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An analysis by Suburbtrends has identified suburbs where it is most affordable to rent or buy an apartment based on median household income levels.

In the study, the median household income levels were cross-referenced with median apartment asking prices, comparing the number of years of household income needed to meet the latter. Five years is the limit to be considered affordable.

In terms of rent, affordability was assessed by checking the share of household income needed to afford rent. For this one, a limit of 30% threshold is the maximum.

To be considered, the suburb must also have a minimum of five units listed for sale and a maximum vacancy rate of 2%. Suburbs were also filtered based on a maximum inventory level of five months' worth of stock and a minimum socio-economic (SEIFA) score of 4.

In total, 148 Australian suburbs met the criteria, with 64 suburbs in Queensland and 42 suburbs in Western Australia taking most of the places.

Suburbtrends founder Kent Lardner said it is important to identify these markets as affordable housing fuels the economy.

“When families are not burdened by housing costs, they can contribute more to the economy, benefiting both individual households and the broader economy,” he said.

“Affordable housing is a vital tool against homelessness and poverty. Access to affordable housing promotes stability and resilience, reducing the risk of homelessness and providing a path out of poverty.”

Of the 148 suburbs, Suburbtrends identified the following suburbs as the most affordable for renters and buyers:

Suburb

Median Weekly Income

Median Asking Price (Number of years of income needed)

Median Weekly Rent (Share of income needed)

Bardon, Qld

$3,399

$750,000 (4.24 years)

$475 (14%)

Whyalla, SA

$1,658

$165,000 (1.91 years)

$235 (14%)

Emerald, Qld

$2,202

$189,000 (1.65 years)

$320 (15%)

Somerville, WA

$2,996

$285,000 (1.83 years)

$460 (15%)

Kellyville Ridge, NSW

$3,073

$527,700 (3.3 years)

$490 (16%)

Paddington, NSW

$3,131

$806,850 (4.96 years)

$500 (16%)

Ashgrove, Qld

$2,874

$585,800 (3.92 years)

$460 (16%)

Idalia, Qld

$2,524

$270,000 (2.06 years)

$410 (16%)

Point Cook, Vic

$2,392

$576,300 (4.63 years)

$400 (17%)

Malvern, Vic

$2,606

$638,600 (4.71 years)

$440 (17%)

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
70%
 Featured Online ExclusiveUp to $4k cashback
  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
$2,434
Principal & Interest
Variable
$0
$250
60%
  • Find out your loan eligibility in 2 minutes or less
  • Complete your application in less than 20 minutes
  • Low fees and fast approval times
5.95% p.a.
5.95% p.a.
$2,385
Principal & Interest
Variable
$0
$0
90%
5.94% p.a.
5.95% p.a.
$2,383
Principal & Interest
Variable
$0
$0
90%
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of .

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