Prices in this Aussie country town have risen by 45 per cent over the past year. The median house is still only $145,000

Just three hours north of Adelaide sits the small town of Peterborough. Known for Steamtown, its heritage-listed railways, and its historical collections, this country town has also seen some of the nation’s most staggering housing price growth.

Over the past year, houses in Peterborough outperformed most suburbs in Australia, with prices growing by a massive 45 per cent, according to the Domain House Price Report.

Despite that massive jump, the median price of houses is still just $145,000.

People have moved to Peterborough in search of a cheaper lifestyle while the town has begun bubbling with new life and opportunities. There are whispers of a new development by Magnetite Mines, retirees want a home to return to after caravaning across the country, and work-from-home employees are looking for the chance to become property owners.

The country town of just 1490 residents might be small, but it’s bursting with potential.

SOLD - $177,000

3 Lloyd Street, Peterborough SA 5422

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Angus Barden of Wardle Co Real Estate says Peterborough has been a perfect place for people looking to leave the city life in Adelaide.

“Cost of living pressure – just like everything – is starting to increase, and people are looking for cheaper options,” he says. 

“Plus, there are lots of good things about [Peterborough]. It has a hospital, employment opportunities, great schools, it’s got the supermarket there and it’s just an overall great place to raise a family.”

The area grew in popularity during COVID, says agent Andrew Milne of Future Realty SA.

“Former city folk are really interested in the area. I reckon 20 years ago, no one would have looked at this sort of property,” Milne says.

SOLD - $180,000

287 Main St, Peterborough SA 5422

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“[Families] can get a bigger property for a cheaper price and a better lifestyle. Lots of interstate people have looked over this way from COVID, realising that South Australia has a lot of bargains. It’s a big place with lots of land.”

It’s not just families who have moved to the area, many retirees have recently bought there, but not for the reasons you think. 

“We’ve also seen retirees hunkering down in Peterborough as their home base before going on a caravan adventure across the country and always having a place to return to,” says Barden.

Jeff Oakley of Nutrine Harcourts SA – who has been an agent for more than 25 years in the area – says the price growth and property demand in the country town is just the start. 

He predicts that the affordability of the available homes will call to more Adelaideans and interstate buyers who are trying to consolidate their debts and lower their mortgage stress. 

“Plus, it’s a great country town to live in,” he says.