Are you looking to settle down in Adelaide and wondering where it's cheaper to buy than rent? After conducting extensive research on the latest property market data and trends, we found that buying a home in these three suburbs located in Adelaide's north is, in fact, cheaper than renting.
Munno Para, Salisbury, and Davoren Park are among the most affordable suburbs in Adelaide (marked with red borders on the map to the left), making them attractive options for first home buyers looking to enter the property market. The median property prices for a house in Munno Para is $310,000, which is significantly lower than the median price for Adelaide ($650,000). Davoren Park's median house price is even more affordable, sitting at just $300,000. With such affordable median house prices, it's no surprise that buying a home in these areas can lead to significant savings compared to renting. According to Domain, Munno Para has 60 rental properties listed, and Davoren Park has a median rental price of $330 per week.
Suburb | Median House Price | 20% Deposit | Weekly Mortgage Payment | Weekly Rent | Annual Savings |
Munno Para | $310,000 | $61,000 | $327 | $350 | $1,196 |
Salisbury | $335,000 | $67,000 | $352 | $370 | $936 |
Davoren Park | $300,000 | $60,000 | $316 | $330 | $728 |
In summary, buying a home in Munno Para, Salisbury, or Davoren Park can lead to significant savings compared to renting, thanks to the relatively low median house prices in these areas. While buying a home may come with additional upfront costs, such as stamp duty and legal fees, the long-term benefits of owning a property can outweigh these costs. If you're a first home buyer looking to enter the property market in Adelaide, these three suburbs are definitely worth considering.
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