A joint study by Aussie Home Loans and CoreLogic has revealed the most affordable suburbs across Australia, with the lowest median house values starting at a mouth-watering $37,497 in Western Australia’s Mount Magnet.
WA emerged as the nation’s most affordable, with eight of the country’s Top 20 located in the state, followed by Queensland (6 suburbs), Tasmania (4) and South Australia (2), with none recorded in Victoria, New South Wales or our territories.
CEO of Aussie, Mr James Symond said “The suburbs featured in the national Top 20 have all suffered falls in values of up to 66 per cent over the last 10 years and are located in regional areas.
“These areas are highlighted by their distance from capital cities and have been hardest hit by the end of the mining boom and difficult agricultural conditions, such as WA’s Mount Magnet, Laverton, Meekatharra, Morawa, Dundas, Leonora and Coolgardie.”
Mr Symond said some of the areas in the Top 20 had suffered dramatic falls in values of up to 38.5 per cent (Morawa) over the last 12 months alone, confirming the dire predictions of some property analysts.
He added “The downturn does have a bright side in the opportunity it now affords first home buyers to get into the property market, with interest rates remaining at historic lows and government grants schemes still in place in most states.
“I am surprised that the lowest median apartment values in the Top 20 are higher than the house values, with the most affordable suburb for units being Rosebery in Tasmania ($66,108). The more expensive median unit values likely reflects the fact that higher density housing is most common in areas with larger populations and diversity of amenity, at least relative to the more affordable markets.”
“If you’re saving up to buy your first home or investment property, now’s a great time to speak with an Aussie Broker. Our report reveals some quality affordable housing in suburbs across the country, and with our current record low interest rates buying a property could be more achievable than you know,” said Mr Symond.
All customers who attend a free appointment with an Aussie Broker before 30 April 2019 will go in the draw to win $15,000*. To view the full Aussie/CoreLogic Most Affordable Suburbs report, visit www.aussie.com.au/mostaffordablesuburbs or contact an Aussie Broker for your free copy.