Guest Expert
In today’s housing market, affordability is often the deciding factor for many homebuyers.
With rising property prices across Australia, finding an affordable property can sometimes seem like a dream that will never be realised.
But don’t worry – there are still suburbs where you can strike a balance between price and value without compromising on returns.
Let’s talk about Sydney, famously pricey but with hidden gems like Fairfield. Located about 30km from the city centre, Fairfield has seen an impressive 22.9% growth in median house prices, climbing to $1.155 million, according the PropTrack Home Price Index. Units in Punchbowl, a stone’s throw from the CBD, also rose significantly – 19% YoY, proving units can be a great alternative if houses are out of reach.
In Melbourne, Cranbourne South leads affordable housing growth. While its median house price is $828,500, it’s up 10.5% over the year – not bad for suburban living. Apartments are no slouch either, with West Footscray showcasing a 24.4% boost in median unit prices, according to PropTrack.
Brisbane’s affordability hotspots are full of surprises, especially in Ipswich. Take Tivoli, which saw house prices surge by a whopping 36.6% to $628,300. Units in Dakabin fared even better, with an impressive 51.7% growth to $667,500. Affordable suburbs are definitely packing a punch in the Sunshine State capital.
Now, let’s touch on Adelaide, where Elizabeth South has emerged as a winner, according to PropTrack. A 32.6% increase in house prices puts its median at $477,500, making it an ideal choice for budget-conscious homebuyers who value strong growth.
Turning west to Perth, Medina has made waves with house prices skyrocketing by 47.3%. Units in Orelia, another standout suburb, jumped 50% in a year, reflecting Perth’s rising allure for affordable investments.
Finally, consider Hobart, Canberra, and Darwin – smaller markets but still full of opportunities. From Hobart’s Dodges Ferry to Darwin’s Moulden, these markets offer some green shoots for savvy homebuyers.
So, whether you’re a first-home buyer expanding your search or someone looking for their second or third home, there remains a plethora of affordable suburbs on offer around the nation.
