Family homes under $850k in inner suburbs revealed,
Property data indicates that buyers are increasingly seeking more affordable homes.
Notably, the greatest price growth is occurring in the lower price brackets across many markets.
At a citywide level, Brisbane, Perth, and Adelaide, which are traditionally more affordable, have experienced significant price increases over the past year.
This trend can be partly attributed to Australians’ greater willingness to relocate or invest interstate after the pandemic.
The Covid era prompted many individuals to reassess their lifestyles.
Some took advantage of permanent remote work opportunities, allowing them to consider moving to more affordable coastal areas.
Additionally, strong job growth in Queensland and Western Australia has motivated workers to move interstate for better housing options.
Investors are also expanding their search criteria.
During the pandemic, they became accustomed to video inspections and electronic conveyancing.
As a result, many investors feel confident buying properties sight unseen.
Consequently, they are prioritizing markets that offer affordability, better yields, and superior capital growth prospects.
This shift marks a departure from the previous trend of purchasing close to home.
With this in mind, it’s worth examining which suburbs along the East Coast are currently the most affordable for buyers.
Proptrack has analyzed recent sales data to identify the cheapest suburbs for family homes, based on median values.
This analysis covers both the inner and middle rings of each East Coast capital city, as well as Adelaide.
AFFORDABLE SUBURBS FOR FAMILY HOMES
MELBOURNE
In Melbourne’s inner ring, located within 11 kilometers of the CBD, three-bedroom houses are most affordable in Braybrook.
Their median price is $695,000, making it the cheapest option.
Following Braybrook, Heidelberg West offers three-bedroom houses at a median price of $760,000.
Maidstone comes next, with three-bedroom houses priced at $833,000.
For four-bedroom houses in the inner ring, Altona North is the most affordable option at $1,028,000.
Avondale Heights follows closely with a median price of $1,196,000.
Pascoe Vale rounds out the list, with four-bedroom houses costing $1,305,000.
Moving to the middle ring, which is within 11 to 24 kilometers from the city, three-bedroom houses are cheapest in Dallas.
In Dallas, the median price is $528,000, making it an attractive choice.
Coolaroo offers three-bedroom houses at a median price of $540,000.
Deanside also provides affordable options, with three-bedroom houses priced at $565,000.
When it comes to four-bedroom houses in the middle ring, Truganina is the most economical choice at $680,000.
Deanside appears again, with four-bedroom houses priced at $690,000.
Lastly, Hoppers Crossing offers four-bedroom houses for $691,000, making it a viable option as well.
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BRISBANE
In Brisbane’s inner ring, within 10 kilometers of the CBD, three-bedroom houses are least expensive in Keperra, at $885,000.
Additionally, Chermside West follows closely with a price of $901,000, while Chermside has houses priced at $925,000.
For buyers interested in four-bedroom houses, Everton Park offers the best value at $1,060,000.
Moreover, Chermside West is available for $1,103,000, and Mitchelton’s prices reach $1,195,000.
In the middle ring, which is 10 to 24 kilometers from the city, three-bedroom houses are most affordable in Goodna.
Specifically, Goodna’s price is $506,000, followed by Collingwood Park at $581,000, and Woodridge at $588,000.
When it comes to four-bedroom houses, Goodna remains the best value at $602,000.
Following that, Boronia Heights is priced at $650,000, and Collingwood Park has houses at $673,000.
HOBART
In Hobart’s inner ring, located within 5 kilometers of the CBD, three-bedroom houses are least expensive in Moonah.
Specifically, Moonah is priced at $610,000, followed by Lindisfarne at $680,000 and Lenah Valley at $705,000.
In the middle ring, which spans 5 to 12 kilometers from the city, three-bedroom houses are most affordable in Rokeby.
Rokeby has a price tag of $530,000, while Glenorchy follows closely at $555,000, and Berriedale at $558,000.
For buyers looking for four-bedroom houses, the best value is found in Howrah at $849,000.
Additionally, Kingston offers four-bedroom houses priced at $863,000, making it a competitive option for potential buyers.
SYDNEY
In Sydney’s inner ring, which is within 12 kilometers of the CBD, three-bedroom houses are least expensive in Campsie.
Specifically, Campsie has a median price of $1,643,000, followed by Croydon Park at $1,795,000 and Mascot at $1,881,000.
For those seeking four-bedroom houses, the best value can be found in Earlwood, priced at $2,150,000.
Additionally, Forestville offers homes at $2,210,000, while Ryde has four-bedroom houses listed at $2,280,000.
In Sydney’s middle ring, located 12 to 25 kilometers from the city, three-bedroom houses are most affordable in Smithfield.
Smithfield is priced at $985,000, followed by Fairfield at $1,035,000, and Granville at $1,058,000.
When it comes to four-bedroom houses, Smithfield also offers competitive pricing at $1,088,000.
Furthermore, Guildford has homes priced at $1,165,000, and Yagoona follows with four-bedroom houses at $1,200,000.
ADELAIDE
Some of Adelaide’s most affordable inner ring suburbs include Kilburn, with a median house price of $796,000.
In addition, Lightsview has a median price of $744,500, while Ascot Park is priced at $825,000.
Overall, the cheapest suburbs to purchase a house are Gawler West, listed at $469,000.
Furthermore, Elizabeth North follows closely at $482,000, and Davoren Park is priced at $490,000.
While affordability is essential, lifestyle factors should also play a significant role in your decision-making process.
Consider where you choose to buy your next home or investment property.
Suburbs with excellent amenities, such as cafes, shops, and parks, enhance the overall living experience for families.
Moreover, easy access to the CBD can make a suburb more appealing to renters if you’re investing.
John McGrath is the founder, Managing Director, and Chief Executive Officer of McGrath Estate Agents.
