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SA still one of Australia’s least expensive markets

30 Jul 2013 Christies Beach 1 Comment

South Australia continues to rank as one of the country’s most affordable housing markets despite residential property prices reaching a three-year high, according to The Australian.

Australian house prices were at their highest since 2010 in the June quarter and are showing no signs of abating.

Median house prices across the nation increased by 2.8 per cent in the June quarter, marking the third consecutive quarterly rise, according to the Australian Property Monitors (APM).

However, the latest figures from the APM suggest that house prices in Adelaide remain among the lowest in the country, along with Brisbane.

For those looking to invest in land to build their own home, a recent report from the Housing Industry Association (HIA) is suggesting that the country’s most affordable land is right here in South Australia.

The latest HIA-RP Data Residential Land Report offers some promising figures. Of the 10 least expensive regional markets in Australia, an astonishing half was in SA. Yorke and Lower North was the second least expensive market in the entire country, with a median lot price of $80,000.

The other South Australian regions that made the list were Murray Lands, Northern, South East, and Eyre.

None of the ten most expensive markets was located in South Australia.

HIA executive director Robert Harding had some real estate advice based on these findings.

“South Australia’s relatively inexpensive land prices, combined with historically low interest rates make it an opportune place to build, if you’re in the financial position to do so,” he said.

“Clearly regional South Australia has an affordability advantage over other regional areas interstate.”

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