For most capital cities in Australia, combining purchasing a home with inner-city living requires a fat chequebook and a price tag including a lot of zeros. But before you start racing to the ‘burbs in search of a bargain, it is worth taking a closer look at some of Adelaide’s inner-city suburbs, where it is still possible to secure a house (that’s right, a house not a unit!) for under $500k.
Fortunately, you haven’t missed your chance to create a ‘best of both worlds’ scenario as an Adelaide home buyer. When compared to the capital cities of Sydney and Melbourne, buying close to the city of Adelaide offers significant value for money. Adelaide’s inner west suburbs of Hindmarsh, Cowandilla, Renown Park and West Richmond all have median house prices under $500k and fall within a 5km radius of the CBD. Hindmarsh is Adelaide’s most affordable inner-city suburb with a median house value of $436,500 and is located a mere 3.5km from the CBD.
For some this may still be a sizable investment, however by contrast there are only two suburbs in Sydney within 50km of the CBD with a median house value below $500k. In fact, statistics show that in order to buy a home under $500k in Sydney, buyers need to travel at least 40km from the city, and even then the pickings are slim.
If you are committed to entering the world of homeownership but don’t want to give up your urban way of life, Adelaide offers plenty of opportunity for buyers. An affordable inner-city purchase offers buyers the advantage of significant lifestyle benefits, the most obvious being reducing the time spent commuting to and from work. Reducing travel time to and from your employment could see you enjoying the rewards of the associated health benefits including more sleep, less stress, more time with family, or even the chance to eat a decent breakfast or exercise before work.
Proximity to entertainment options, shopping, bars and restaurants is a great benefit of living close to the CBD. Music lovers will find that sneaking out to a mid-week gig is no longer out of question, with city dwellers only needing to make a short commute to popular music venues The Gov, Jive or HQ to catch their favourite artists. Imagine taking in a game of soccer at Hindmarsh Stadium, or AFL or cricket at Adelaide Oval, only to be back in the comfort of your own home 10 minutes after the match!
Forget about high priced city parking garages, accessibility to public transport and the range of options available, which mean the train, tram and bus routes service the inner city suburbs of Adelaide well, offering low cost and convenient transport solutions for you and the entire family. You can lose the car for the weekend, or maybe you will find you could lose the car altogether. Any car owner who has done their sums will tell you that the running costs of a car amount to upwards of $9000 per year including fuel, insurance, registration, maintenance and service charges – so the savings of a car-free life could be significant…..hello holiday!
Availability of properties under the $500k price tag within 5km of the Adelaide CBD is accessible in higher numbers than nearly any other capital city in Australia. So make the most of the opportunity to secure your home purchase in an inner-city suburb that is not only convenient but fantastic value for money.
