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The top suburbs where buyers can locate affordable homes without compromising on lifestyle have been revealed in a new report.
The latest PRD nationwide's liveable property guide for the second half of 2018 identifies affordable and liveable suburbs located within 20 kilometres from Sydney, Melbourne and Brisbane CBD's.
To make the top suburb list, the suburbs had to have reasonably affordable median prices, a high level of project development, and strong investment markets along with proximity to amenities like schools, parks, while also showing below-average crime and unemployment rates.
So, where are they?
Related: Pyrmont to Rise to the Heights of Sydney CBD: Images
| Suburb | Median House Price | Rent Yield | Future Projects |
|---|---|---|---|
| Jannali | $1,072,500 | 2.7% | $24.5m |
| Panania | $951,000 | 3.1% | $7m |
| Picnic Point | $1,100,000 | 3.1% | $2.7m |
Sydney's top three affordable and liveable suburbs were concentrated in the south-west.
With a much higher median house price than the rest of the country, Sydney still has the highest entry price for “affordable suburbs” and the lowest rental yield.
Although, for the first time since 2015 all of Sydney's affordable and liveable suburbs had negative annual median price growth, a reflection of the cooling market.
Related: Sydney and Melbourne House Prices will Fall 20%: ANZ
Jannali and Panania are both re-occurring affordable and liveable suburbs.
The report shows Jannali has approximately $24.5 million of new developments which commenced in the second half of this year, largely consisting of residential projects, including the construction of the $22.5 million Lunar Apartments and the $2 million in upgrades to the Jannali Hotel.
Picnic Point featured the lowest crime rate of all identified Sydney hotspots, while also offering rental performance with a yield of 3.1 per cent and vacancy rates of 1.2 per cent.
Sydney's top suburbs for units included Padstow ($660,000 median unit price), Hurtsville ($711,000), and Peakhurst ($700,000).
| Suburb | Median Price | Rent Yield | Future Projects |
|---|---|---|---|
| Clarinda | $810,000 | 3% | $5.1m |
| Greensborough | $815,000 | 3% | $7.4m |
| Mill Park | $665,000 | 3% | $44.7m |
Located south-east of Melbourne’s CBD, the report reveals Clarinda ticks all the boxes for liveability aspect thanks to nearby schools, Clayton train station and a low unemployment rate of 3.9 per cent.
Clarinda recorded an annual house price softening of -6.0 per cent, which has made it more affordable for first home buyers.
Related: Melbourne Developer Trials First Home Buyer Initiative
Mill Park is located north-east of the Melbourne CBD and has close proximity to RMIT University.
Mill Park has $45.7 million worth of projects which planned to begin construction in the second half of this year, with 61.7 per cent of total development value allocated to commercial projects, set to "increase economic activity and will stimulate local job opportunities for residents".
Melbourne's top suburbs for units included Carnegie ($460,000 median unit price), Caulfield North ($522,500) and, again, Mill Park ($463,000).
Related: Brisbane's Best 10 Suburbs to 'Live, Work and Play'
| Suburb | Median Price | Rent Yield | Future Projects |
|---|---|---|---|
| Aspley | $600,000 | 3.9% | $2m |
| Everton Park | $605,000 | 3.8% | $6.9m |
| Geebung | $545,000 | 3.9% | $7.6m |
Brisbane’s north side was home to all the suburbs meeting the ‘affordable and liveable’ criteria, with suburbs Aspley, Everton Park and Geebung for houses topping the list.
The report found $2 million worth of project developments with a commercial focus under way in Aspley, located 13.9km north of Brisbane’s CBD, expected to create “local jobs in Aspley and assist with economic growth”.
Related: Construction Under Way on Brisbane’s First High Rise School
Geebung, which sits 15 kilometres from the CBD, is expected to see about $7.6 million worth of commercial projects.
Between 2017 and 2018, the number of houses that sold in Brisbane's LGA increased by five per cent, yet median house prices softened by one per cent to $670,000.
Suburbs Carseldine ($373,000), Doolandella ($356,500) and Wynnum West ($345,000) were crowned the top affordable and liveable suburbs for units on PRD's list.
