New report reveals most affordable suburbs across Australian capitals
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A new report has identified the most affordable and liveable suburbs across four Australian capital cities for the second half of 2024.
Units proved more accessible than houses, with 48.7 per cent of suburbs deemed affordable compared to 29.2 per cent for houses across Sydney, Melbourne, Brisbane and Hobart.
Granville and Merrylands in Sydney, Broadmeadows in Melbourne, and Glenorchy in Hobart emerged as top picks for both houses and units.
“Choosing an affordable and liveable suburb in Brisbane was the hardest, due to property price growth in most of Brisbane’s suburbs and a low level of new residential stock planned,” PRD head of research Dr Diaswati Mardiasmo said.
Brisbane led unit affordability with 60.3 per cent of suburbs below the median price, followed by Melbourne at 47.3 per cent.
Hobart proved most accessible for house buyers, with 40.4 per cent of suburbs deemed affordable and a median price of $702,000.
Sydney recorded the lowest affordability for houses at 12.1 per cent of suburbs, with a median price of $1,478,925.
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“All identified suburbs have low crime rates, amenities within a 5-kilometre radius such as schools, green spaces, public transport, shopping centres and health care facilities, and an unemployment rate on par or lower in comparison to the state average,” Mardiasmo said.
The research examined suburbs within 20 kilometres of CBDs in Sydney, Melbourne and Brisbane, and within 10 kilometres of Hobart’s centre.
In Sydney’s most affordable suburbs, Granville houses recorded a median price of $1,123,000 with a 6 per cent rental yield, while units sat at $542,000.
Melbourne’s Broadmeadows offered houses at $568,000 with a 4.3 per cent yield, and units at $440,000 returning 5.5 per cent.
Brisbane’s most affordable houses were found in Inala at $700,000, while Spring Hill units averaged $480,000 with a 5.8 per cent yield.
Hobart’s Berriedale houses averaged $517,500, while Glenorchy units sat at $426,000 with a 5.3 per cent yield.