Where to find affordability in Australia’s 3 biggest capitals

Underpinned by solid investment fundamentals, these major city suburbs are hiding in plain sight.

Sydney Melbourne Brisbane spi

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.

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

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