Media releases

Westpac Suburb Snapshot reveals best buys in Adelaide’s major regions

 

1 February 2014

  • Find Adelaide’s most affordable, average and affluent suburbs per region
  • Regions include Central and Hills, North, South and West

Westpac has identified the top five most affordable, the average and the leading affluent suburbs in Adelaide’s key metropolitan regions.

The Westpac Suburb Snapshot, developed in partnership with RP Data, has uncovered useful insights for those looking to buy, sell or who are simply curious about their neighbourhood.

Adelaide’s North provides some of the most affordable housing across the nation’s capital cities, with the median house value starting at just $176,749 in Smithfield Plains. In fact all five of the most affordable suburbs for houses across the North have a median value of under $200,000.

Central Adelaide and the Hills region have some of the most expensive house values across the Greater Adelaide market place, however there are still some relatively cost effective options. Paradise, for example, is the most affordable suburb, sitting at a median value of just $400,000 for houses.

The most expensive suburbs for apartments tend to be located to the East of the Adelaide CBD; however North Adelaide provides a much more affordable entry point to the inner city unit market with a median unit value of just under $460,000.

“Westpac understands that the dream of many Australians is to own their home sooner,” said Gai McGrath, General Manager of Retail Banking at Westpac.

“Identifying that suburbs such as Smithfield Plains and Paradise can represent value for money is vital when considering a purchase in that area. If paying off your home loan as quickly as possible is a top priority, purchasing at the right price is a great start.

“When looking for a home to buy it’s important to be armed with as much information as possible. The Westpac Suburb Snapshot helps buyers identify insights into affordable and mid-range suburbs in the regions they want to live or invest in, and is similarly useful to those planning on selling their property to identify where their suburb falls.” www.westpac.com.au

Interesting Findings - Westpac Suburb Snapshot:

  • Adelaide’s North provides some of the most affordable housing across the nation’s capital cities, with the median house value starting at just $176,749 in Smithfield Plains. 
  • Central Adelaide and the Hills region have some of the most expensive house values across the Greater Adelaide market place, however there are still some relatively cost effective options. Paradise, for example, is the most affordable suburb, sitting at just over $400,000 per house.
  • Surprisingly, in Adelaide’s North the most expensive suburb is almost 30 kilometres away. Humbug Scrub shows a median house value of $578,866 which can be attributed to the large block sizes providing acreage living.