List of affordable suburbs reveals diversity of Australian housing market

List of affordable suburbs reveals diversity of Australian housing market

A joint study on Australian housing affordability by Aussie Home Loans and CoreLogic.

A joint study by Aussie Home Loans and CoreLogic shows the staggering diversity of the Australian housing market, with homes in Tasmania still the most affordable and Sydney the least.

The three most affordable suburbs in Australia have a median valuation of less than $100,000 and all are located along Tasmania’s West Coast.
The regions are all located at least 150km from the nearest capital city, they show little in the way of economic diversity, with local industries generally being dominated by agriculture, mining our tourism.  

Chief Executive Officer of Aussie, Mr James Symond said “It is not surprising that the most affordable housing markets with the lowest dwelling values and lowest mortgages are located in regions where jobs are scarce, land is plentiful and buyer demand is generally low. 

However they are located in regions rich in history, with close knit communities and low prices offering housing opportunities with price tags and mortgages similar to the deposit required on a house in the large capital cities”, he added.

Tim Lawless, Research Director of CoreLogic, said “Many of the most affordable areas are located in coastal locations, which are within comfortable driving distances from the capital cities along the eastern seaboard of Australia, such as Queensland’s Gold Coast. 

Across the capital cities, Hobart stands out as providing the most affordable options, with five suburbs showing a median house value that is less than $200,000, all located within either the Brighton or Clarence council regions”, he added.

Adelaide remains the most affordable mainland capital city in Australia, with a median house value of $442,081, while, in contrast, Sydney’s median house value is now just under one million dollars and the cheapest entry point is Tregear with a median value of $432,282.

Top 10 most affordable suburbs nationally

Suburb

State

Median House Price

Zeehan

TAS

$87,662

Queenstown

TAS

$90,200

Rosebery

TAS

$91,310

Minyip

VIC

$100,210

Peterborough

QLD

$110,414

Dysart

VIC

$115,228

Kaniva

VIC

$121,750

Dimboola

VIC

$122,173

Kambalda West WA $128,089
Ouyen VIC $129,597

 

Most affordable suburbs within 10km of each capital city

Suburb

State

Median House Price

Mean Loan Value

Pennington

SA

$366,565

$187,626

Rocklea

QLD

$390,173

$190,766

Scullin

ACT

$502,717

$197,268

Anula

NT

$498,458

$301,420

Clarendon Valley

TAS

$153,531

$158,746

Braybrook

VIC

$613,399

$242,244

Westminister

WA

$405,716

$253,402

Tempe

NSW

$1,151,122

$287,275

 

Most affordable suburbs within 20km of each capital city

Suburb

State

Median House Price

Mean Loan Value

Brahma Lodge

SA

$265,578

$163,510

Gailes

QLD

$253,580

$155,831

Charnwood

ACT

$408,779

$171,572

Gray

NT

$456,130

$218,573

Gagebrook

TAS

$146,647

$137,867

Coolaroo

VIC

$338,598

$133,019

Stratton

WA

$344,489

$210,525

Granville

NSW

$766,910

$208,002


DISCLAIMER In compiling this publication, CoreLogic has relied upon information supplied by a number of external sources and CoreLogic does not warrant its accuracy or completeness. To the full extent allowed by law CoreLogic excludes all liability for any loss or damage suffered by any person or body corporate arising from or in connection with the supply or use of any part of the information in this publication. CoreLogic recommends that individuals undertake their own research and seek independent financial advice before making any decisions. © 2016 CoreLogic Median values are based on the median of valuation estimates for all houses and units across the suburb as at the end of October 2016. Sales are based on the 12 months ending August 2016. Suburbs with fewer than 20 sales over the 12 month period or fewer than 100 valid valuation estimates have been excluded from the analysis. Distance measurements are taken from the geographical centre of the suburb to the GPO of the nearest capital city.


About CoreLogic

CoreLogic Australia is a wholly owned subsidiary of CoreLogic (NYSE: CLGX), which is the largest property data and analytics company in the world. CoreLogic provides property information, analytics and services across Australia, New Zealand and Asia, and recently expanded its service offering through the purchase of project activity and building cost information provider Cordell. With Australia’s most comprehensive property databases, the company’s combined data offering is derived from public, contributory and proprietary sources and includes over 4.4 billion decision points spanning over three decades of collection, providing detailed coverage of property and other encumbrances such as tenancy, location, hazard risk and related performance information.

With over 20,000 customers and 150,000 end users, CoreLogic is the leading provider of property data, analytics and related services to consumers, investors, real estate, mortgage, finance, banking, building services, insurance, developers, wealth management and government. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and geo spatial services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. CoreLogic employs over 650 people across Australia and in New Zealand. For more information call 1300 734 318 or visit www.corelogic.com.au.

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