Where to find affordability in Australia’s 3 biggest capitals
Underpinned by solid investment fundamentals, these major city suburbs are hiding in plain sight.
PRD’s Affordable and Liveable Property Guides for the first half of 2024 highlighted the suburbs in Sydney, Melbourne and Brisbane that are good entry points into the market.
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
Seeking to provide insight into some of the most competitive markets in the country, the firm analysed all areas of the major capitals to assess them for their relative affordability, their investment return, their liveability and the future stock projections of the suburb.
Despite its recent price rises Brisbane proved to be the most welcoming capital city for first home buyers, with 27.6 per cent of its suburbs deemed affordable for buyers looking for houses, and 43.1 per cent for those interested in units.
PRD’s chief economist, Dr Diaswati Mardiasmo, noted however that even in Brisbane, the percentage of areas deemed affordable has contracted noticeably in the past year.
Sydney was found to be the least friendly major capital for finding affordable houses, with only 11.1 per cent of suburbs falling into that category. Even so, many suburbs across the harbour city, as well as Melbourne, are still experiencing negative growth as they continue their recovery. According to the firm, first home buyers who can act might want to do so now.
The most affordable suburbs with incoming new supply and good investment fundamentals were determined to be:
Sydney - houses
Chester Hill; median price: $1,052,500
Granville; median price: $1,000,500
Villawood; median price:$ 884,000
Sydney - units
Bankstown; median price: $522,500
Lakemba; median price: $450,000
Merrylands; median price: $480,000
Melbourne - houses
Albanvale; median price: $597,500
Ardeer; median price: $650,000
Lalor; median price: $685,000
Melbourne - units
Williams Landing; median price: $405,000
Bundoora; median price: $455,000
Kensington; median price: $490,000
Brisbane - houses
Strathpine; median price: $685,000
Griffin; median price: $720,000
Alexandra Hills; median price: $725,000
Brisbane - units
Springwood; median price: $420,000
Richlands; median price: $458,600
Griffin; median price: $470,000