The 5 best affordable suburbs in Regional South Australia 2023
Find out which suburbs in Regional South Australia made the top five list in Bright Stars: Canstar’s Best Affordable Suburbs Report powered by Hotspotting.
There are plenty of great locations in Regional South Australia where you can buy a home for less than $289,156. This was the cut-off price we used for our ‘Bright Star’ suburbs in the region. (For more on why we chose this see our full report.)
Of course, price isn’t the only consideration when selecting a location to buy property. Lifestyle benefits and prospects for growth should also be on the checklist. In Canstar’s Best Affordable Suburbs Report we used five key metrics – sales volumes, price growth, vacancy rates, infrastructure and proximity to work and amenities – to identify the affordable suburbs that are desirable and likely to grow in value over time. Check out our list below.
The 5 best affordable suburbs in Regional South Australia
- Mount Gambier (Units)
- Port Augusta
- Port Pirie
- Renmark
- Whyalla Norrie
Mount Gambier (Units)
With a median house price of $375,000, houses in Mount Gambier don’t make the cut because they are higher than our price cap. But this important regional city of 30,000 people near the Victorian border recorded 129 unit sales in the past year at a median price of $240,000, with annual growth of 12.8%. The vacancy rate is 0.5% and rents have risen strongly over three years.
Port Augusta
It defies logic that a market can have rising sales activity, 19.4% annual growth in the median price, and still have a median house price below $200,000. But Port Augusta, which has had a variable history, is rising from a low base as its economy transforms from coal-fired power stations to renewable energy projects. The vacancy rate is 1% and rents have risen 10% in the past year.
Port Pirie
This is one of the Iron Triangle towns, along with Whyalla and Port Augusta – an economy that runs primarily on mining enterprises, notably the lead smelter – which means the property market can be volatile. The median house price rose 23.7% in the past year, but the median house price remains a low $235,000. The vacancy rate is close to zero (0.1%) and there have been major rental increases in the past three years.
Renmark
The Murray River town of Renmark in the Riverland area, 250km north-east of Adelaide, has an economy based on agriculture and tourism. It’s one of the largest wine regions in Australia. The median house price rose 18.4% in the past year but remains below $300,000. The vacancy rate is 0.5% and, unsurprisingly, rents continue to rise. The data shows the community’s resilience, given the impact of recent floods.
Whyalla Norrie
It’s difficult to comprehend how a location can have a long-term growth rate of 11.6% per year, but have a median house price of $170,000. Such is real estate life in Whyalla, one of SA’s largest regional cities, important for its role in the state’s mining economy and also tourism, given its location on the Spencer Gulf. The vacancy rate is 0.2% and rents are strong relative to house prices.
The best affordable suburbs in Regional South Australia
← Mobile/tablet users, scroll sideways to view full table →
Suburb | Median price | 10% Deposit | |||
---|---|---|---|---|---|
Initial outlay* | Monthly repayment+ | Repayments as a percentage of dual income^ |
|||
With FHB concession | No FHB concession | ||||
Mount Gambier (U) | $240,000 | $38,037 | $38,400 | $1,254 | 13.10% |
Port Augusta | $190,000 | $29,796 | $30,083 | $992 | 10.40% |
Port Pirie | $235,000 | $37,257 | $37,612 | $1,228 | 12.80% |
Renmark | $280,000 | $44,800 | $45,223 | $1,463 | 15.30% |
Whyalla Norrie | $170,000 | $26,540 | $26,796 | $888 | 9.30% |
Sources: Median price: CoreLogic as at February 2023. Initial outlay and repayment data: canstar.com.au prepared on 26 June 2023. (U) stands for units. *Initial outlay figures include the deposit, stamp duty, mortgage registration and transfer fees; and lenders’ mortgage insurance (LMI) premium. Stamp duty calculated based on an owner occupier purchase of an established dwelling. LMI premium based on Helia LMI Premium Calculator for an owner occupier borrower and a loan term of 30 years. +Monthly repayments calculated based on the average variable interest rates of 5.7% and a loan term of 30 years. Interest rates based on the average owner occupier, principal and interest variable rate for a loan of $500,000 over the past year, rounded to the nearest 0.1%. ^Percentage of income based on the average total income by Greater Capital City Statistical Area (ABS Personal Income, 2019-20), adjusted by the ABS Wage Price Index (Dec-2022) for each state. A dual income assumes two people with the average income. For estimates on initial outlay, monthly repayments and repayments as a percentage of income based on a 20% deposit see full report.
Compare Home Loans (Refinance with variable rate only) with Canstar
If you’re currently considering a home loan, the comparison table below displays some of the variable rate home loans on our database with links to lenders’ websites that are available for homeowners looking to refinance. This table is sorted by Star Rating (highest to lowest), followed by comparison rate (lowest to highest). Products shown are principal and interest home loans available for a loan amount of $500,000 in NSW with an LVR of 80% of the property value. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. Use Canstar’s home loans comparison selector to view a wider range of home loan products. Canstar may earn a fee for referrals.
Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular product. If you decide to apply for a home loan, you will deal directly with a financial institution, not with Canstar. Rates and product information should be confirmed with the relevant financial institution. Home Loans in the table include only products that are available for somebody borrowing 80% of the total loan amount. For product information, read our detailed disclosure, important notes and additional information. *Read the comparison rate warning. The results do not include all providers and may not compare all the features available to you.
Home Loan products displayed above that are not “Sponsored or Promoted” are sorted as referenced in the introductory text followed by Star Rating, then lowest Comparison Rate, then alphabetically by company. Canstar may receive a fee for referral of leads from these products.
When you click on the button marked “Enquire” (or similar) Canstar will direct your enquiry to a third party mortgage broker. If you decide to find out more or apply for a home loan, you can provide your details to the broker. You will liaise directly with the broker and not with Canstar. When you click on a button marked “More details” (or similar), Canstar will direct your enquiry to the product provider. Canstar may earn a fee for referral of leads from the comparison table above. See How We Get Paid for further information.
Cover image source: Adwo/Shutterstock.com
Thanks for visiting Canstar, Australia’s biggest financial comparison site*
This article was reviewed by our Editorial Campaigns Manager Maria Bekiaris before it was updated, as part of our fact-checking process.
Unlimited repayments and redraw
Fast approval
Try our Home Loans comparison tool to instantly compare Canstar expert rated options.