SA homes under $300k sit unsold despite Adelaide prices soaring

Dozens of affordable family homes are languishing on South Australia’s regional property market, with cash-strapped buyers urged to look beyond metropolitan areas for realistic purchasing options.

As Adelaide’s median house price climbs towards $1m – forcing many to abandon dreams of owning a home – real estate agents are baffled at the number of well-presented regional dwellings priced under $300,000 that are failing to sell.

In Wudinna, a tidy, five-bedroom, solid brick home at 36 Richards Ave has received little attention from buyers in the six months it has been on the market, said Elders Eyre Peninsula selling agent Elaine Seal.

RELATED: Where you can buy for under $100k

The Wudinna property at 36 Richards Ave is listed with a $295,000 price guide.

It’s price has been reduced from $320,000.

Not even a reduction in price – from $320,000 to $295,000 – has been enough to snag an offer on the home, which sits on a 1214sqm block that’s walking distance to the local swimming pool and has new carpet in several bedrooms.

“I just can’t believe I haven’t been able to sell it,’’ Ms Seal said.

“There’s nothing wrong with the house. The owner is a builder so he’s carried out a lot of the maintenance that’s cropped up.

“The kitchen is probably a bit out of date and you could put new floor coverings in the lounge but it’s on a big block, there’s an office out the back that could be another bedroom if you wanted and there’s two bathrooms.

“And Wudinna’s a lovely town – I live there myself. We’ve got the hotel, the hospital and doctor and the school and the kindergarten and the supermarket, so there’s plenty of (facilities).’’

The few potential buyers to inquire about the home had dismissed it after learning a carport, which could accommodate up to three vehicles, prevented access to the rear yard for storing a caravan, Ms Seal said.

She said there were jobs available for those moving to the town, which is about a six-hour drive from Adelaide and has a population of 600.

Ms Seal’s other listings under $300,000 include three-bedroom homes at Ceduna and Elliston, both priced at $240,000, and a four-bedroom home on 4.14ha at Wirrulla, near Streaky Bay, for $265,000.

“There’s definitely (affordable) homes over here – we’re not asking for prices of $900,000 (which is approximately Adelaide’s current median combined dwelling value),’’ Ms Seal said.

“If you want to live in the country, Wudinna is a very nice place.’’

MORE: Last drinks? The future of SA’s country pubs

The Port Augusta property at 7 Moyes St is for sale with a $265,000 price guide.

There are plenty of country properties on the market that are listed for less than $300,000.

At Port Augusta, Professionals selling agent Greg Edwards hoped a charming, four-bedroom weatherboard home at 7 Moyes St would soon sell for its advertised price of $265,000.

So far, buyers were only prepared to offer up to $250,000 – and a “few silly offers’’ of $160,000 had also been received, Mr Edwards said.

“It’s an old railway home … people don’t think railway homes are worth that ($265,000) but records show they are starting to sell for that amount,’’ he said.

“Obviously they need a bit of work – a bit of TLC and a bit of a rub up and scrub up and you could have a very nice home.’’

Like Wudinna, Mr Edwards said there were plenty of employment opportunities for owner- occupiers who bought in Port Augusta.

“The Port Augusta prison advertises (work available) every night on the TV and they pay $80,000 to $85,000 a year so that’s one avenue (for employment),’’ he said.

“There are local retail outlets looking for people and I know the hotels are looking for staff.’’

Other bargains currently on the market include a well-maintained, three-bedroom 1920s cottage at 23 Radiata St, Wirrabara, for $279,000 and several neat Roxby Downs homes priced around $200,000.

Meanwhile, a two-bedroom house at Lot 400 Medway Drive, Coober Pedy, which has been extensively damaged by vandals, is currently SA’s cheapest home for sale, with a price guide of $39,000.

– Lauren Ahwan

The post SA homes under $300k sit unsold despite Adelaide prices soaring appeared first on realestate.com.au.