Online lender reveals top 20 affordable housing markets

Well Home Loans has identified the top 20 housing markets around Australia that are affordable and desirable, while also being relatively close to capital city CBDs – with the top 20 outlined from a 12-month period from February 2021 to February 2022.

The research looked at each suburb within Australia before filtering out suburbs deemed unaffordable for buyers on modest incomes, w. the median suburb sale price was more than $750,000.

Suburbs were excluded from the list if they were located more than 25km from a capital city centre.

To establish the top 20 list, each suburb was ranked based on their current median sale price from lowest to highest.

The top 20 list consisted entirely of unit markets spread over Western Australia (7), South Australia (7), ACT (2) and the Northern Territory (1).

Here is the ranking:

Rank      State     Suburb                                 Postcode             Type                      Median Sale Price

1             SA           Westbourne Park             5041                      Unit                       $260,000

2              SA           Black Forest                        5035                      Unit                       $272,000

3              ACT        Macquarie                           2614                      Unit                       $285,000                            

4             SA           Henley Beach South        5022                      Unit                       $290,000

5             WA         Baldivis                                 6171                      Unit                       $295,000

6             WA         Wembley                             6014                      Unit                       $300,000

7             NT          Leanyer                                0812                      Unit                       $300,000

8             ACT        Curtin                                    2605                      Unit                       $305,800

9             WA         Bibra Lake                           6163                      Unit                       $310,000

10           SA           Mawson Lakes                   5095                      Unit                       $315,000

11           QLD        Daisy Hill                              4127                      Unit                       $321,000

12           WA         Atwell                                   6164                      Unit                       $325,000

13           WA         Highgate                              6003                      Unit                       $325,000

14           QLD        Dutton Park                        4102                      Unit                       $330,000

15           QLD        Kuraby                                  4112                      Unit                       $330,500

16           SA           Rostrevor                            5073                      Unit                       $340,000

17           SA           Malvern                               5061                      Unit                       $340,000

18           SA           Tranmere                            5073                      Unit                       $340,500

19           WA         Alkimos                                6038                      Unit                       $345,000

20           WA         Beeliar                                  6164                      Unit                       $350,000

Well Home Loans CEO Scott Spencer (pictured) said this research was designed to help entry-level buyers and those on modest incomes find good homes in good areas.

“It has definitely become harder for first home buyers and young families to buy properties that are affordable, desirable and relatively close to capital city CBDs, but this report proves it’s not impossible,” Spencer said. “That said, if your budget is $750,000 and you want to live within commuting distance of the city centre, your options are limited.’’

Spencer said recent data published from the Australian Bureau of Statistics showed house prices had grown faster than unit prices over the long term, and buyers should bear this in mind.

“Before you start your property search, it’s also a good idea to get a home loan pre-approval, whether from Well Home Loans or a mortgage broker, so you know your budget,” he said.