Property goldmine: Adelaide suburbs where you can save $1m

Forget the postcode lottery – in Adelaide, it’s all about the kilometre crunch.

Exclusive Ray White data has revealed the staggering savings you can pocket simply by shifting your house hunt a few clicks down the road from those blue-chip suburbs.

We’re talking serious coin – enough to make you rethink that dream location and embrace the art of compromise.

Toorak Gardens, a mere 4km from the CBD, reigns supreme as Adelaide’s priciest postcode, with homes commanding an average of $1.92 million.

But, just 24km further out in Elizabeth, the median house price plummets to a far more palatable $594,316 – a whopping $1.3 million saving.

The story’s the same across the city.

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Fancy Beaumont or Glen Osmond, just 6.5km from the heart of Adelaide? You’ll need around $1.77 million.

But venture 15km east to Valley View and Gilles Plains, and you could snag a typical house for around $799,919.

Beachside bliss in Glenelg will set you back about $1.5 million.

But cruise 17km north to Largs Bay and Semaphore, and you’ll find detached dwellings going for an average of $583,000 less.

That’s enough for a boat, a caravan, and a lifetime supply of sunscreen.

Adelaide’s most expensive suburbs within a 20km radius of the CBD. Source: Ray White

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Klemich Real Estate managing director Matt Smith said it was all about strategic suburb-hopping.

According to the data, more expensive homes were generally found within a 10km ring of the CBD, while buyers could expect significant price drops from 15km and beyond the inner city ring.

“In the eastern suburbs, a buyer may want to be in Toorak Gardens but will happily buy in Dulwich,” he said as an example.

“It gives them a similar lifestyle.”

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Adelaide’s most affordable suburbs within a 20km radius of the CBD. Source: Ray White

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While the lure of regional living has been strong in recent years, Smith notes that many buyers are still willing to pay a premium for that coveted inner-ring address.

“For the people who are paying a little more to get in, they’re buying for convenience, they want to live in a premium suburb,” he said.

He said the convenience of being close to good schools, a workplace or family were also major attractions.

And it’s not just about price.

Ray White’s data also sheds light on how price impacts time on market.

While Adelaide’s median selling time has remained steady at around 32 days, suburbs like Kuralta Park, Sheidow Park, and Old Reynella are seeing homes snapped up in just 14 to 18 days.”

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Tanya Lewis is selling her property in Toorak Gardens to move to a larger house. Picture: Kelly Barnes

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Over the past 10 years, Adelaide has consistently maintained the smallest difference from national averages, making it the best indicator of Australia’s overall market performance,” Ray White Group senior data analyst Atom Go Tian said.

“Adelaide sits in the middle ground, it’s neither slow nor fast.”

For Tanya and Kristin Lewis, the premium of living in Toorak Gardens is worth every penny. Thirteen years ago, they prioritised being within walking and riding distance of the city and good schools, while still having a decent backyard for their kids.

Their determination paid off – even if it meant letterbox-dropping homes in the area after missing out on several properties.

“The people prior to us lived there for 44 years and a lot of the neighbours have been there for decades,” Ms Lewis said.

“We had to go a bit over our budget but we’re not sorry that we did, it’s always going to be an investment in Toorak Gardens.”

– with Jessica Brown