Online lender Well Money has identified the top 20 housing markets nationwide that are affordable, desirable and relatively close to capital city CBDs – and all involve apartments, not houses.
The research analysed every Australian suburb before filtering out suburbs deemed unaffordable for buyers on modest incomes – those with a median sale price more than $750,000.
To ensure suburbs were located in desirable areas with good socio-economic standing, locations were also excluded if their SEIFA (Socio-Economic Indexes for Areas) rank was less than six. Suburbs were also excluded if their postcode was more than 30km from the city centre.
Well Money CEO Scott Spencer (pictured above) said to establish the top 20 ranking, these suburbs were then ranked based on the number of years it would take someone with the average household income (based on Census data) in that suburb to buy a property outright valued at that suburb’s median sale price.
“We found our top 20 list consisted entirely of apartment markets spread over Queensland (9), South Australia (6), Western Australia (3), ACT (1) and the Northern Territory (1),” Spencer said.
“This research would help first home buyers and those with average incomes identify good locations to buy. Now that property prices are falling in many parts of Australia, it’s become easier for first home buyers and young families to afford properties that are affordable, desirable and relatively close to capital city CBDs”.
Spencer said it was still challenging to enter the market because prices were declining from a very high base.
“This report aims to help buyers with a maximum budget of $750,000 find somewhere to live that is within commuting distance of the CBD. Options are limited – but they do exist,” he said.
“All the suburbs in the top 20 ranking are unit markets. Apartments can be great places to live, but they don’t suit everyone. Unfortunately, if you want to buy a house in a desirable location, you need to extend your budget beyond $750,000.”
The top 20 suburbs which made the list are:
|
Rank |
Location |
Median Sale Price |
Type
|
Years of Income to Buy |
Owner-occupier Share |
|---|---|---|---|---|---|
|
1 |
Macquarie, ACT |
$300,000 |
Unit |
3 |
61% |
|
2 |
City Beach, WA |
$579,000 |
Unit |
3 |
82% |
|
3 |
Aubin Grove, WA |
$415,000 |
Unit |
3.2 |
75% |
|
4 |
Wavell Heights, QLD |
$440,000 |
Unit |
3.2 |
71% |
|
5 |
Camp Hill, QLD |
$520,000 |
Unit |
3.2 |
71% |
|
6 |
Mawson Lakes, SA |
$333,000 |
Unit |
3.3 |
59% |
|
7 |
Wakerley, QLD |
$517,500 |
Unit |
3.4 |
77% |
|
8 |
Ashgrove, QLD |
$507,000 |
Unit |
3.4 |
77% |
|
9 |
Plympton, SA |
$285,000 |
Unit |
3.4 |
52% |
|
10 |
Alderley, QLD |
$415,000 |
Unit |
3.4 |
58% |
|
11 |
Canning Vale, WA |
$410,000 |
Unit |
3.5 |
79% |
|
12 |
Bridgeman Downs, QLD |
$530,000 |
Unit |
3.5 |
81% |
|
13 |
Norman Park, QLD |
$535,000 |
Unit |
3.6 |
64% |
|
14 |
Parkside, SA |
$380,000 |
Unit |
3.6 |
59% |
|
15 |
Marrara, NT |
$370,000 |
Unit |
3.6 |
63% |
|
16 |
Paddington, QLD |
$420,000 |
Unit |
3.7 |
78% |
|
17 |
Parkinson, QLD |
$420,000 |
Unit |
3.7 |
78% |
|
18 |
Wayville, SA |
$393,000 |
Unit |
3.7 |
52% |
|
19 |
Prospect, SA |
$388,000 |
Unit |
3.7 |
63% |
|
20 |
Brooklyn Park, SA |
$287,000 |
Unit |
3.8 |
56% |
