20 affordable housing markets near the capital’s CBDs
Well Home Loans has identified Australia’s top 20 suburbs with rental markets relatively close to CBD with median sale prices within reach of low-income buyers.
The study aims to help first-time buyers and low-income people find decent homes in the right neighborhoods.
To filter the list, the researchers selected suburbs in areas of good socioeconomic status using the Regional socio-economic indices, or SEIFA, which compares an area with other areas. Suburbs must have a SEIFA disadvantage decile of at least eight to be included in the list.
Suburbs were also omitted if their SA3 region was more than 25 kilometers from the city center to ensure they were within commuting distance of the CBD.
After that, only a limited list of Australian suburbs remained. These suburbs were then evaluated based on their current median sale price to determine a top 20 ranking – from lowest to highest.
Commenting on the skinny list generated by the search, Well Home Loans managing director Scott Spencer said: “If your budget is $750,000 and you want to live within commuting distance of the city center, your options are limited.
“It has definitely become more difficult for first-time buyers and young families to buy properties which are affordable, desirable and relatively close to the capital’s CBDs, but this report proves it’s not impossible.”
Mr Spencer further noted that the markets that are on the list are rental properties which he said buyers need to consider given that “housing prices have risen faster than unit prices on the long term”.
Although this study contains a wealth of information, Spencer advised customers to do more research and seek professional assistance before making a purchase.
Suburbs in Western Australia (seven), South Australia (seven), Queensland (three), ACT (two) and Northern Territory (two) made up the top 20.
Here are the top 20 suburbs with affordable rental properties, along with their median selling price:
|
Rank |
State |
Suburb |
Median selling price |
|
1 |
HER |
Westbourne Park |
$260,000 |
|
2 |
HER |
Black Forest |
$272,000 |
|
3 |
ACT |
macquarie |
$285,000 |
|
4 |
HER |
South Henley Beach |
$290,000 |
|
5 |
Washington |
Baldivis |
$295,000 |
|
6 |
Washington |
Wembley |
$300,000 |
|
7 |
NT |
Lighter |
$300,000 |
|
8 |
ACT |
Curtine |
$305,800 |
|
9 |
Washington |
Lake Bibra |
$310,000 |
|
ten |
HER |
Mawson Lakes |
$315,000 |
|
11 |
queensland |
daisy hillDaisy Hill, Queensland Daisy Hill, Queensland |
$321,000 |
|
12 |
Washington |
Atwell |
$325,000 |
|
13 |
Washington |
high door |
$325,000 |
|
14 |
queensland |
Duton Park |
$330,000 |
|
15 |
queensland |
Kouraby |
$330,500 |
|
16 |
HER |
Rostrevor |
$340,000 |
|
17 |
HER |
MalvernMalvern, VIC Malvern, SA |
$340,000 |
|
18 |
HER |
TranmereTranmere, SA Tranmere, TAS |
$340,500 |
|
19 |
Washington |
Alkimos |
$345,000 |
|
20 |
Washington |
RAM |
$350,000 |
