Still searching for a bargain home? Well as we are about to reveal, they're still out there and well below Adelaide's median price of $425 thousand dollars.
Property analyst Terry Ryder says the time is now ripe to go house hunting.
"The biggest factor of all is there are not many buyers out there. If you can get behind negative headlines and get out and be a buyer, there's not much competition and you've got the prospect of buying well," says Terry.
So where do you start looking? Well Terry's done all the hard work for you. He calls them ugly duckling suburbs... areas overlooked by mainstream buyers because they're either not trendy or have had an image problem.
"Ugly ducklings need to be more than just cheap� they need to have identifiable drivers of future growth such as train connections to the inner city in these days of petrol prices and parking."
The trick is to think ahead and that's when these ugly ducklings will evolve into real estate swans.
"We're going to have a short period where there's not much growth but next year there will be more to happen and by 2010, more substantial price growth,"
Terry's given us his hot picks of ugly ducklings. First up the inner west... old established suburbs like Thebarton, Mile End, Hindmarsh, Hilton, Cowandilla and Keswick where gems are waiting to be discovered.
Suburbs immediately west of the cbd tend to be very underrated and very undervalued but have wonderful qualities, character homes, within walking distances to Universities clustered around the cbd, lots of students like to rent there for that reason so it's a good location to buy affordability at say half the price of the eastern suburbs.
Their footy team might be struggling but Terry says don't write off Port Adelaide property, with areas like Cheltenham, Ethelton, Exeter and Glanville.
To the north there's lots of potential in Elizabeth and in and around Gawler.
"There's a whole precinct, the Adelaide precinct, there's 8 suburbs with Elizabeth in the main and others around there in the north which are very affordable, you can still buy solid houses for less than $200,000 there's a lot of employment nodes around there including the Edinburgh defence base and improvements to transport infrastructure as well."
In the Adelaide hills, Mt. Barker is the top prospect.
"The Adelaide hills area became very popular when they opened the Heysen tunnel some years ago�. but Mt. Barker is still quite affordable, prices around the $300,000 mark, so in terms of the Adelaide Hills that's the ugly duckling with prosects."
And to the south keep your eye out in the beachside suburbs like Christies Beach and Port Noarlunga, however Terry's advice to buyers here is be patient.
"People buying real estate should take a long term view. Nobody should be buying with the hope of making a short term killing."