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AU Real Estate: Million-dollar homes a bargain buy across Adelaide

Property Here - Friday, June 28, 2013

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Million reasons to buy in Adelaide

21 Holder Road, Hove. Source: Supplied

ADELAIDE is often touted as one of Australia's cheapest cities when it comes to buying real estate.

According to RP Data figures, we have just seven suburbs with median sale prices over $1 million compared to 42 in Melbourne and more than 200 in Sydney.

What's more, for around the $1 million mark, you can own a renovated three-bedroom character home on more than 800sq m in the trendy eastern suburbs just 3km from the CBD.

Move to Sydney and you'd be looking to move at least 15km from the CBD for a family home (possibly in need of a bit of work) for the same price.

In Melbourne, if you wanted something relatively close to town, you'd probably be looking at a three-bedroom home in the inner western suburbs that was not necessarily the most attractive home on the block.

With affordability in mind, we quizzed some of Adelaide's leading real estate agents on what you could buy for $1 million in different parts of town.

Starting in the CBD, Alex Ouwens of Harcourts-Ouwens Casserly says $1 million will buy you a brand new three-bedroom apartment, townhouse or terrace on 200-300sq m of land. East of Hutt St, they may be more expensive and larger and may be in need of some upgrading.

Head 3km further East, to Leabrook, and you will find a true family home, with character features and a modern kitchen.

Richard Thwaites of LJ Hooker Kensington says he recent sold a stone villa circa 1895 in Leabrook on 900sq m of land for around the $1 million mark.

''The property may not have a 21st century addition and therefore some minor upgrading may be in order,'' he says.

See a gallery of the million homes here.

In an inner western suburb, like Mile End (2km from the CBD), you can also find a grand character family home on an even larger allotment size for around the same price.

Justin Peters of LJ Hooker Mile End says there is huge interest in character homes in the area and, for your money, you could expect a land size of 1200sq m.

"Unless it was being sold for high density development it would be in beautiful condition (at this price,'' he says.

Head out to the north or south, meanwhile, and you could expect an acreage for your $1 million.

Matt Bunder of Ray White Gawler says you could expect to secure a modern home on 2ha, complete with everything from a pool and tennis court to stables around Gawler (39km from the CBD).

In Morphett Vale (20km south of the CBD), five properties have sold for more than $1 million in the past five years according to Mike Dobbin of Magain Real Estate. They were all large parcels of land that could be subdivided for housing.

Those interested in investing their million on Adelaide's waterfront, meanwhile, could find their budget stretched, especially around the trendy Glenelg area.

"Almost all large modern apartments that are on the seafront are now over $1 million,'' according to Phil McMahon of Phil McMahon Real Estate.

''A character home on an allotment of over 850sq m near the beach needing work will still sell well over $1 million."

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