The report, commissioned by Well Money, reveals 20 of the most family-friendly housing markets in Australia. The company began its research by considering every suburb in the country, before refining its ranking using a set of metrics that guided its analysis, with the final ranking based on changes in inventory levels over the of the previous three months.
The parameters used to guide the firm’s research are:
- The suburb must have a median home price between $200,000 and $1.5 million.
- It must not be located more than 200 kilometers from a central business district of the capital.
- Seventy percent of the local population must be owner-occupiers.
- Sixty percent of local dwellings are single-family homes.
- Households have an average of 2.5 people living there.
- Classified suburbs must have a SEIFA education score of at least six.
SEIFA, or Socio-economic Indexes for Areas, is a development of the Australian Bureau of Statistics which ranks Australian regions according to their relative socio-economic advantages and disadvantages. A SEIFA education of at least six means a suburb is at the top of the country for educational and occupational status.
Half of the top 10 suburbs are in Queensland, another three in Victoria, while South Australia and Western Australia claim one each.
Well Money chief executive Scott Spencer said he was pleased that buying conditions had become easier in the top 20 suburbs as inventory levels rose.
“Over the past three months, inventory levels have risen across all suburbs, which means there is more inventory on the market, buyers have more options and downward pressure affects prices, which should result sooner or later in discounts.
“It’s good to see,” he said, “because while it’s nice for homes to go up in value, we don’t want working families to be left out of the market.”
Being family-friendly suburbs doesn’t just mean that they contain lots of families. According to Mr Spencer, “they contain a lot of owner-occupiers, they are relatively close to the capital’s CBDs and they are above average in terms of educational and professional status”.
Here are the 10 best family suburbs in Australia, according to Well Money:
- Barellan Point, Ipswich Inner (Qld):
With a median home price of $807,000 and an inventory change of +3.3 months, Barellan Point is the highest ranked family suburb in the nation. It also boasts a SEIFA education score of six, with 88% of the local population being owner-occupiers and 99% of suburban dwellings being single-family homes.
- Willunga, Onkaparinga (SA):
The city of Willunga in South Australia came in second, with a median house price of $607,500 and a change in inventory level of +3.3 months. Additionally, 85% of its residents are owner-occupiers, 99% of the accommodations are free-standing homes, and it has a SEIFA education score of eight.
- Mons, Buderim (Qld):
Third in the ranking is occupied by the suburb of Mons, Queensland, where the median house price is $1.1 million and inventory levels have risen 3.2 months. A SEIFA education score of 10, coupled with 97% of local properties being freestanding homes and an 88% owner-occupied share of the population, helped him achieve his position.
- Boya, Mundaring (WA):
Located east of, house prices in Mundaring are currently at $620,000, while inventory levels have risen three months. At all times, the suburb has a population share of 92% owner-occupiers, with 100% of its dwellings being single-family homes. The area also received a SEIFA education score of eight.
- Nudgee, Nundah (Qld):
A median home price of $855,000, an inventory level increase of 2.8 months, a SEIFA education score of nine, as well as 75% of residents being homeowners in a suburb where 92% of homes are detached houses all contributed to the Queensland suburbs rounding out the top five.
- Gisborne, Macedonia Channels (Vic):
The suburb has a median home price of $1.050 million and has seen inventory levels rise 2.7 months. In addition to this, it also scored a nine on the SEIFA education score, while 83% of its residents are owner occupiers and 88% of its accommodations are detached houses.
- Junortoun, Bendigo (Vic):
The regional Victorian suburb of Junortoun boasts a median home price of $750,000 and an increase in inventory levels of 2.6 months. In addition, it is made up of 96% owner-occupiers, who live in an area where 97% of the dwellings are single-family homes. Junortoun also recorded a SEIFA education score of eight.
- Silvan, Yarra Chains (Vic):
Boasting a median property price of $1.40 million and a 2.5 month growth in inventory levels, Silvan ranked as the eighth most family-friendly suburb in Australia. Its ranking was aided by its SEIFA education score of seven, as well as the fact that 89% of the population are owner-occupiers and 99% of housing is single-family homes.
- Camp Mountain, the hill district (Qld):
Located in Queensland’s Hills District, Camp Mountain and its median price of $1.3 million rank ninth in the report. A change in inventory level of +2.5 months, along with a SEIFA education score of 10 helped the suburb, where 90% of residents are owner-occupiers and 98% of dwellings are single-family homes, to achieve his rank.
- , (Qld):
Concluding the top 10 is the suburb of Newport, which has a median home price of $1.35 million and has seen 2.4 months growth in inventory levels. In addition, 89% of its population are owner-occupiers, while 95% of the dwellings are single-family houses. Newport also scored an eight in the SEIFA education score.