This Salisbury unit might not look all that flash, but the price hit the mark for an interstate investor.

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For a few short days, this neat three-bedroom unit was Adelaide’s cheapest home, offering a glimpse of affordability to first homebuyers.

But with a price guide of just $239,000 to $259,000 – $141,000 below the LGA’s medium – the property at 49/6 Loades St, Salisbury was never going to last long, with a cash offer by an interstate investor seeing the unit sell within just three days on the market.

“It was first homebuyers and investor territory and I ended up selling it in three days for $380,000…to an interstate investor who offered cash,” selling agent Mark Lloyd of Harris Real Estate said.

“That sale is now the line in the sand for the Salisbury area right now when it comes to unit sales, meaning you will probably not get much else under the high $200,000 mark.”

According to PropTrack, the average unit in the Salisbury LGA now sells for $400,00, up 1.2 per cent over the past quarter, 18.6 per cent over the past year and 50.9 per cent over the past three years.

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49/6 Loades St, Salisbury

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49/6 Loades St, Salisbury

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49/6 Loades St, Salisbury

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Mr Lloyd said the region’s price growth was predominantly driven by affordability.

“I’ve been selling in Salisbury for over 22 years now and we’ve never seen this sort of capital growth for units. It’s crazy,” he said.

“Only 18 to 22 months ago, you would have been able to secure a unit in the same complex for $180,000, so affordability has really driven up price.

“Vacancy rates are at an all-time-low…so that’s been a driving factor for bringing in investors, especially from Melbourne and Sydney…because that sort of money, it’s just lunch box money.

“They can afford to throw that sort of money and more at a property and still get quite a good return.”

Mr Lloyd said 49/6 Loades St had been well presented, making it an attractive offering for not just investors but first homebuyers.

Freshly painted throughout and adorned with new carpet in the main living area, the home featured two bedrooms, a generously sized lounge and meals area, and a practical kitchen with a gas stove.

49/6 Loades St, Salisbury

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49/6 Loades St, Salisbury

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49/6 Loades St, Salisbury

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The unit is located just a short walk from Salisbury High School and the local TAFE SA campus.

“We’re seeing more cash deals. More unconditional contracts than we ever have before so

buyers, in particular first home buyers, need to have really tight finances to secure homes, otherwise they’ll just get knocked off the verge every time,” Mr Lloyd said.

“It’s a tough market out there and prices will only go up.”