people’s choice of housing...people as they find their new home. sales are still happening, so use...

People’s Choice of Housing

SOUTH AUSTRALIA APRIL 2020

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People’s Choice of HousingSOUTH AUSTRALIA APRIL 2020



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Aberfoyle Park, South #3, $432,650: Most registered educational facilities in top 100 (10, shared with Hope Valley, Parafield Gardens, Wynn Vale)

Lower Mitcham, Inner South #7, $741,000: Most liveable suburb in top 100

Brahma Lodge, North #12, $262,000: Most affordable suburb in top 100

Hazelwood Park, East #37, $975,000: Best compound annual growth in house prices over the past 10 years in top 100 (7.3%)

Reynella, South #64, $331,000: Biggest upward mover in top 100 suburbs since October 2019 (up 84 places)

Woodside, Hills #80, $415,000: Best access to social utilities in top 100

Dulwich, East #97, $1.028 million: Closest suburb to the city in top 100 (2.97km) 2

Welcome to the People’s Choice of Housing Property prices recovered from a year of spectacular drops but the coronavirus has raised an additional challenge for this recovery. This may help first home buyers, making now an ideal time to further research your first steps. The First Home Loan Deposit Scheme provides helpful support if you can access it.

You may also see some changes in our rankings – we have expanded our data to include a measure of cafes and surrounding services to rank alongside the other things that matter, like safety, public transport availability, schools, and employment access. We update our data every six months to give you the best information on the Adelaide housing market. Happy house hunting with the People’s Choice of Housing.

Steve Laidlaw Chief Executive Officer



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April Spotlight – A Changing MarketThe coronavirus has changed everything. There’s no more popping out to an open house or sneaking into an auction to get a feel for the market.

That doesn’t mean it’s not a good time for first home buyers. Quite the opposite.

It is an excellent time to do further research and consider new options that might meet your needs. The People’s Choice of Housing hopes to do just this – using data to reveal the market in a new way.

And it continues to be a good time for first home buyers looking for support. The Federal Government’s First Home Loan Deposit Scheme has seen a rapid uptake for its limited spots. The Scheme guarantees 15% of the purchase price in certain circumstances, meaning borrowers can buy on a 5% deposit without incurring the cost of Lender’s Mortgage Insurance.

The Scheme, however, does introduce limits to the price that can be paid on a home and still be eligible. It allows for both new builds and established homes up to the price of $400,000 within the Greater Adelaide city limits. Based on the prices available now, we’ve pulled together a list of the top 20 suburbs under this limit that sit near the top of the liveability criteria we use.

We have seen a significant rush of applications under the Scheme to take advantage of the savings, and we look forward to supporting people as they find their new home. Sales are still happening, so use this time to look for new options – and find your dream home.

First Home Loan Deposit SchemePEOPLE’S CHOICE OF HOUSING - APRIL 2020 TOP 20 SUBURBS FOR FIRST HOME LOAN DEPOSIT SCHEME

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rank

Suburb Region

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1 Modbury North North 110 66 $364,500 $37,248 13.72 34.03 125 3 7

8 Surrey Down North 124 108 $380,000 $38,932 17.33 41.91 48 2 5

36 Ingle Farm North 97 154 $340,000 $34,586 11.69 65.19 105 7 9

46 Salisbury Heights North 139 132 $395,000 $40,562 19.47 26.11 200 3 1

54 Valley View North 132 143 $390,000 $40,019 11.24 50.95 83 0 1

71 Ottoway Inner West 90 187 $325,000 $32,956 10.69 70.69 198 3 4

112 Pooraka North 114 204 $367,000 $37,520 11.46 89.12 156 2 13

114 Kilkenny Inner West 132 196 $390,000 $40,019 6.62 208.08 3 2 7

131 Seaford Heights South 131 207 $389,000 $39,910 31.16 2.15 267 0 0

137 Salisbury North 83 229 $315,000 $31,870 18.34 146.21 18 5 26

150 Morphett Vale South 74 231 $306,000 $30,892 22.56 71.94 185 25 23

155 Nairne East 143 211 $400,000 $41,105 30.49 16.30 268 3 12

161 Salisbury Downs North 67 235 $300,000 $30,240 17.41 133.32 135 4 3

182 Elizabeth East North 28 243 $205,000 $20,381 23.55 113.49 145 3 3

194 Osborne Coast North 139 226 $395,000 $40,562 16.95 62.50 216 0 3

195 Elizabeth North North 14 248 $165,000 $16,422 26.18 145.42 73 3 6

202 Port Noarlunga South Coast South 132 228 $390,000 $40,019 29.45 40.81 205 1 4

211 Elizabeth South North 20 253 $180,000 $17,902 22.21 220.98 212 1 4

222 Macclesfield East 132 234 $390,000 $40,019 35.00 16.16 279 2 8

223 Andrews Farm North 53 246 $275,000 $27,586 28.52 55.62 231 2 1Overall rank is our subjective overall ranking of a suburb after taking into account both the Affordability rank and the Liveability rank. The information in the table should be read in conjunction with the rest of this report, in particular What is Affordable, What is Liveable and Deposits and Funds. Suburbs limited by First Home Loan Deposit Scheme 2019/20 threshold of $400,000 for South Australian capital cities.

Who is eligible?

The Federal Government is targeting first home buyers, so applicants must be Australian citizens aged 18 or over and never have owned real property. Single applicants must have earned a maximum $125,000 in the previous financial year and couples can have earned up to $200,000, and they must live in the property being purchased. There are maximum purchase prices applied depending on the location of the property.

Full eligibility details are available at nhfic.gov.au/what-we-do/fhlds/eligibility/



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The Numbers There are about 1,500 identifiable towns and suburbs across South Australia. Of those, we have only been able to obtain median house prices for 370 towns and suburbs for this issue.

Without a price, we can’t investigate whether it should be on our list, so you will still find surprises!

In rough terms, based on our analysis of the most current data we were able to use, there are 363 suburbs that are affordable for a couple.

So, if you’re after a dream home in Yongala, we can’t help you.

However, we suggest you look at Units on the next page for more information. Of course, there are properties in the suburbs we have identified that are available for less than the median house price, and there may also be affordable properties in other suburbs we haven’t included.

Times are challenging, but they will pass.

What is Liveable? We rank available suburbs by taking into account a number of factors including crime rates, public transport coverage, access to cafes and other social infrastructure, whether local councils are likely to invest in the area, access to employment centres and how driveable a suburb is. This is based on high quality information from numerous public and private sources.

We don’t include the professional or education mix in any suburb, the cost of council rates or insurance premiums or other post-purchase costs that are likely to vary significantly from house to house. Many of these decisions are up to you – we’re just here to help you get there.

Liveability rank is our subjective ranking of how liveable a suburb is compared to other affordable suburbs. It is based on a weighting of factors including the crime rate for each suburb, the number of public transport routes and stops available for the area, whether a suburb has close access to licenced venues and other social infrastructure, whether local councils are likely to invest in the area, how driveable a suburb is and the level of residential stability each suburb has.

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What is Affordable? Affordability depends on many factors, so to create this report we have had to make a number of assumptions to build a model of what a couple may earn and spend. These include income, tax, living expenses, debts, interest rates, and how the banking industry will treat that information when assessing a home loan application.

We have also assumed a 5% deposit and estimated costs including stamp duty and registration fees (see Deposits and Funds on page 5).

In short, we assess how much is left in a couple’s pocket after paying estimated living expenses including mortgage payments. The more that’s left, the more affordable any particular suburb is.

Affordability rank is based on how much a household with no dependents has left at the end of a week assuming they purchase a median-priced home in that suburb with a 5% deposit. They are assumed to be earning a weekly after-tax income of $3,118 with weekly expenses of $877 including repayments of debts other than their mortgage. Mortgage payments are calculated on a principal and interest basis assuming a 25 year loan term and using an interest rate of 3.1% per annum.



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Top 20 Suburbs for Houses and UnitsPEOPLE’S CHOICE OF HOUSING - APRIL 2020 - TOP 20 SUBURBS FOR HOUSES

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rank Suburb

Pre

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1 Modbury North 7 ($392,000) North $364,500 34.03 125 3 7

2 Direk 8 ($310,995) North $309,990 8.86 280 0 1

3 Aberfoyle Park 13 ($440,000) South $432,650 22.75 167 10 10

4 Redwood Park 3 ($389,000) North $387,000 21.98 181 3 1

5 Paradise 6 ($472,500) East $497,500 32.18 27 8 7

6 Northgate 34 ($595,500) North $565,000 20.40 84 2 4

7 Lower Mitcham 5 ($800,500) Inner South $741,000 20.84 7 0 2

8 Surrey Downs 18 ($376,700) North $380,000 41.91 48 2 5

9 Glenalta 1 ($495,000) South $555,000 12.62 134 0 1

10 Dernancourt 14 ($451,834) North $460,250 30.72 175 2 3

11 Hallett Cove 24 ($455,000) Coast South $470,000 21.21 131 9 10

12 Brahma Lodge 84 ($267,500) North $262,000 52.32 144 1 4

13 Para Hills 38 ($340,000) North $333,000 63.08 26 5 9

14 Clapham 2 ($623,500) South $750,000 22.22 53 2 3

15 Rostrevor 25 ($620,000) Hills $610,000 19.01 150 3 11

16 Lockleys 21 ($610,000) Inner West $650,500 22.39 116 4 7

17 Athelstone 4 ($513,500) East $530,000 14.37 208 5 6

18 Ridgehaven 20 ($370,000) North $406,000 39.95 113 3 8

19 Trott Park 10 ($437,500) South $448,750 15.89 213 0 2

20 Colonel Light Gardens 19 ($760,000) Inner South $836,500 21.14 66 4 12

PEOPLE’S CHOICE OF HOUSING - APRIL 2020 - TOP 20 SUBURBS FOR UNITS1 Paradise Not ranked East $260,000 32.18 14 8 7

2 Pasadena Not ranked Inner South $232,500 33.87 32 1 7

3 Daw Park Not ranked Inner South $315,000 32.38 22 0 3

4 Klemzig 1 ($248,000) North $255,000 56.56 21 4 6

5 Magill 6 ($360,000) East $345,000 28.44 28 5 18

6 Parkside 4 ($418,500) Inner South $360,000 44.67 26 4 20

7 Blackwood 16 ($345,000) South $295,000 33.06 39 3 17

8 Plympton 21 ($337,450) Inner West $260,000 90.93 5 6 12

9 Payneham 5 ($311,000) East $325,000 51.35 40 3 7

10 Kensington Gardens 8 ($405,000) East $399,000 25.21 30 0 7

11 Kurralta Park 25 ($299,250) Inner West $208,000 98.68 23 0 3

12 Marden 14 ($349,600) North $317,500 72.59 31 1 6

13 Glenelg East 2 ($323,000) Inner South $341,500 56.20 4 2 3

14 Warradale Not ranked Inner South $340,000 44.05 9 4 8

15 Fullarton Not ranked Inner South $432,000 33.47 36 2 4

16 Unley 11 ($384,150) Inner South $400,000 61.97 16 3 52

17 Mansfield Park Not ranked Inner West $139,166 107.63 19 3 4

18 Prospect 9 ($349,000) North $380,000 62.96 17 8 48

19 Findon 29 ($342,000) Inner West $312,000 78.70 29 4 20

20 Glenelg South 30 ($426,000) Coast Central $357,000 27.35 34 0 9 Overall rank is our subjective overall ranking of a suburb after taking into account both the Affordability rank and the Liveability rank. The information in the table should be read in conjunction with the rest of this report, in particular What is Affordable, What is Liveable and Deposits and Funds.

Deposits and FundsFinding a new home is exciting and challenging, but unfortunately many people overlook the additional costs involved in purchasing. To provide a realistic view of what can be expected, we include an estimate of those costs for a median-priced house in each suburb.

Many lenders will allow you to purchase a home with a minimum deposit of 5% of the purchase price, but you will also have to pay Lender’s Mortgage Insurance (LMI) unless you have a deposit of 20%. You will also have to pay State Government Stamp Duty, Title Registration Fees, conveyancing charges and it is also advisable to pay for a building inspection before buying. While LMI will normally be added to your total loan, you will need to be able to show your lender that you can cover the rest – this is called the ‘Funds to Complete’. We’ve estimated this figure to give you a better understanding of taking this first step into your home.



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Adelaide’s Regions

HILLS

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15 Rostrevor 284 13 $610,000 19.01 150 3.09%

23 Bridgewater 232 38 $517,500 11.72 260 3.21%

55 Crafers 296 27 $650,000 17.77 250 1.16%

75 Aldgate 325 24 $780,000 11.25 245 4.38%

80 Woodside 160 145 $415,000 12.57 273 2.66%

91 Belair 301 49 $670,000 20.73 236 1.42%

94 Heathfield 304 56 $682,500 11.62 264 4.89%

104 Lobethal 186 147 $447,500 15.35 272 1.69%

148 Stirling 328 71 $800,000 28.16 243 1.67%

167 Crafers West 355 60 $975,000 17.26 270 3.39%

EAST

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Live

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5 Paradise 222 22 $497,500 32.18 27 2.13%

17 Athelstone 242 32 $530,000 14.37 208 2.53%

35 Highbury 227 58 $510,000 15.94 240 2.46%

37 Hazelwood Park 355 2 $975,000 11.18 182 5.44%

40 Magill 294 20 $645,500 28.44 80 2.85%

42 Kensington Park 336 8 $890,000 24.48 60 2.75%

43 Payneham South 306 19 $697,500 31.72 31 4.08%

48 Wattle Park 340 11 $900,000 13.08 220 2.92%

56 Beulah Park 296 28 $650,000 27.03 171 2.21%

57 Beaumont 362 7 $1,029,000 10.44 232 2.90%

NORTH

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Live

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1 Modbury North 110 66 $364,500 34.03 125 1.61%

2 Direk 75 124 $309,990 8.86 280 N/A

4 Redwood Park 127 80 $387,000 21.98 181 1.41%

6 Northgate 268 12 $565,000 20.40 84 1.73%

8 Surrey Downs 124 108 $380,000 41.91 48 1.89%

10 Dernancourt 197 47 $460,250 30.72 175 1.52%

12 Brahma Lodge 46 171 $262,000 52.32 144 0.45%

13 Para Hills 95 131 $333,000 63.08 26 1.81%

18 Ridgehaven 154 97 $406,000 39.95 113 2.42%

21 Modbury Heights 160 88 $415,000 27.78 142 2.07%

WEST

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16 Lockleys 298 10 $650,500 22.39 116 2.47%

28 North Plympton 221 52 $493,000 43.23 39 2.03%

38 Netley 247 42 $532,500 24.74 140 3.50%

44 North Haven 218 70 $489,800 32.42 79 0.68%

50 Fulham Gardens 289 30 $626,000 29.43 123 3.47%

71 Ottoway 90 187 $325,000 70.69 198 0.81%

73 Largs North 179 130 $439,000 53.19 63 1.35%

84 Kidman Park 248 81 $535,000 43.41 148 2.08%

96 Croydon Park 188 141 $450,000 75.29 56 2.26%

99 Fulham 316 48 $744,000 40.56 58 3.36%

SOUTH

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3 Aberfoyle Park 176 41 $432,650 22.75 167 1.80%

7 Lower Mitcham 315 1 $741,000 20.84 7 4.12%

9 Glenalta 262 17 $555,000 12.62 134 2.36%

11 Hallett Cove 207 44 $470,000 21.21 131 1.92%

14 Clapham 319 5 $750,000 22.22 53 4.09%

19 Trott Park 187 69 $448,750 15.89 213 3.07%

20 Colonel Light Gardens 332 3 $836,500 21.14 66 3.56%

22 Clovelly Park 213 53 $480,000 40.70 30 2.60%

24 Hove 287 16 $622,500 25.51 36 1.97%

26 Happy Valley 156 107 $410,000 20.56 230 1.32%

Adelaide used to be known as “the 20-minute city” but its continued growth means there’s a more than a few challenges if you’re trying to get from Reynella to Golden Grove. And if you’re wanting to buy a home close to friends and family, you may not be prepared to move all the way across the city.

We have separated the city into different regions to help narrow your search.

It is still worth checking in different areas. A suburb may lie across the boundary from an area you are interested in and may be the answer you are looking for.

Overall rank is our subjective overall ranking of a suburb after taking into account both the Affordability rank and the Liveability rank. The information in the table should be read in conjunction with the rest of this report, in particular What is Affordable, What is Liveable and Deposits and Funds.



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Top 50 in April 2020

We were surprised to see suburbs in the top 50 that we might have ruled out on price alone sitting alongside areas that people would ignore because of the region they are in. But the data tells us that these suburbs have a mix of liveability and affordability that makes them stand out.

The ranking of suburbs changes all the time, but there are some that are continually in the top 50. These are the ones to watch, listed alphabetically here.

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PEOPLE’S CHOICE OF HOUSING - APRIL 2020 TOP 50 SUBURBS FOR HOUSES

Ove

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rank Suburb

Pre

viou

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nk (O

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Reg

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3 Aberfoyle Park 13 ($440,000) South $432,650 22.75 167 10 10

17 Athelstone 4 ($513,500) East $530,000 14.37 208 5 6

31 Bellevue Heights 17 ($529,250) South $512,000 18.44 244 2 0

12 Brahma Lodge 84 ($267,500) North $262,000 52.32 144 1 4

23 Bridgewater 55 ($541,250) Hills $517,500 11.72 260 2 10

14 Clapham 2 ($623,500) South $750,000 22.22 53 2 3

22 Clovelly Park 37 ($437,500) Inner South $480,000 40.70 30 2 5

20 Colonel Light Gardens 19 ($760,000) Inner South $836,500 21.14 66 4 12

27 Coromandel Valley 26 ($547,500) South $525,000 10.74 247 2 2

10 Dernancourt 14 ($451,834) North $460,250 30.72 175 2 3

2 Direk 8 ($310,995) North $309,990 8.86 280 0 1

25 Fairview Park 41 ($405,750) North $402,500 25.41 164 3 2

45 Flagstaff Hill 23 ($516,000) South $543,500 14.82 207 4 7

50 Fulham Gardens 59 ($670,000) Inner West $626,000 29.43 123 0 3

9 Glenalta 1 ($495,000) South $555,000 12.62 134 0 1

11 Hallett Cove 24 ($455,000) Coast South $470,000 21.21 131 9 10

26 Happy Valley 12 ($385,000) South $410,000 20.56 230 4 5

49 Hawthorndene 16 ($515,000) South $582,500 15.10 229 2 3

37 Hazelwood Park Not Available East $975,000 11.18 182 0 4

35 Highbury 22 ($482,500) East $510,000 15.94 240 0 2

29 Hope Valley 36 ($400,000) North $415,000 36.91 210 10 7

24 Hove 9 ($638,000) Coast Central $622,500 25.51 36 0 3

36 Ingle Farm 78 ($340,000) North $340,000 65.19 105 7 9

42 Kensington Park Not ranked ($946,000) East $890,000 24.48 60 3 5

16 Lockleys 21 ($610,000) Inner West $650,500 22.39 116 4 7

7 Lower Mitcham 5 ($800,500) Inner South $741,000 20.84 7 0 2

40 Magill 27 ($600,000) East $645,500 28.44 80 5 18

21 Modbury Heights 11 ($395,000) North $415,000 27.78 142 3 1

1 Modbury North 7 ($392,000) North $364,500 34.03 125 3 7

39 Myrtle Bank Not ranked ($921,000) Inner South $905,000 21.09 119 2 3

38 Netley Not available Inner West $532,500 24.74 140 0 0

44 North Haven 31 ($460,000) Coast North $489,800 32.42 79 2 8

28 North Plympton 15 ($517,500) Inner West $493,000 43.23 39 0 3

6 Northgate 34 ($595,500) North $565,000 20.40 84 2 4

13 Para Hills 38 ($340,000) North $333,000 63.08 26 5 9

34 Para Vista 46 ($355,000) North $378,750 57.04 110 8 3

5 Paradise 6 ($472,500) East $497,500 32.18 27 8 7

47 Parafield Gardens 88 ($325,000) North $330,000 62.35 104 10 11

41 Pasadena 49 ($585,000) Inner South $560,000 33.87 89 1 7

43 Payneham South 47 ($747,500) East $697,500 31.72 31 0 2

4 Redwood Park 3 ($389,000) North $387,000 21.98 181 3 1

18 Ridgehaven 20 ($370,000) North $406,000 39.95 113 3 8

15 Rostrevor 25 ($620,000) Hills $610,000 19.01 150 3 11

30 Salisbury East 58 ($306,000) North $310,000 40.01 170 6 3

46 Salisbury Heights 68 ($400,500) North $395,000 26.11 200 3 1

8 Surrey Downs 18 ($376,700) North $380,000 41.91 48 2 5

19 Trott Park 10 ($437,500) South $448,750 15.89 213 0 2

33 Unley Park Not ranked ($1,350,000) Inner South $930,000 21.40 55 0 8

48 Wattle Park Not ranked ($895,000) East $900,000 13.08 220 0 3

32 Woodcroft 53 ($400,000) South $420,000 25.16 233 4 12Overall rank is our subjective overall ranking of a suburb after taking into account both the Affordability rank and the Liveability rank. The information in the table should be read in conjunction with the rest of this report, in particular What is Affordable, What is Liveable and Deposits and Funds.



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While we try to break down areas of interest by suburb, many suburbs in the People’s Choice of Housing are clustered together because of their similar median house prices, distance from the city and other factors. So, if you’re driving around to get a feel for an area, here’s how you can spend your time more efficiently.

Just Where are Adelaide’s Top 50?

For more information:

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peopleschoicecu.com.au

This report is published by Australian Central Credit Union Limited ABN 11 087 651 125 trading as People’s Choice Credit Union of 50 Flinders Street Adelaide SA 5000 (People’s Choice Credit Union). This report is solely for general information purposes and is not to be construed as advice or recommendations. This report has been prepared without taking into account the objectives, financial situation or needs of any person who may receive this report. We recommend that you seek your own independent legal, financial or other advice before making any decisions, including whether or not to purchase a property or obtain a loan. A number of assumptions and subjective judgements are made in preparing the report. Different assumptions and judgments could result in materially different results. People’s Choice Credit Union believes the information in this report is correct and any opinions or conclusions are reasonably held or made, based on the information available at the time of its compilation. This report contains, and is based on, material provided by third parties. While such material is published with the necessary permission, People’s Choice Credit Union accepts no responsibility for the accuracy or completeness of any such material. Although we have made every reasonable effort to ensure the information is free from error, People’s Choice Credit Union does not warrant the accuracy, adequacy or completeness of the information, or otherwise endorse it in any way. Except where contrary to law, People’s Choice Credit Union intends by this notice to exclude liability for the information in this report. The information in this report is subject to change without notice and People’s Choice Credit Union is under no obligation to update the information or correct any inaccuracy which may become apparent at a later date. Australian Credit Licence 244310.

Questions about the construction, publication and use of this index should be directed to Public Affairs, Communications and Planning at [email protected].

Next South Australian release: October 2020

Top 50 suburbs in the People’s Choice of Housing at April 2020

WEST

NORTH

SOUTH

EAST

HILLS

people’s choice of housing...people as they find their new home. sales are still happening, so use...

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