Top 20 affordable unit markets for first home buyers

New research by Well Home Loans revealed the 20 most affordable and desirable suburbs for first time buyers looking to stay close to capital city CBDs.

Well Home Loans CEO Scott Spencer said these suburbs are ideal for first-home buyers or those on modest incomes who want to live as close to the CBDs as possible.

“It has definitely become harder for first home buyers and young families to buy properties that are affordable, desirable and relatively close to capital city CBDs, but this report proves it's not impossible,” he said.

Western Australia and South Australia both had seven suburbs in the list, while the remaining are in Queensland (3), the ACT (2), and the Northern Territory.

The suburbs that made it to the list are all unit markets, with median prices between $260,000 and $350,000.

These suburbs are no more than 25 kilometres away from their respective capital cities’ CBD and have inventory levels greater than six months.

Furthermore, the suburbs in the list have a Socio-Economic Indexes for Areas (SEIFA) disadvantage decile of at least eight — this means that they are less disadvantaged than the majority of areas within the state.

SEIFA disadvantage deciles is an index that considers the economic and social conditions of people within an area.

A market with a low decline disadvantage index reading means that many households in the area are with low incomes, no qualifications, and have low-skill occupations.

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