Tamir Dunning has listed Adelaide’s cheapest home – a two-bed maisonette in Elizabeth Park. The home is on the market for $135k and surrounded by brand new homes and the local school is also just down the road. Picture: Tricia Watkinson

If you’re looking to crack the South Australian housing market on a budget, then this two-bedroom maisonette for just $116 a week is worth consideration.

Set on a sizeable 516sqm block and surrounded by brand new homes, 12 Cullen St, Elizabeth Park, is Adelaide’s cheapest listing on realestate.com.au with an asking sale price of $135,000. That’s approximately $63,000 lower than the suburb’s median house price and $306,500 lower than the Adelaide-wide average.

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12 Cullen St, Elizabeth Park. Supplied by CoreLogic.

12 Cullen St, Elizabeth Park. Supplied by CoreLogic.

Best of all, the property — based on a 20 per cent deposit — could potentially cost you just $116 a week in mortgage repayments.

Alternatively, you could pocket the current rental return of $230 per week, with a periodic lease in place.

With the area predominantly occupied by new homes and Elizabeth Park Primary also located just down the road, selling agent Tamir Dunning of Tamir Dunning Real Estate Unley said there had never been a better time to invest.

12 Cullen St, Elizabeth Park. Supplied by CoreLogic.

12 Cullen St, Elizabeth Park. Supplied by CoreLogic.

“It’s situated in one of the nicer pockets in Elizabeth Park and surrounded by nice houses…as the land across the road was redeveloped,” he said.

“So the value for money is great and the options are endless.

“Situated just across the road from Elizabeth Park Primary School and only a few minutes’ walk to the local amenities and public transport, you have everything you could need within walking distance.”

12 Cullen St, Elizabeth Park. Supplied by CoreLogic.

12 Cullen St, Elizabeth Park. Supplied by CoreLogic.

Mr Dunning said interest in the property had been coming in hot and fast with four written offers already on the table.

However, he said he would wait until next week to present all offers to the vendor, with a final viewing scheduled for 4.30pm to 5pm, tomorrow afternoon.

“We’ve had a lot of interstate investors interested in the property, buyers from Tasmania and News South Wales, but there’s also been locals,” Mr Dunning said.

“I had people call up wanting to make an offer without ever having seen the property, because they realise it’s such good value.”