Adelaide suburbs with median unit prices below $500k revealed

Buying a house in Adelaide with just $500,000 was common not so long ago – fast forward five years and it would be a real struggle to find one that cheap now.

The city’s median house price was $492,000 in the September 2020 quarter, according to Valuer-General figures.

That’s skyrocketed to $925,000, latest PropTrack data shows.

Househunters with a strict $500,000 budget today would be hard pressed to secure a house, with the PropTrack data revealing there are zero suburbs across the metropolitan area with a median price below half-a-million dollars.

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There are no suburbs across Adelaide that have a median house price below $500,000, latest PropTrack data shows. Picture: Knight Frank.

However, they might have more luck if they switched their search to units, with 23 suburbs that have a median price below the $500,000 threshold.

Hackham West had a median of $355,000, making it the most affordable suburb for units.

Enfield ($366,250), Kurralta Park ($381,500), Bedford Park ($434,750) and Salisbury ($440,000) rounded out the top five.

Meanwhile, Paralowie, Plympton and Richmond all had unit medians just under the $500,000 mark.

Real Estate Institute of South Australia chief executive Andrea Heading said more and more buyers were opting for a unit over a house because it was much more affordable.

“What we’re finding is that units are the entry level for home buyers,” she said.

“If you do your homework properly, there’s some good buying.”

Ms Heading said prices in the CBD were higher, especially in the luxury space, but there were more realistic options in other desirable locations, including some beachside suburbs.

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Real Estate Institute of South Australia chief executive Andrea Heading. Picture: supplied.

“The further out you go the less expensive it is,” she said.

While unit prices have surged over the past few years, Ms Heading said they weren’t likely to climb as high as house prices had.

“I think you will be hard-pressed to see units go up that much, that market demand wouldn’t be there,” she said.

In the past year alone, PropTrack data shows unit values climbed 9.87 per cent to a median of $642,000, while houses prices rose 8.79 per cent to $925,000.

Property experts said there were several reasons unit values were rising at a faster pace than those of houses, but demand for more affordable homes was one of the main drivers.

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Turner Real Estate chief executive Emma Slape. Picture: Brad Griffin.

Turner Real Estate chief executive Emma Slape said many first-home buyers and even small families were choosing to buy units over houses because they offered a more achievable entry point and the lifestyle they wanted.

“Years ago we wouldn’t have seen as many first-home buyers or even people having a life change,” she said.

“Now they want to be close to the city to access better schools and save on transport costs.”

Adelaide suburbs with unit values below $500k

(suburb, median unit price)

Hackham – $355,000

Enfield – $366,250

Kurralta Park – $381,500

Bedford Park – $434,750

Salisbury – $440,000

St Marys – $445,000

Windsor Gardens – $450,000

Elizabeth Downs – $451,000

Brooklyn Park – $453,000

Salisbury Downs – $457,500

Walkerville – $460,000

New Port – $463,000

Woodforde – $465,000

Everard Park – $465,500

Edwardstown – $473,500

Salisbury East – $475,000

Gawler South – $485,000

Kilburn – $489,750

Klemzig – $490,000

Mawson Lakes – $495,000

Richmond – $497,000

Plympton – $499,250

Paralowie – $499,500

Source: PropTrack

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