Adelaide

What’s a good price for a standard house?

 

When it comes to buying a home, no one price will suit everyone. You might like the idea of buying an old house and renovating it, which will make the purchase price lower – while others want a home that’s ready to be lived in. The price will depend on a range of factors including the location, land size, property condition, and the value of the area.

You’ve got to take into account where the house is, the property type, and the average price for houses in the area. Is property value increasing in the suburb you’re looking at? Are there any major developments planned for the near future? What’s the living standards like?

If you’re a first-home buyer, you’re in good company. The proportion of first home buyers, as part of the total owner-occupied housing finance commitments, rose to 17.2% and is the highest proportion since July 2013. The total number of home loans are increasing, too. Mortgage Choice says housing finance data shows that 57,161 home loans were approved in August, up 1% from the previous month. 

The numbers are in, now it’s time to go house hunting.

What to expect to pay for property in Adelaide.

Unlike its eastern state neighbours, Adelaide’s property has grown steadily over the last few decades – evolving around well-planned streets and squares.

Adelaide makes the great Australian dream a reality. You can buy a good house, within 15 minutes of the beach and city, for under $500,000.

Today, the average property price for the whole of Adelaide is $452,000. In the city, it’s $591,000. This means, if you get a house in the city for, say, $550,000, it’s great value.

Compared to five years ago, the median house sales price for houses has increased by 23.1% which equates to a compound annual growth rate of 4.2%. This is over half the average increase medium price of both Sydney (10.3%) and Melbourne (10.8%). It seems the rest of Australia (and the world) is catching on at how great life is here in Adelaide.

Today, the average property price for the whole of Adelaide is $452,000. In the city, it’s $591,000.

This means, if you get a house in the city for, say, $550,000, it’s great value.

What part of Adelaide is the cheapest to buy?

The cheapest part of Adelaide is the northern suburbs. You can pick up property for as little as $188,000 in Smithfield Plains. Davoren Park, Gawler West and all pockets of Elizabeth all offer great value, between $193,000 and $267,500. But, while there’s a lot of development transforming Adelaide’s north, it’s not for everyone.

The top five best places to live in Adelaide according to Homely are Felixstow, Evandale, Sheidow Park, Aldgate, and O’Halloran Hill.

Other areas listed include Marino, Craigburn Farm, Clarence Gardens, Ridgehaven, Flinders Park, Westbourne Park, Malvern, West Beach, Port Noarlunga, Vale Park, Manningham, Tusmore, Walkley Heights, Bridgewater and Payneham.

The south of Adelaide also offers very affordable homes and now with easier transport links to the city. You can buy an establised home for $250,000 or a new house and land package for under $300,000. 

 

Which parts of Adelaide are the not-so-cheapest?

The most expensive suburb? Unley Park takes that title, at $1,505,000. Only 4km from the CBD, this leafy suburb is home to many well-heeled professionals and families. Rose Park, Medindie, Leabrook and Toorak Gardens make up the top five positions – with Walkerville, Netherby, Millswood, Malvern and Fitzroy coming not far behind.

When shortlisting the suburbs to look at for your first home, it’s essential to remember the lifestyle you want.

Is being close to the city or beach important? Do you prefer open space with lots of parks, lakes and walking tracks in close proximity? Visualise your perfect life and start your search from there.

If you’re in the market for your first house, contact us. 

Topics: Buying Property, Home Ownership, First Home Buyers

KingsCoin are a leading boutique property development business based in Adelaide, South Australia. KingsCoin create investment opportunities, as well as offering investment strategy, project and property management services tailored to your needs. KingsCoin seek to maximise your returns at every possible opportunity.