Property bargains in Adelaide16 August 2015 by News Desk
House hunters are snapping up properties on the outskirts of Adelaide and saving up to 50% on average prices.
Mature suburbs in the city’s west, east and northeast are becoming popular among home-buyers as prices can be up to $200,000 less than Adelaide’s average price of $418,000.
Properties in the suburbs of Hilton, in the west of the city, and Glynde in the northeast are currently selling the fastest with an average 32 days on the market. Houses in Marden, Elizabeth Grove and Mile End currently take around 35 days to find a buyer. Hilton in particular, with its 1920s and 1940s bungalows, is an increasingly popular suburb as, apart from affordable prices, is close to the city and close to the beach.
With prices across inner cities and traditional commuter suburbs rising fast in recent years, home buyers that look two or three kilometers outside the city can snap up properties at a – relatively – bargain price, according to latest Market Trends Report by CoreLogic RP Data.
The Real Estate Institute of South Australia says that, with property prices now starting to slow and flatten, sellers are having to adopt a more realistic approach to pricing. “Vendors often have an unrealistic expectation of price, and typically want 10 per cent more than what the market can sustain. But those who price it right sell their property very quickly”.