CoreLogic has released a new list of Australia’s most affordable “middle-ring suburbs”, or suburbs they define to be between 10 and 20km from a city centre.
The Canterbury and Bankstown council areas appear to be the most affordable near the Sydney CBD, while Melbourne’s nearest ones are in Hume or Brimbank.
Houses in Birrong are the cheapest at an average price of $644,349, while units in Lakemba are at $362,363.
The study also found Coolaroo and Albion carry the cheapest price tags for houses and units near Melbourne, respectively.
Houses near Brisbane are cheapest at Gailes, while units are at their most affordable in Woodridge. For Adelaide, homebuyers could find the best deals in Brahma Lodge at $255,824 and units are at their lowest price of $178,583 in Salisbury.
Perth’s most affordable middle-ring suburbs listed are all located within either the Swan or Gosnells council areas. The most affordable unit suburbs are in Swan (3) with one each in the Wanneroo and Stirling council areas.
“Similar to last week’s inner-city most affordable suburbs list, what is immediately evident is that the cost of houses in Sydney is considerably higher than they are across all other capital cities. At the other end of the spectrum, both houses and units in Hobart are much more affordable than all other capital cities,” said CoreLogic RP Data research analyst Cameron Kusher.
“It’s also noticeable across many of the cities that the gap between the most affordable suburbs for houses and units is generally not that substantial, especially relative to the results for inner-ring suburbs.”
Kusher said he expects the demand for middle-ring suburbs homes to grow as the cost of housing for inner-ring suburbs continues to soar.
“Although some may not consider the middle ring suburbs to be quite as desirable as suburbs in the inner-ring, they generally offer relative proximity to the city centre at lower price points,” he added.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now