The short answer
- $700,000 is well under Adelaide's median house price of $975,000 in the June quarter 2026.
- Only 12 of 373 metro suburbs had a median house price of $700,000 or less, and all but one were in the City of Playford or the Town of Gawler.
- In another group of suburbs in the north, Gawler and the outer south, $700,000 buys a below-median house.
- Closer to the city or the beach, $700,000 is more likely to buy a unit or townhouse.
- With the First Home Guarantee you'd need a $35,000 deposit, plus $32,330 stamp duty on an established home.
Where $700k buys a typical house
These suburbs had a median house price of $700,000 or less in the June quarter 2026, with at least 20 house sales over the past year. At this budget, you're buying an ordinary house for the area rather than the cheapest one. Source: Valuer-General via Data SA
| Suburb | Median, June qtr 2026 | 1-year change | Sales, 12 months |
|---|---|---|---|
| Smithfield Plains | $650,000 | +13% | 81 |
| Elizabeth South | $650,000 | +5% | 35 |
| Davoren Park | $656,000 | +15% | 149 |
| Elizabeth Downs | $670,500 | +20% | 130 |
| Elizabeth North | $671,000 | +13% | 60 |
| Elizabeth Park | $680,000 | +21% | 91 |
| Elizabeth East | $682,500 | +9% | 98 |
| Evanston | $700,000 | +14% | 54 |
| Elizabeth Grove | $700,000 | +15% | 27 |
| Munno Para | $700,000 | +16% | 175 |
All of these suburbs are in the City of Playford or the Town of Gawler. Change compares with the June quarter 2025 median. Sales are for July 2025 to June 2026.
Where $700k buys a below-median house
In these suburbs the median was between $700,000 and $800,000, with at least 40 sales in the past year. A $700,000 budget puts you in the cheaper half of the market, so expect a smaller home, a smaller block, an older home or one that needs some work.
| Suburb | Area | Median, June qtr 2026 |
|---|---|---|
| Smithfield | Outer north | $702,500 |
| Eyre | Outer north | $703,528 |
| Willaston | Gawler | $715,000 |
| Munno Para West | Outer north | $718,500 |
| Tonsley | Inner south | $725,000 |
| Craigmore | Outer north | $729,250 |
| Blakeview | Outer north | $730,000 |
| Evanston Gardens | Gawler | $738,500 |
| Elizabeth Vale | Outer north | $750,000 |
| Salisbury North | Salisbury | $750,000 |
| Evanston Park | Gawler | $770,000 |
| Andrews Farm | Outer north | $771,500 |
| Hackham West | Outer south | $785,000 |
| Christie Downs | Outer south | $787,500 |
| Gawler East | Gawler | $790,000 |
| Brahma Lodge | Salisbury | $792,000 |
| Hackham | Outer south | $800,000 |
| Burton | Salisbury | $800,000 |
Source: Valuer-General, Metropolitan Median House Sales, June quarter 2026. Quarterly medians can move a lot from one quarter to the next.
Closer in or near the beach
The Valuer-General's suburb figures cover houses only. In most middle-ring and beachside suburbs, the median house price is well above $700,000, so this budget is more likely to buy:
- A unit or apartment, often with lower upfront costs and less maintenance.
- A townhouse, which can give you more space without the price of a full block.
- An older courtyard home or a home that needs work, if you're happy to renovate over time.
For these, recent sales in the same building or street are the best guide to price. Lenders can also be stricter on small apartments, so it's worth checking before you make an offer. Our article on lender differences explains why.
What it costs to buy at $700k
Here's what a $700,000 established home costs upfront, and the repayments over 30 years at an example rate of 6.5%. The average variable rate on new owner-occupier loans was 6.2% in August 2026, before the September rate rise. Source: RBA
| Deposit | Amount | Loan | Cash needed, established home | Repayments at 6.5% | Lenders test you at 9.5% |
|---|---|---|---|---|---|
| 5% with the First Home Guarantee | $35,000 | $665,000 | $67,330 | $4,203 a month | $5,592 a month |
| 10%, plus mortgage insurance | $70,000 | $630,000 | $102,330 | $3,982 a month | $5,297 a month |
| 20% | $140,000 | $560,000 | $172,330 | $3,540 a month | $4,709 a month |
Example only. Principal and interest repayments over 30 years. Cash needed is the deposit plus $32,330 stamp duty, before conveyancing, inspections and government fees. With a 10% deposit and no guarantee, lenders mortgage insurance is usually added to the loan, which raises the repayments. Lenders check you could afford repayments at least 3% above the rate.
Buying a new home changes the numbers. In South Australia, first home buyers pay no stamp duty on a new home and may get a $15,000 grant. Source: RevenueSA The First Home Guarantee's cap for Adelaide is $900,000, so a $700,000 home fits comfortably. Source: Housing Australia
Making $700k work
- Check your borrowing power first. Our borrowing power calculator uses the 3% buffer and 2026–27 tax rates.
- Look at the full upfront cost, not just the deposit. On an established home, stamp duty can almost double the cash you need with a 5% deposit.
- Compare new and established. A new home can save you the stamp duty, but compare the land size and the price per square metre.
- Get pre-approved before you start bidding, so you know your limit.
For more suburbs under the $900,000 cap, see our Adelaide suburbs for first home buyers.
Information is general and correct as at October 2026, using the latest Valuer-General data (June quarter 2026). Property prices and interest rates change, and this isn't a recommendation to buy in any suburb.