City-fringe living for under $190k
A one-bedroom home located just 10 minutes from Adelaide’s CBD, has officially become the nation’s cheapest city fringe home.
Currently tenanted on a fixed rate of $240 a week until July this year, Unit 2, 49 Tennyson St, Kuralta Park has been listed with a bargain price tag of just $189,000 to $205,000 – making it Adelaide’s most affordable home within a 5km radius of the CBD.
According to CoreLogic, units within the popular inner southwestern suburb generally transact for $394,000, while Adelaide wide – units sell on average for around $335,000.
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Selling agent Matt Ashford of Edge Realty said the property was the ideal “set and forget” investment.
Based on estimated mortgage repayments of $171 a week, prospective buyers can expect profitable return of about $3588 per annum.
“It’s so close to the city and at this price point, I’m surprised it hasn’t gone yet,” Mr Ashford said.
“That said, we’ve had some good interest in the property so far, including a number of offers, but just not quite enough to get the deal done.”
The ground floor unit comprises a formal lounge, a modern gallery kitchen, and a master bedroom with direct access to the main bathroom. There’s also a laundry, an extra storage room, and front and rear yards.
Mr Ashford said interest so far had come from people with small pets or children, and people seeking a savvy rental investment.
“A standout reason to invest in South Australia – be it houses or units – is our rental yield,” he said.
“For this price and location, you’ll always get a tenant — be it young professionals, university students, or even young couples not ready to buy.
“So in that aspect, the unit really is great value for money.”
Not quite what you’re looking for? Here are some other city fringe bargains…
Unit 4, 31 Everard Ave, Ashford
2 bed, 1 bath, 1 car
Price: $250,000 to $260,000
A city fringe location, coupled with a long term tenant at $300 a week, makes this one hot property for the savvy investor looking to increase their portfolio. The home is situated on the tree-lined Everard Ave in the Adelaide High School Zone, and comprises an open-plan living and dining space, a modern kitchen with ample bench space, two good sized bedrooms, and a spacious bathroom. Outside a rear and front courtyard awaits.
Unit 7/74 Sixth Ave, St Peters
1 bed, 1 bath
Currently rented, this one-bedroom home represents a chance to invest in a great property, with a secure tenancy already in place. The ground floor unit has been renovated throughout and features a spacious living, dining and kitchen area, a bedroom with built-in robes and a bathroom with a shower, a vanity and a toilet. The unit also has airconditioning and off-street parking.
1/1 Washington St, Hilton
2 bed, 1 bath, 1 car
Set on an easy-care 321sqm block, this modernised character home offers plenty for discerning homebuyers. Polished timber floors, high ceilings and generously-proportioned rooms feature throughout, including a combined living and dining space — overlooked by a modern kitchen, two bedrooms, a formal living room or third bedroom, and a bathroom with both a shower and bath. There’s also a private backyard, which has direct access from the lockup carport on the side of the home through to the rear.