Experts have revealed the best affordable suburbs for family homebuyers in Australia’s capital cities, which remain in high demand despite tighter lending conditions and squeezed budgets
Top of the wish list for most families is a plethora of decent preschools, primary schools and high schools, access to good healthcare facilities, proximity to a shopping centre, plenty of outdoor space to connect with neighbours, and public transport links, qualified property investment advisor Colin Lee said.
Mr Lee said families also proritise safety and a sense of community, which can generally be measured by the percentage of owner-occupied properties, while a low rental vacancy rate suggests a suburb is desirable and has good growth prospects, he added.
For families active in the current market, conditions remain competitive even though prices have cooled in many cities.
Coburg in Melbourne’s inner north is bordered by highly sought-after and expensive suburbs such as Brunswick and Northcote but comes with a much lower median house price tag of $1.23 million. Mr Lee said it offers fantastic facilities for families and boasts a high number of owner-occupiers compared to other suburbs in the area, giving it a broader perceived sense of community. “It’s on a tram line, it has a leisure centre, there are a few medical centres, and along the Sydney Road strip you’ve got the markets, lots of cafes, and a lot of shopping precincts.”There are also reserves, playgrounds, and plenty of greenery for children. And this suburb is certainly gentrifying.”
This subur, sitting 24km east of the CBD, has a median house price of $1.14 million, a high owner-occupier ratio and an incredibly low vacancy rate.Family homebuyers would look at those factors and perceive it as affordable, safe, and community oriented, Mr Lee said.”Wantirna has a low crime rate, it boasts good pre-schools, primary schools and high schools, it has good amenities such as Bunnings, plus multiple reserves as well as Koomba Park, and a large park of billabongs, lakes and walking trails.”
Brisbane has been welcoming plenty of Sydney and Melbourne families seeking improved lifestyle and affordability in recent times, which has contributed to price hikes across the city.With a median house price of $905,000, Chermside remains relatively affordable.
Mr Lee said he’s been buying lots of properties for his clients in the suburb, where house prices have shot up by 22.2% in 12 months.”It’s an emerging suburb and has a lot going for it,” he said.“There are playgrounds, there’s a skate park, there are good schools. And it has one of the largest shopping centres in Australia with an incredible outdoor playground.”
With a median house price of $665,000, Angle Vale is on the northern edge of Adelaide and enjoys a semi-rural feel close to open space, vineyards, and farms. Mr Lee said the Adelaide Plains suburb has seen a massive spike in popularity in recent times.”You’ve got lots of green space out there, good schools and good connectivity to the city as well”, he said.It has a high percentage of owner-occupied properties and an extremely low vacancy rate to boot.