Sydney suburbs once again rate lowest on the affordability scale, according to CoreLogic RP Data research analyst Cameron Kusher.
“Similar to last week’s inner-city most affordable suburbs list, what is immediately evident is that the cost of houses in Sydney is considerably higher than they are across all other capital cities,” Kusher said.
“At the other end of the spectrum, both houses and units in Hobart are much more affordable than all other capital cities.
Kusher says properties are often larger than their inner city counterparts and unit density is lower.
“It’s also noticeable across many of the cities that the gap between the most affordable suburbs for houses and units is generally not that substantial, especially relative to the results for inner-ring suburbs.”
The most affordable suburbs for houses in Sydney with lowest median house and unit values were Birrong ($644, 349) and Lakemba ($362, 363), respectively.
In Melbourne, it was Coolaroo ($296,365) and Albion ($234,786); Brisbane was Gailes for houses ($246,078) and Woodridge for units ($194,765); Adelaide’s most affordable was Brahma Lodge ($255,824) and Salisbury ($178,583); Perth was Koongamia ($375,562) and Midvale ($291,463); Hobart was Gagebrook ($134,718) and Bridgewater ($173,596); Darwin was Moulden ($471,240) and Woodroffe ($341,000); and Canberra was Charnwood ($395,799) and Fisher ($336,189).
“As the cost of housing becomes more unattainable for many within the inner-ring suburbs we would expect demand to grow for homes in the middle-ring suburbs - especially those suburbs which offer affordable price points and good local transport amenity," Kusher said.
“Although some may not consider the middle ring suburbs to be quite as desirable as suburbs in the inner-ring, they generally offer relative proximity to the city centre at lower price points,” he said.
The full report identifies the top five suburbs in each capital with the lowest median house and unit value, 10-20km of its CBD.