Welcome to Peterborough: Why Aussies are flocking to this South Australian hidden gem where beautiful historic homes cost $200,000
Australians looking to enter the real estate market amid the country’s cost-of-living crisis are turning their sights to a little-known regional city where homes are available for less than $200,000.
In South Australia’s Peterborough, the average sale price has actually increased by 45 per cent over the past year – but it’s still only $145,000.
With a population of just 1,504 and just under 250 km north of Adelaide, the city is situated at the foot of the Flinders Ranges.
Jeff Oakley, an agent with Nutrien Harcourts, who has lived in Peterborough for 30 years, said the town had a population of 5,000 at the turn of the 20th century.
Then it took on the name ‘Steamtown’, from a time when 100 trains passed through every day, en route to all parts of the growing nation.
The rural South Australian town of Peterborough has seen a huge increase in Aussies moving to escape the pressures of the big cities and settle in a quiet community
The quaint country town has seen a whopping 45 percent increase in median sales price over the past year, but the figure is still hovering around $145,000
However, as the rail industry became less important to Australia, residents moved on and house prices began to fall.
But now they’re coming back. Those priced outside the cities or simply looking for a boom change in a tight-knit community will find Peterborough home prices enticing.
Kerrin Lansdown moved to Peterborough from Adelaide with her family last year as they wanted a rural setting to slow down and enjoy the next phase of their lives.
“Peterborough had the house I fell in love with for a very affordable price and the town and people were so beautiful and friendly,” she told FEMAIL.
Born and raised in Peterborough, Irene Limburg said she’s seen many new ‘townies’ move in.
With a population of just 1,504, it is just under 250km north of Adelaide and brims with potential as a rural hub by the scenic Flinders mountain range
Another new resident said she moved into her own home from Cairns three months ago to retire and “enjoy the peace and quiet of the place.”
Another said they moved two and a half years ago and have “never looked back.”
‘I like the community. Very friendly people who live here in Peterborough, most people wave. Wouldn’t change it for a thing,” she said.
Mr Oakley said he now sells homes to investors or owner-occupiers from ‘every state in Australia’.
“Return on investment for rentals has been the highest in the state for several years,” he said.
“Rents range from $180 to $250 a week, so if you work on a low base, a $200,000 house will bring you about $230 a week.”
Real estate broker and Peterborough resident Jeff Oakley said before the recent interest that city housing prices fell after the city’s rail industry declined
While the homes he put on the market were on the market for eight to 12 months, they are now being snapped up in a matter of weeks.
Mr Oakley said potential buyers should not be fooled by low house prices, with many of the homes on the market being solidly built and well maintained for over 100 years.
A three-bedroom home built in 1900 is for sale for just $185,000. Although the house is in need of some TLC, it has many well-preserved, original features such as the ornate Art Deco fireplaces, picture hooks and a wood-burning stove in the kitchen.
On the other side of the price list is a historic house built at 40 Railway Terrace. The house has been beautifully restored with hardwood floors, a modern kitchen and bathroom. It’s on the market for $270,000.
Ten years ago, a similar home would have sold for between $75,000 and $80,000, Mr. Oakley said.
A three-bedroom home built in 1900, currently for sale for just $185,000, needs a little TLC but has aged well and retains original details such as the ornate Art Deco fireplaces
While the agent said Peterborough’s affordability was a “big ticket”, it is also a “great place to live” with a close-knit community typical of many small Australian rural towns.
While the agent said Peterborough’s affordability was a “big ticket”, it is also a “great place to live” with a close-knit community typical of an Australian rural town.
“It’s rural living, but we have all the services you need in the township,” he said.
Set in grassy landscapes dotted with ancient stone houses, the regional town is the last major hub before Broken Hill.
Rustic historic buildings, including a ‘haunted’ pub, line the main road, giving visitors the feeling that they have stepped back in time to when the town was first settled.
46 properties have been sold in Peterborough in the past year and the median house price has risen 45 percent over the past 12 months and has grown 12 percent in the last quarter according to Domain’s House price report June 2023.
Rustic historic buildings line the main road and make visitors feel like they have stepped back in time to when the town was first settled
The houses are mainly owned by people between the ages of 60 and 69 or childless couples and the average mortgage payment is only $300-$449 per month.
Even the median rent is just $250 a week, which is up nearly 30 percent in the past year.
Future Realty SA’s Andrew Milne said Peterborough’s popularity was growing due to Covid.
“(Families) can get a bigger house for a lower price and a better lifestyle. Many interstate people have looked this way, realizing that South Australia has many bargains. It’s a big place with a lot of land,” he explained.
Andrew has also seen retirees settle in Peterborough as a place to return to after their caravanning adventures across the country.