New research has revealed Australia’s top 20 housing markets that offer buyers affordability, desirability, and a location relatively close to a capital CBD.
The research, commissioned by Well Money, analysed every Australian suburb to rule out markets where the median sale price was above $750,000 – deemed above the affordability line.
Suburbs were excluded from the list if their SEIFA rank (socio-economic index) was less than 6 and if the postcode lies more than 30km from the closest city centre.
The remaining suburbs were then ranked by the amount of time it would take a person of average household income to buy a property outright at the median sale price.
Well Money CEO Scott Spencer said the research will assist first home buyers and average-income households to identify suitable suburbs.
“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.
“That said, it’s still challenging because prices are declining from a high base,” he said.
Top 20 suburbs affordable & desirable locations
| Rank | State | Suburb | Postcode | Type | Median Sale Price | Years of Income to Buy |
| 1 | ACT | Macquarie | 2614 | Unit | $300,000 | 3 |
| 2 | WA | City Beach | 6015 | Unit | $579,000 | 3 |
| 3 | WA | Aubin Grove | 6164 | Unit | $415,000 | 3.2 |
| 4 | QLD | Wavell Heights | 4012 | Unit | $440,000 | 3.2 |
| 5 | QLD | Camp Hill | 4152 | Unit | $520,000 | 3.2 |
| 6 | SA | Mawson Lakes | 5095 | Unit | $333,000 | 3.3 |
| 7 | QLD | Waverley | 4154 | Unit | $517,500 | 3.4 |
| 8 | QLD | Ashgrove | 4060 | Unit | $507,000 | 3.4 |
| 9 | SA | Plympton | 5038 | Unit | $285,000 | 3.4 |
| 10 | QLD | Alderley | 4051 | Unit | $415,000 | 3.4 |
| 11 | WA | Canning Vale | 6155 | Unit | $410,000 | 3.5 |
| 12 | QLD | Bridgeman Downs | 4035 | Unit | $530,000 | 3.5 |
| 13 | QLD | Norman Park | 4170 | Unit | $535,000 | 3.6 |
| 14 | SA | Parkside | 5063 | Unit | $380,000 | 3.6 |
| 15 | NT | Marrara | 0812 | Unit | $370,000 | 3.6 |
| 16 | QLD | Paddington | 4064 | Unit | $529,999 | 3.7 |
| 17 | QLD | Parkinson | 4115 | Unit | $420,000 | 3.7 |
| 18 | QLD | Wayville | 5034 | Unit | $393,000 | 3.7 |
| 19 | SA | Prospect | 5082 | Unit | $388,000 | 3.7 |
| 20 | SA | Brooklyn Park | 5082 | Unit | $287,000 | 3.8 |
“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,” said Mr Spencer.
Interestingly, the top 20 ranking is entirely dominated by unit markets, due to their affordability in comparison to houses.
Mr Spencer said while apartments are a great place to live, they are not suited to everyone.
“Unfortunately, if you want to buy a house in a desirable location, you need to extend your budget beyond $750,000,” he said.
A suburb by suburb breakdown
1. Macquarie 2614 (ACT)
| Median Sale Price | $300,000 |
| Years of Income to Buy | 3.0 |
| Inventory Level | 1.2 months |
| Owner-occupier Share | 61% |
| SEIFA Rank | 9 |
2. City Beach 6015 (WA)
| Median Sale Price | $579,000 |
| Years of Income to Buy | 3.0 |
| Inventory Level | 1.5 months |
| Owner-occupier Share | 82% |
| SEIFA Rank | 10 |
3. Aubin Grove 6164 (WA)
| Median Sale Price | $415,000 |
| Years of Income to Buy | 3.2 |
| Inventory Level | 1.9 months |
| Owner-occupier Share | 75% |
| SEIFA Rank | 9 |
4. Wavell Heights 4012 (QLD)
| Median Sale Price | $440,000 |
| Years of Income to Buy | 3.2 |
| Inventory Level | 2.9 months |
| Owner-occupier Share | 71% |
| SEIFA Rank | 9 |
5. Camp Hill 4152 (QLD)
| Median Sale Price | $520,000 |
| Years of Income to Buy | 3.2 |
| Inventory Level | 2.4 months |
| Owner-occupier Share | 71% |
| SEIFA Rank | 9 |
6. Mawson Lakes 5095 (SA)
| Median Sale Price | $333,000 |
| Years of Income to Buy | 3.3 |
| Inventory Level | 2.0 months |
| Owner-occupier Share | 59% |
| SEIFA Rank | 6 |
7. Waverley 4154 (QLD)
| Median Sale Price | $517,500 |
| Years of Income to Buy | 3.4 |
| Inventory Level | 2.0 months |
| Owner-occupier Share | 77% |
| SEIFA Rank | 10 |
8. Ashgrove 4060 (QLD)
| Median Sale Price | $507,000 |
| Years of Income to Buy | 3.4 |
| Inventory Level | 1.2 months |
| Owner-occupier Share | 72% |
| SEIFA Rank | 10 |
9. Plympton 5038 (SA)
| Median Sale Price | $285,000 |
| Years of Income to Buy | 3.4 |
| Inventory Level | 1.8 months |
| Owner-occupier Share | 52% |
| SEIFA Rank | 6 |
10. Alderley 4051 (QLD)
| Median Sale Price | $415,000 |
| Years of Income to Buy | 3.4 |
| Inventory Level | 2.4 months |
| Owner-occupier Share | 58% |
| SEIFA Rank | 10 |
11. Canning Vale 6155 (WA)
| Median Sale Price | $410,000 |
| Years of Income to Buy | 3.5 |
| Inventory Level | 2.0 months |
| Owner-occupier Share | 79% |
| SEIFA Rank | 9 |
12. Bridgeman Downs 4035 (QLD)
| Median Sale Price | $530,000 |
| Years of Income to Buy | 3.5 |
| Inventory Level | 2.8 months |
| Owner-occupier Share | 81% |
| SEIFA Rank | 10 |
13. Norman Park 4170 (QLD)
| Median Sale Price | $535,000 |
| Years of Income to Buy | 3.6 |
| Inventory Level | 2.1 months |
| Owner-occupier Share | 64% |
| SEIFA Rank | 10 |
14. Parkside 5063 (SA)
| Median Sale Price | $380,000 |
| Years of Income to Buy | 3.6 |
| Inventory Level | 1.6 months |
| Owner-occupier Share | 59% |
| SEIFA Rank | 9 |
15. Marrara 0812 (NT)
| Median Sale Price | $370,000 |
| Years of Income to Buy | 3.6 |
| Inventory Level | 2.6 months |
| Owner-occupier Share | 63% |
| SEIFA Rank | 7 |
16. Paddington 4064 (QLD)
| Median Sale Price | $529,999 |
| Years of Income to Buy | 3.7 |
| Inventory Level | 1.4 months |
| Owner-occupier Share | 56% |
| SEIFA Rank | 10 |
17. Parkinson 4155 (QLD)
| Median Sale Price | $420,000 |
| Years of Income to Buy | 3.7 |
| Inventory Level | 1.4 months |
| Owner-occupier Share | 78% |
| SEIFA Rank | 8 |
18. Wayville 5034 (SA)
| Median Sale Price | $393,000 |
| Years of Income to Buy | 3.7 |
| Inventory Level | 1.8 months |
| Owner-occupier Share | 52% |
| SEIFA Rank | 9 |
19. Prospect 5082 (SA)
| Median Sale Price | $388,000 |
| Years of Income to Buy | 3.7 |
| Inventory Level | 2.2 months |
| Owner-occupier Share | 63% |
| SEIFA Rank | 8 |
20. Brooklyn Park 5032 (SA)
| Median Sale Price | $287,000 |
| Years of Income to Buy | 3.8 |
| Inventory Level | 1.4 months |
| Owner-occupier Share | 56% |
| SEIFA Rank | 7 |
Article source: thepropertytribune.com.au
from Queensland Property Investor https://ift.tt/rjWMFy9
via IFTTT
