This article is from the Australian Property Journal archive
MACQUARIE in Canberra has been named Australia’s number one most affordable and desirable housing markets near capital city CBDs.
Well Money – formerly known as Well Home Loans – has released a top 20 list of suburbs that tick many buyer’s key boxes of affordability, desirability and relative closeness to capital city CBDs.
The research is defining “desirable” as areas with good socio-economic standing, while excluding locations with Socio-Economic Indexes for Areas (SEIKA) ranking lower than 6, while suburbs consider further than a commutable distance of more than 30km from the city centre were also ruled out.
With the suburbs listed in order of years it would take an average income household in that suburb to buy a property outright when valued at the postcode’s median sale price.
“Now that property prices are falling in many parts of Australia, it’s become easier for first home buyers and young families to afford properties that are affordable, desirable and relatively close to capital city CBDs. That said, it’s still challenging, because prices are declining from a high base,” said Scott Spencer, CEO of Well Money.
“This report aims to help buyers with a maximum budget of $750,000 find somewhere to live that is within commuting distance of the CBD. Options are limited – but they do exist.”
While price growth is slowing and even falling in many parts of the country, with CoreLogic reporting price falls at levels not seen since the 1980s recession, historical analysis from Domain found the current housing market price downturn isn’t likely to result in prices returning to pre-pandemic levels.
While all 20 suburbs consisted only of unit markets, Queensland was most represented in the rankings with nine suburbs, South Australia following with six, Western Australia with three and both the ACT and the Northern Territory with one.
“Apartments can be great places to live, but they don’t suit everyone. Unfortunately, if you want to buy a house in a desirable location, you need to extend your budget beyond $750,000,” added Spencer.
Notably, Australia’s most populous states – New South Wales and Victoria – failed to make the top 20.
ACT’s Macquarie took the number one spot, with a median sale price of $300,000 reflecting 3 years of income to buy a property in the unit market outright, while inventory level is at 1.2 months, owner-occupier share is at 61% and the suburb reports a SEIFA rank of nine.
Western Australia’s City Beach followed, with a median sale price of $579,000 for an average 3 years of income to buy. While Aubin Grove, also in WA, rounded out the top three with a median sale price of $415,000 taking 3.2 years of income to buy.
