Property prices in Australia leave many first home buyers feeling like they’ll never be able to get onto the property ladder, particularly in the country’s biggest cities where median house prices sit close to a million dollars, despite the incremental decrease that has been creeping across the nation in recent months.
However, the recently released Affordable Suburbs Report by CoreLogic has identified the 100 most affordable suburbs scattered across our great southern land where median property prices sit below $500,000, yet have historically demonstrated strong capital growth.
First home buyers in Victoria are spoiled for choice with 62 of the 100 suburbs hidden within their state, with four making the cut into the top five most affordable. New South Wales had 20 suburbs in the top 100, Tasmania also snuck in with a commendable 12 suburbs.
Queensland has slim pickings with only four affordable suburbs to make the 100 most affordable suburbs list, and Western Australia was even worse with a disappointing two.
While Tasmania has long been the focus for affordable housing opportunities, it turns out that Victoria actually has a better selection of properties under the $500,000 mark with good capital growth.
According to the report by CoreLogic, the top 5 most affordable suburbs in Australia are:
- Coolaroo, VIC with a median value of $475,235 and a capital growth rate of 33.4 per cent over 12 months.
- Melnton, VIC with a median value of $397,883 and a capital growth rate of 31.3 per cent over 12 months.
- Rosebud, VIC with a median value of $499,582 and a capital growth rate of 29.4 per cent over 12 months.
- Two Rocks, WA with a median value of $470,735 and a capital growth rate of 29.3 per cent over 12 months.
- Dallas, VIC with a median value of $455,560 and a capital growth rate of 26.2 per cent over 12 months.
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