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The 15 Affordable Suburbs Identified for Housing Growth

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Australia’s housing price falls have seen the nation’s affordability return to 2016 levels.

But despite the well-documented housing price decline of many markets across the nation, Sydney is still Australia’s least affordable market to buy into, followed closely by Melbourne in second place.

Sydney’s dwelling values have recorded a 14.9 per cent decline since peaking, while Melbourne an 11.1 per cent drop.

Taking in suburbs located in urban areas with median house prices between $400,000 and $600,000, research group Select Residential Property identified 15 affordable suburbs in strengthening property markets, with prospects of potential price growth across the next three years.



High Forecast Growth Locations Over Three Years

StateUrban AreaLocalityMedian House PriceBetter off in three years
ACTCanberra- QueanbeyanCharnwood$439,483$123,520
NSWCanberra- QueanbeyanKarabar$525,599$122,546
NSWGold Coast - Tweed HeadsBilambil Heights$559,164$105,787
QLDBrisbaneUnderwood$538,244$97,727
TASHobartGeilston Bay$475,613$88,949
VICBallaratMiners Rest$400,425$79,644
SAAdelaideSt Marys$477,602$78,955
TASHobartAustins Ferry$404,453$72,635
SAAdelaideBirkenhead$418,158$71,945
SAAdelaideLargs North$428,047$64,039
QLDSunshine CoastKuluin$509,258$62,817
NSWNewcastle - MaitlandLargs$555,042$60,986
SAAdelaideCroydon Park$468,535$58,470
TASHobartOld Beach$448,259$50,958
NSWNewcastle - MaitlandTenambit$442,552$50,089

Select Residential Property director of research Jeremy Sheppard said the top five locations were found in Canberra, the Gold Coast, Brisbane and Hobart where investors could be better off by more than $120,000 in three years, according to the research.

Sheppard said the top and bottom suburbs identified by the analysis, takes into consideration selling and buying costs.

“The Canberra-Queanbeyan region has taken out the first and second places for forecast price growth, partly due to affordable house prices close to our nation’s capital,” Sheppard said.

“Both Charnwood and Karabar are near Canberra, which means housing is in strong demand from public servants.”

Related: The Suburbs that Recorded the Greatest Sales Growth and Declines

Geilston Bay
Hobart has three of the top 15 results. Geilston Bay, sits on the Derwent River and is located seven kilometres from Hobart.

South-east Queensland and northern NSW is home to number three and four on the list, which Sheppard says is due to housing affordability, location, and access to major employment nodes.

“Bilambil Heights is in the Tweed Heads region of the Gold Coast. Not only does the suburb boast water views, Surfers Paradise is also only about 30-minutes’ drive away,” he said.

The research also identified areas where owners might be better off selling up.


Low Forecast Growth Locations Over Three Years

StateUrban AreaLocalityMedian House Price
NTDarwinRosebery$528,020
WAPerthHenley Brook$577,080
VICMelbourne Clyde North $589,725
WAPerth Jindalee $572,623
NTDarwin Farrar$513,736
WAPerthEast Cannington $444,566
WAPerthWandi $507,977
WAPerthShoalwater$428,932
WAPerthBentley$451,875
QLDBrisbaneBahrs Scrub$457,678
WAPerthHelena Valley$570,389
NT DarwinHoward Springs $599,621
WAPerthMunster$523,772
WAPerthPiara Waters $482,822
WAPerthNoranda$524,283

“The research showed that vainly holding on to properties in some of these locations could see your property wealth erode every year,” Sheppard said.

Low growth forecasts were common in a number of Darwin and Perth suburbs.

Darwin's property market peaked in late 2010, and along with Perth's market has been suffering from the end of the mining boom.

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Article originally posted at: https://theurbandeveloper.com/articles/affordable-suburbs-forecast-for-housing-growth