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A new report has revealed what makes a suburb family-friendly – before highlighting which areas have made the cut.
The report, commissioned by Well Money, reveals 20 of Australia’s most family-friendly housing markets throughout Australia. The firm began its research by taking into consideration every single suburb within the country, before narrowing down its ranking by using a set of parameters that guided its analysis, with the final rankings based on the change in inventory levels throughout the previous three months.
The parameters used to guide the firm’s research are:
SEIFA, or Socio-economic Indexes for Areas, is a development of the Australian Bureau of Statistics that ranks Australian areas in accordance with relative socioeconomic advantage and disadvantage. 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 located in Queensland, a further three are in Victoria, while South Australia and Western Australia lay claim to one each.
Well Money chief executive Scott Spencer expressed delight at the fact that buying conditions had become easier in the top 20 suburbs as inventory levels increased.
“Over the past three months, inventory levels have increased in all the suburbs, which means there is more stock on market, buyers have more options and downward pressure is being placed on prices, which should translate into discounts sooner or later.
“That’s good to see,” he said, “because while it’s nice for people homes to increase in value we don’t want working families to be priced out of the market.”
Being family-friendly suburbs not only means they contain a lot of families. According to Mr Spencer, “they contain a lot of owner-occupiers, they’re relatively close to capital city CBDs and they’re above average in terms of educational and occupational status”.
Here are Australia’s top 10 family-friendly suburbs, according to Well Money:
With a median house price of $807,000 and an inventory change of +3.3 months, Barellan Point is the nation’s top-ranked family-friendly suburb. It also boasts a SEIFA education score of six, with 88 per cent of the local population owner-occupiers and 99 per cent of the suburb’s dwellings being freestanding houses.
Coming in second place is the South Australian town of Willunga, which has a median house price of $607,500 and has recorded an inventory level change of +3.3 months. Additionally, 85 per cent of its residents are owner-occupiers, 99 per cent of dwellings are freestanding homes, and it achieved a SEIFA education score of eight.
Third place in the rankings is claimed by the Queensland suburbs of Mons, where the median house price is $1.1 million and the inventory levels have grown by 3.2 months. A SEIFA education score of 10, partnered with 97 per cent of local properties being freestanding homes and an 88 per cent owner-occupier share of the population, has helped it achieve its position.
Located east of, the house price in Mundaring is currently $620,000, while inventory levels have risen by three months. Continually, the suburb has a 92 per cent owner-occupier population share, with 100 per cent of its dwellings being freestanding houses. The area also received a SEIFA education score of eight.
A median house price of $855,000, an inventory level increase of 2.8 months, a SEIFA education score of nine, as well as a 75 per cent of residents being owner-occupiers in a suburb where 92 per cent of the dwellings are freestanding homes have all contributed to the Queensland suburb rounding out the top five.
The suburb has a median house price of $1.050 million and has seen inventory levels grow by 2.7 months. In addition to this, it also scored a nine on the SEIFA education score, while 83 per cent of its residents are owner-occupiers and 88 per cent of its dwellings are freestanding homes.
The regional Victorian suburb of Junortoun possesses a median house price of $750,000 and an inventory level rise of 2.6 months. Moreover, it is made up of 96 per cent owner-occupiers, who reside in an area where 97 per cent of dwellings are freestanding homes. Junortoun also registered a SEIFA education score of eight.
Boasting a median house price of $1.40 million and an inventory level growth of 2.5 months, Silvan ranked as the eighth most family-friendly suburb in Australia. Its ranking was assisted by its SEIFA education score of seven, as well as the fact that 89 per cent of the population are owner-occupiers and 99 per cent of dwellings are freestanding homes.
Located in the Queensland’s Hills District, Camp Mountain and its $1.3 million median house price ranked ninth in the report. An inventory level change of +2.5 months, as well as a SEIFA education score of 10 assisted the suburb, where 90 per cent of residents are owner-occupiers and 98 per cent of dwellings are freestanding homes, in achieving its rank.
Concluding the top 10 is the suburb of Newport, which has a median house price of $1.35 million and has experienced a 2.4-month growth in inventory level. Additionally, 89 per cent of its population are owner-occupiers, while 95 per cent of dwellings are freestanding homes. Newport also scored an eight in the SEIFA education score.