It’s the little South Australian suburb where property prices have surged nearly 40 per cent in the last year, but which still has some of the cheapest houses in Australia.
“Here, you can still buy a house for $300,000 and get $430 a week rent,” says Sonny Phillis, managing director of Harcourts Phillis Real Estate.
“It’s such a big drive now to find positively geared property that often a house is sold before we can even list it. The affordability and rental yield are huge drivers.”
25 Millowick Street, Whyalla Stuart SA 5608
As a result, Whyalla Stuart has become one of the most popular property hotspots in the country. The seven-square-kilometre town is six kilometres west of Whyalla on the east coast of the Eyre Peninsula, about of 400 kilometres north-west of Adelaide.
The median house price in Whyalla Stuart is just $325,000, having risen 38.3 per cent in the past 12 months – the strongest performance of any South Australian region – according to the latest Domain House Price Report. In comparison, Whyalla has a median of $440,000, up 17.3 per cent year-on-year.
17 Callaghan Court, Whyalla Stuart SA 5608
Adelaide, a traditional favourite among interstate investors, now has a lofty median of $1,095,429, after 6.4 per cent annual growth.
“The affordability and rental yields of Whyalla Stuart are both really strong,” Phillis says.
“Ninety per cent of the buyers are from Sydney and Melbourne, mostly investors, all focused on that low price point and yield.”
10 Mepstead Street, Whyalla Stuart SA 5608
Whyalla Stuart is also a nice place to live, says Blights Real Estate managing director Gregg Utting, a born-and-bred Whyalla local, adding that it has schools, parks, a shopping centre and good healthcare services, as well as a great community feel and easy access to the coast.
“It’s also a mixed bag in terms of property, with some higher-end houses along with the lower-priced homes and investor stock,” Utting says.
“We’ve probably had some higher-end sales which have pushed the rate of price growth up, but we’ve also had lots and lots of investors, mostly from NSW and Victoria, coming in to buy.
“For the cost of a deposit on a home on the eastern seaboard, you can buy a whole house here. There are plenty of people looking for rentals too.
4 Albert Street, Whyalla Stuart SA 5608
“Our vacancy rate is probably 2 to 2.5 per cent, which is maybe a bit higher than average, but it’s still a tight market.”
There are jobs in the area too. Whyalla is known as the “steel city” because of its steelworks – which the federal and state governments are now supporting with a $2.4 billion package after its owners slid into financial difficulties – and its shipbuilding history.
In terms of lifestyle, it’s also celebrated for its stunning beaches and the annual migration of giant Australian cuttlefish, the only place in the world where that happens.
Whyalla Stuart’s population is around 6500, with an average age of 50 to 59 years. The median personal income is about $502 a week, and the median household income is $880, according to the 2021 census.
No. 1 Callaghan Court, Whyalla Stuart SA 5608
The suburb also has plots of land available for those wanting to build their own homes. Andrew Milne of Future Realty SA is currently selling a 446-square-metre corner block of land at 1 Callaghan Court for just $85,000 .
He sold it to the current owner one or two years ago for around $60,000, but says she has since changed her mind about building.
“We have so much interest in Whyalla Stuart at the moment as Adelaide has become very expensive so people are looking much more to the regions,” Milne says.
“They’re looking around Whyalla and Port Augusta, Port Pirie and Mount Gambier.
“Whyalla Stuart is a very nice place, too, and since COVID, a lot more people are able to work from home, so they can live there. And we have beautiful beaches.”
Sue Williams Sue Williams is an award‑winning journalist with a long career in news reporting, having worked across newspapers and magazines in Australia and the UK and covered everything from courts and politics to international conflict and major breaking news stories.
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