Adelaide first home buyers active in middle and inner rings: HTW residential

First home buyers in Adelaide are targeting the inner and middle ring suburbs, according to a recent Herron Todd White (HTW) residential report. 

"First home buyers form the market entry point. These purchasers consist of young singles, couples and families trying to break away from mum and dad or the rental market," the valuation firm said. 

"These purchasers are seeking out a stepping stone property in a comfort location."

This typically consists of suburbs which are in proximity to the family home.

These purchasers look for low maintenance properties which are lock up and leave with proximity to local transport and vibrant community hubs, HTW said.

These properties consist of modern townhouses, apartments, courtyard homes and more traditional strata units typically comprising up to three bedrooms and two bathrooms.

Popular with this market have been apartments and units within Kent Town, Norwood and Bowden and townhouses which can be found throughout the middle ring.

The report suggests the entry price point for properties with these attributes can range from the mid $200,000s for traditional home units to the high $500,000s for modern townhouses.

Fitting this profile is the sale of G02/46 Sixth Street, Bowden (pictured below), a circa 2015 ground floor two- bedroom, one-bathroom apartment with a single car under croft space.

There’s also 7 Hectorville Road, Hectorville (pictured below) a circa 2018 three-bedroom, two-bathroom townhouse with a single garage.

Another sale was 2/27 Trevelyan Street, Wayville (pictured below) a circa 1960s two-bedroom, one-bathroom unit with a single off street car space.

These properties achieved sale prices of $420,000, $531,000 and $281,000 respectively.

"Young families seek out more traditional homes on medium to larger lots. These purchasers will have to forgo some creature comforts as many of the entry level homes provide only basic accommodation," the valuation firm continued. 

These properties consist of early, middle and late century homes typically comprising up to three bedrooms and one bathroom with basic site improvements.

The entry price point for properties with these attributes begins at $400,000 for mid and late century homes in the middle ring and $600,000 for early century homes in the inner ring.

Fitting this profile is the sale of 57 Rita Avenue, Rostrevor, a circa 1960s single level brick dwelling comprising three bedrooms and one bathroom.

Another sale was 4 Burt Avenue, Hilton (pictured below), a circa 1920s bungalow disposed as three bedrooms and one bathroom.

Both these properties are situated on allotments of approximately 600 square metres and achieved sale prices of $430,000 and $600,000 respectively.

"The family has grown. The side of the house is being used as a squash court and the single toilet is occupied 24/7... it’s time to upgrade!

"Upgraders are seeking out properties which will see them through the next quarter of a century," the valuation firm said. 

Popular suburbs for upgrades are those with a high density of parks and reserves and favourable school zoning.

These purchasers typically require four bedrooms, two bathrooms, two living areas and outdoor entertaining. 

Within the inner-east and inner-south, suburbs within the Marryatville High School and Glenunga International High School zones have been popular with upgraders.

The entry price point for properties with these attributes begins in the $900,000s.

Fitting this profile is the sale of 19A Wattle Street, Fullarton (pictured below), a circa 1930s bungalow providing four bedrooms and two bathrooms on a 1,000 square metre allotment.

Another sale was 45 Stuart Road, Dulwich (pictured below), a return veranda bungalow providing four bedrooms and two bathrooms with a swimming pool on a 717 square metre allotment.

These properties achieved sale prices of $935,000 and $1.185 million respectively.

The report suggests thesee purchasers are typically cashed up and seeking low maintenance properties with some flair.

They need a small enough property that maintenance isn’t an issue and large enough that they can entertain.

Property attributes typically sought include single level construction, double garage, courtyard, outdoor entertaining and up to three bedrooms and two bathrooms.

The entry price point for properties with these attributes begins at $500,000 within the middle ring and $800,000 within the inner ring.

Fitting this profile are the sales of 30 Malwa Street, Glandore (pictured above) in the middle ring and 1 Tyne Street, Gilberton (pictured below) in the inner ring.

Both properties comprise three bedrooms, two bathrooms and double garages and achieved prices of $632,500 and $1.425 million respectively.

"The prestige market is where the differentiation between wants and needs becomes murky," the valuation firm commented. 

With an entry point of $3 million, purchasers are seeking out properties of the highest standard.

Location, size and view are typically the most sought- after property attributes for these purchasers.

In addition, purchasers seek modern builds and renovations, passenger lifts in multi-level dwellings, swimming pools, tennis courts, pavilions, grottos.

Fitting this profile are the sales of 95 Jeffcott Street, North Adelaide ($3.3 million), a two-level heritage dwelling comprising five bedrooms, four bathrooms, four-car garage and swimming pool and 81 Seaview Road, Tennyson ($5.2 million), a circa 2010 architecturally designed three level dwelling comprising seven bedrooms, eight bathrooms, indoor swimming pool and four-car garage.

Both properties are well located with 95 Jeffcott Street being a cover drive from Adelaide Oval and 81 Seaview Road.