Australia’s most affordable suburbs for first-time home buyers

Well Money’s latest report has revealed the best suburbs within commuting distance of a major capital’s central business district that are affordable for low-income shoppers. To arrive at its findings, the group analyzed all of Australia’s suburbs, filtering out those deemed unaffordable – for example, those with a median sale price above $750,000 – to find areas of good socio-economic standing, which excluded suburbs if their socio-economic indexes for areas (SEIFA) score was less than six.

Additionally, suburbs were also out of contention if they were located more than 30 kilometers from their relevant city center.

These parameters leave a narrow list of applicable suburbs, ranked by the number of years it would take an individual with an average household income in that suburb to purchase a property at the relevant median sale price.

Queensland topped the list, with five suburbs, followed by South Australia and Western Australia, while the ACT claimed one.

Scott Spencer, managing director of Well Money, believes that falling property prices in Australia this year have increased the ease with which young families and first-time home buyers can buy their homes, adding that the listing would help these buyers to identify their optimal investment. place of purchase.

He noted that “it’s always difficult, as prices are falling from a high base.”

“This report aims to help buyers with budgets up to $750,000 find housing within commuting distance of the CBD. The options are still limited, but they exist.

“That said, all of the suburbs in the ranking are unit markets. Apartments can be great places to live, but they’re not for everyone. Unfortunately, if you want to buy a house in a desirable location, you have to stretch your budget beyond $750,000,” he concluded.

The 20 most affordable suburbs in Australia for low-income people within commuting distance of the CBD are:

  1. Macquarie (ACT) – Unit:

Median sale price: $300,000

Years of income to buy: Three

Inventory level: 1.2 months

SEIFA Rating: Nine

  1. City Beach (WA) – Unit:

Median sale price: $579,000

Years of income to buy: Three

Inventory level: 1.5 months

SEIFA rating: 10

  1. Aubin Grove (WA) – Unit:

Median selling price: $415,000

Years of income to buy: 3.2 years

Inventory level: 1.9 months

SEIFA Rating: Nine

  1. Heights of Wavell (Qld) – Unit:

Median selling price: $440,000

Years of income to buy: 3.2 years

Inventory level: 2.9 months

SEIFA Rating: Nine

  1. Camp Hill (Qld) – Unit:

Median selling price: $520,000

Years of income to buy: 3.2 years

Inventory level: 2.4 months

SEIFA Rating: Nine

  1. Mawson Lakes (SA) – Unit:

Median sale price: $333,000

Years of income to buy: 3.3 years

Inventory level: Two months

SEIFA rating: 6

  1. Wakerley (Qld) – Unit:

Median sale price: $517,500

Years of income to buy: 3.4 years

Inventory level: Two months

SEIFA rating: 10

  1. Ashgrove (Qld) – Unit:

Median selling price: $507,000

Years of income to buy: 3.4 years

Inventory level: 1.2 months

SEIFA rating: 10

  1. Plympton (South Africa) – Unit:

Median sale price: $285,000

Years of income to buy: 3.4 years

Inventory level: 1.8 months

SEIFA rating: 6

  1. Alderley (Qld) – Unit:

Median sale price: $415,000

Years of income to buy: 3.4 years

Inventory level: 2.4 months

SEIFA rating: 10

Australia’s most affordable suburbs for first-time home buyers



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Last updated: August 30, 2022

Posted: August 31, 2022