Australians are flocking to the regional town of Peterborough in South Australia, seeking affordable homes and a change of pace from the high cost of living in big cities. With a median sale price of just $145,000, Peterborough has seen a remarkable 45% increase in property prices over the past year. The town, with a population of 1,504, offers a tight-knit community and a rural setting at the foot of the picturesque Flinders Ranges.
Peterborough’s popularity has surged as more Australians are priced out of urban areas or seek a quieter lifestyle. The town was once a bustling railway hub, earning the nickname ‘Steamtown’ in the early 20th century when hundreds of trains passed through daily. However, as the railway industry declined, residents moved away, and property prices dropped. Now, buyers are returning to Peterborough, attracted by its affordable housing market and community spirit.
Residents who have recently moved to Peterborough testify to the town’s charm. Kerrin Lansdown, who relocated from Adelaide, mentioned falling in love with an affordable house and the friendly nature of the town. Irene Limburg, a Peterborough native, has noticed an influx of newcomers, while another resident expressed contentment and a sense of community connection.
Real estate agent Jeff Oakley, who has lived in Peterborough for 30 years, has seen a surge of interest from buyers across the country. He attributes this to the town’s excellent return on investment for rental properties, with weekly rents ranging from $180 to $250. Properties that used to stay on the market for up to a year are now being snapped up in a matter of weeks.
Despite the low prices, many of the homes listed in Peterborough are solidly built and well-maintained, some dating back over a century. Oakley showcases a three-bedroom house built in 1900, currently listed for $185,000, which boasts original features like ornate art-deco fireplaces. The popularity of Peterborough has also led to increased demand for higher-end properties, such as a beautifully restored home on Railway Terrace listed for $270,000.
While affordability is a significant draw for potential buyers, Peterborough also offers a fulfilling and friendly community life. The town provides all the necessary amenities while being surrounded by tranquil landscapes and century-old stone houses. Located just before Broken Hill, Peterborough has experienced a 45% increase in median house prices over the past year, as reported by Domain’s June 2023 House Price Report.
Andrew Milne of Future Realty SA highlights Peterborough’s rising popularity during the pandemic. Families seeking a better lifestyle have been drawn to the town’s larger properties at lower prices. Retirees are also considering Peterborough as a home base after their travel adventures. The appeal of South Australia’s affordable real estate and vast land options has resonated with interstate buyers.
In conclusion, Peterborough’s rise as an affordable town attracting prospective homeowners is driven by its tight-knit community, affordable housing options, and scenic surroundings. As Australians seek refuge from higher living costs in big cities, Peterborough offers an idyllic alternative with its affordable homes and rural charm.
