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%) |
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Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | |
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