Tips for aspiring homeowners in the Adelaide Hills
If you’re planning to buy a house for sale in the Adelaide Hills, check out this resource. We share our initial tips and advice for people looking to break into the market.
With Mount Barker’s median house price ($685K) commanding a $3,367 monthly mortgage, it’s good to keep an open mind about the suburbs that fit your budget. Target areas with higher stock levels, such as Strathalbyn over Kanmantoo.
For reference, here’s recent data on mortgage costs and salary requirements for 9 suburbs in the Adelaide Hills:
- Meadows: $146,443 annual income for a $720,000 house
($3,539 average monthly mortgage) - Bridgewater: $181,274 annual income for a $891,250 house
($4,380 average monthly mortgage) - Nairne: $162,206 annual income for a $797,500 house
($3,919 monthly mortgage) - Woodside: $167,799 annual income for a $825,000 house
($4,055 monthly mortgage) - Lobethal: $136,273 annual income for a $670,000 house
($3,293 monthly mortgage) - Littlehampton: $163,426 annual income for a $803500 house ($3,949 monthly mortgage)
- Aldgate: $270,512 annual income for a $1.33 million home
($6,537 monthly mortgage) - Stirling: $294,920 annual income for a $1.45 million home
($7,127 average monthly mortgage) - Murray Bridge: $75,255 annual income for a $370,000 house
($1,818 average monthly mortgage)
These figures are based on a finder.com.au analysis of PropTrack data, assuming a 30-year loan at an average loan rate of 6.23%.
Your first Adelaide Hills property + advice from real estate agents
Your first home doesn’t have to be your forever home. The goal is to get on the property ladder as soon as possible. With it being an election year, housing affordability and cost of living are timely topics, so take advantage of any initiatives announced by the government.
Look into current programs such as the First Home Super Saver scheme, which allows an individual to access up to $50,000 of superannuation. There are pros and cons to this, so it’s important to speak to a financial expert about your options. This is a good article that addresses the scheme.
Here are some other quick tips for FHO:
- Get clear on your numbers – your property value range, deposit, monthly mortgage budget, and additional ownership costs.
- Be flexible on your location – focus on a radius or region, rather than a specific suburb. Shortlist geographical ‘pockets’ of the Hills you like and consider adjacent areas to popular suburbs.
- Organise your documents – make sure you’re ready to make a quick move, if an opportunity arises. This is especially important if you’re in our off-market network.
- Engage real estate agents earlier than you think – we support aspiring homeowners up to 12-24 months before they buy, and years beyond. It’s never too early to discuss the best buying strategy.
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