Affordable Housing

An affordable home

Like to have a bigger home and a smaller mortgage?

Adelaide home owners enjoy high capital growth but pay much less than homebuyers purchasing the equivalent home in Sydney or Melbourne.

Adelaide’s median house price is considerably less than that of Sydney and less than Melbourne, so you can own your own home for a lot less but it will still grow as an asset.

The median home price in Adelaide: $350,000
A similar home in Melbourne: $485,000
A similar home in Perth: $465,000
A similar home in Sydney: $551,000
A similar home in Brisbane: $410,000
A similar home in Darwin: $412,500
A similar home in Canberra: $457,500
And in Hobart: $330,000
(Source: December Quarter, 2007, REI)

While Adelaide's housing costs are much lower than the eastern States, incomes are not. Full-time adult ordinary time earnings are 95.3% of those in Victoria and 90% of those in NSW and slightly higher than those in Queensland. (Source: ABS-6302.0-Feb 2006)

This means your housing dollar can buy a lot more in Adelaide's real estate market.

Another plus for potential homebuyers is the unique South Australian Government home loan scheme called HomeStart Finance. This scheme offers a variety of products and services with great features such as low entry costs and even low or no deposit loans.

Those with a degree or diploma who choose to live in South Australia may be able to take advantage of HomeStart’s Graduate Loan, which can supply up to 100% of the purchase price or valuation (whichever is less) to graduates of all ages.

HomeStart Finance Graduate Loan information:
www.homestart.com.au/graduate

Renting
Rental prices in Adelaide are also cheaper. A three-bedroom house in Adelaide rents for a median price of $235 a week. A similar property in Sydney rents for $265 and in Melbourne $230 a week (Mar 06 REIA). A two-bedroom apartment in Adelaide rents for a median price of $185 a week compared with $230 to $300 a week in the eastern seaboard capital cities.

Adelaide’s daily newspaper, The Advertiser, lists advertisements under classifieds by landlords and real estate agents. The largest listings are in the Wednesday and Saturday editions. www.newsclassifieds.com.au

First Home Buyers
For people buying their first home, there is no stamp duty payable on homes under AU$80,000. There are also stamp duty reductions on homes between AU$80,001 and AU$250,000.

The Commonwealth Government also provides a First Home Owners Grant of AU$7,000.

More information is available on the websites:

www.revenuesa.sa.gov.au/

www.firsthome.gov.au

Property Overview
Following are examples of the types of properties available in and around Adelaide.

2 bedroom city apartment

8 minutes from the city and airport

Classic Tudor close to the city

Split level 3 bedroom in the Adelaide foothills

Modern 4 bedroom house 15 minutes from the city