Home News Affordable suburbs top house sales list

Affordable suburbs top house sales list

Font size :

They may not have topped any investor lists of hot locations, but some of the most affordable suburban spots across Australia are leading the house sales count in recent months.

Young family havens with lower prices like Sydney's Blacktown, Belconnen of Canberra, Stirling of Perth, and Palmerston of Darwin, were amongst the locations that topped sales activity in the March quarter, according to a report this week by RP Data.

Across the nation's capital cities, the largest jump in market activity occurred in the range of $300,000 to $400,000, said the report. First homebuyers have led this charge, and the numbers are now coming out to back preliminary reports of increased buyer activity. As a percentage of all owner occupiers, first homebuyers have increased from just 12.6% of the market to 27.3% in the five years to March 2009.

It's also translated to some price growth in these areas, fueled by the demand. RP Data National Research Director Tim Lawless said this growth is likely to be durable, despite some speculation by other experts that prices would go bust once government incentives to first homebuyers end, as planned, at the end of the year.

"Home values in Australia's mortgage belts, which are the prime first homebuyer markets, were flat or falling between 2004-2007, while the inner city and affluent markets enjoyed consistent growth," he said. "In 2008-2009, we've seen a reversal of those fortunes."

The RP Data report also shows these new buyers have tried to stay near the major cities they once rented in, albeit in more affordable locations. In each state and territory, the largest amount of sales in the March quarter were mostly in suburbs below the median price of the area.

In Sydney, Blacktown, Wyong, Gosford, Lake Macquarie and Penrith sold the most houses in the quarter. Around Melbourne, it was Greater Geelong, Casey, the Mornington Peninsula, Frankston and Melville.

Brisbane, with a house price median of $474,977 had the highest percentage of national sales for one location in the quarter, at 4.4%, followed by fellow Queensland locations Moreton Bay at 2.4% and Gold Coast City at 2.4%.

 

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

Mortgage News and Articles

Many millennials are relying on an inheritance to buy homes Many millennials are relying on an inheritance to buy homes

Lawyers are seeing cases where disputes over inheritance have created tensions within families Read more

Gen Y homeowners fearful of interest rate rises Gen Y homeowners fearful of interest rate rises Many are worried rises will negatively impact their cost of living expenses, according to a new survey ... Read more

Young Sydneysiders are less keen on homeownership Young Sydneysiders are less keen on homeownership Many would rather ‘rentvest’ than be tied down to a costly owner-occupier mortgage, according to new studies ... Read more

New social housing aims to transform Ivanhoe Estate New social housing aims to transform Ivanhoe Estate The sprawling redevelopment aims to boost the supply of affordable housing in Sydney ... Read more

More mortgage news and articles

Sponsored Links

Wednesday, Aug 23, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords