Well Home Loans has identified the top 20 housing markets around Australia that are affordable and desirable, while also being relatively close to capital city CBDs – with the top 20 outlined from a 12-month period from February 2021 to February 2022.
The research looked at each suburb within Australia before filtering out suburbs deemed unaffordable for buyers on modest incomes, where the median suburb sale price was more than $750,000.
Suburbs were excluded from the list if they were located more than 25km from a capital city centre.
To establish the top 20 list, each suburb was ranked based on their current median sale price from lowest to highest.
The top 20 list consisted entirely of unit markets spread over Western Australia (7), South Australia (7), ACT (2) and the Northern Territory (1).
Here is the ranking:
Rank State Suburb Postcode Type Median Sale Price
1 SA Westbourne Park 5041 Unit $260,000
2 SA Black Forest 5035 Unit $272,000
3 ACT Macquarie 2614 Unit $285,000
4 SA Henley Beach South 5022 Unit $290,000
5 WA Baldivis 6171 Unit $295,000
6 WA Wembley 6014 Unit $300,000
7 NT Leanyer 0812 Unit $300,000
8 ACT Curtin 2605 Unit $305,800
9 WA Bibra Lake 6163 Unit $310,000
10 SA Mawson Lakes 5095 Unit $315,000
11 QLD Daisy Hill 4127 Unit $321,000
12 WA Atwell 6164 Unit $325,000
13 WA Highgate 6003 Unit $325,000
14 QLD Dutton Park 4102 Unit $330,000
15 QLD Kuraby 4112 Unit $330,500
16 SA Rostrevor 5073 Unit $340,000
17 SA Malvern 5061 Unit $340,000
18 SA Tranmere 5073 Unit $340,500
19 WA Alkimos 6038 Unit $345,000
20 WA Beeliar 6164 Unit $350,000
Well Home Loans CEO Scott Spencer (pictured) said this research was designed to help entry-level buyers and those on modest incomes find good homes in good areas.
“It has definitely become harder for first home buyers and young families to buy properties that are affordable, desirable and relatively close to capital city CBDs, but this report proves it's not impossible,” Spencer said. “That said, if your budget is $750,000 and you want to live within commuting distance of the city centre, your options are limited.’’
Spencer said recent data published from the Australian Bureau of Statistics showed house prices had grown faster than unit prices over the long term, and buyers should bear this in mind.
“Before you start your property search, it’s also a good idea to get a home loan pre-approval, whether from Well Home Loans or a mortgage broker, so you know your budget,” he said.
