Adelaide suburbs where homeowners are paying most and least in mortgage repayments

Homeowners in three Adelaide suburbs are forking out more than $3000 a month to pay their mortgage, while those in just four areas are spending less than $1000, according to new figures that highlight Adelaide’s affordability crisis.

Latest PropTrack data reveals Springfield, College Park and Medindie have the highest median monthly mortgage repayments for houses at $3234, $3125 and $3033 respectively.

The median sale price for houses in Springfield and College Park were in the low to mid $2m range, while Medindie’s was $3m.

Meanwhile, Elizabeth South had the lowest monthly mortgage repayment at $867 per month, followed by Elizabeth North ($867), Davoren Park ($945) and Elizabeth Downs ($953).

Greater Adelaide’s median monthly mortgage repayment for a house was $1562, according to latest PropTrack data.

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The median price for a house in these suburbs ranged between $496,000 and $531,750.

Greater Adelaide’s median monthly mortgage repayment for a house was $1562 while the median sale price was $835,000, according to the data.

Ray White SA chief executive Matt Lindblom said people buying at the higher end of the market were generally prepared for the hefty repayments but those purchasing in more affordable areas had to consider it carefully.

“There’s definitely more consciousness at the moment,” he said.

“While the property market is still strong … there’s definitely still more financial pressure on people’s budgets.”

Mr Lindblom said some buyers were willing to stretch their budgets to the absolute limit to secure their dream home while others were more cautious and wanted a buffer.

Ray White SA chief executive Matt Lindblom.

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“There are people who will be more conservative than others, that’s in the low to medium point of mortgage payments,” he said.

With interest rates falling, Mr Lindblom said buyers had more confidence to buy because they knew their minimum repayments wouldn’t be rapidly rising on top of other cost-of-living pressures.

Real Estate Institute of South Australian chief executive Andrea Heading said most buyers borrowed within their means.

While many had to adapt to paying higher mortgage repayments compared to rent, Ms Heading said it was worth it.

“It might be a little bit more when you’re paying off a home but it might be something that turns into your superannuation,” she said.

REISA chief executive Andrea Heading.

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With more interest rates cuts on the horizon, Ms Heading said it would relieve some pressure for homeowners and househunters.

“We’re hoping at least three more interest rate cuts, and that certainly helps,” she said.