Top 20 Affordable Suburbs
New research commissioned by Well Money has identified the top 20 Australian suburb where buyers can secure a property in a good location at an affordable price. Image – Canva
  • New research commissioned by Well Money reveals the top 20 locations for affordable and desirable housing
  • Unit markets dominate the rankings, with almost half located in Queensland
  • Research will help first home buyers and average income households determine the best places to buy, says Scott Spencer

New research has revealed Australia’s top 20 housing markets that offer buyers affordability, desirability, and a location relatively close to a capital CBD.

The research, commissioned by Well Money, analysed every Australian suburb to rule out markets where the median sale price was above $750,000 – deemed above the affordability line.

Suburbs were excluded from the list if their SEIFA rank (socio-economic index) was less than 6 and if the postcode lies more than 30km from the closest city centre.

The remaining suburbs were then ranked by the amount of time it would take a person of average household income to buy a property outright at the median sale price.

Well Money CEO Scott Spencer said the research will assist first home buyers and average-income households to identify suitable suburbs.

Scott Spencer Well Home Loans
Scott Spencer, Well Home Loans CEO

“Now that property prices are falling in many parts of Australia, it’s become easier for first home buyers and young families to afford properties that are affordable, desirable and relatively close to capital city CBDs.

“That said, it’s still challenging because prices are declining from a high base,” he said.

Top 20 suburbs affordable & desirable locations

Rank State Suburb  Postcode Type Median Sale Price Years of Income to Buy
1 ACT Macquarie 2614 Unit $300,000 3
2 WA City Beach 6015 Unit $579,000 3
3 WA Aubin Grove 6164 Unit $415,000 3.2
4 QLD Wavell Heights 4012 Unit $440,000 3.2
5 QLD Camp Hill 4152 Unit $520,000 3.2
6 SA Mawson Lakes 5095 Unit $333,000 3.3
7 QLD Waverley 4154 Unit $517,500 3.4
8 QLD Ashgrove 4060 Unit $507,000 3.4
9 SA Plympton 5038 Unit $285,000 3.4
10 QLD Alderley 4051 Unit $415,000 3.4
11 WA Canning Vale 6155 Unit $410,000 3.5
12 QLD Bridgeman Downs 4035 Unit $530,000 3.5
13 QLD Norman Park 4170 Unit $535,000 3.6
14 SA Parkside 5063 Unit $380,000 3.6
15 NT Marrara 0812 Unit $370,000 3.6
16 QLD Paddington 4064 Unit $529,999 3.7
17 QLD Parkinson 4115 Unit $420,000 3.7
18 QLD Wayville 5034 Unit $393,000 3.7
19 SA Prospect 5082 Unit $388,000 3.7
20 SA Brooklyn Park 5082 Unit $287,000 3.8

Source: Well Money

“This report aims to help buyers with a maximum budget of $750,000 find somewhere to live that is within commuting distance of the CBD. Options are limited – but they do exist,” said Mr Spencer.

Interestingly, the top 20 ranking is entirely dominated by unit markets, due to their affordability in comparison to houses.

Mr Spencer said while apartments are a great place to live, they are not suited to everyone.

“Unfortunately, if you want to buy a house in a desirable location, you need to extend your budget beyond $750,000,” he said.

A suburb by suburb breakdown

1. Macquarie 2614 (ACT)
Median Sale Price $300,000
Years of Income to Buy 3.0
Inventory Level 1.2 months
Owner-occupier Share 61%
SEIFA Rank 9
2. City Beach 6015 (WA)
Median Sale Price $579,000
Years of Income to Buy 3.0
Inventory Level 1.5 months
Owner-occupier Share 82%
SEIFA Rank 10
3. Aubin Grove 6164 (WA)
Median Sale Price $415,000
Years of Income to Buy 3.2
Inventory Level 1.9 months
Owner-occupier Share 75%
SEIFA Rank 9
4. Wavell Heights 4012 (QLD)
Median Sale Price $440,000
Years of Income to Buy 3.2
Inventory Level 2.9 months
Owner-occupier Share 71%
SEIFA Rank 9
5. Camp Hill 4152 (QLD)
Median Sale Price $520,000
Years of Income to Buy 3.2
Inventory Level 2.4 months
Owner-occupier Share 71%
SEIFA Rank 9
6. Mawson Lakes 5095 (SA)
Median Sale Price $333,000
Years of Income to Buy 3.3
Inventory Level 2.0 months
Owner-occupier Share 59%
SEIFA Rank 6
7. Waverley 4154 (QLD)
Median Sale Price $517,500
Years of Income to Buy 3.4
Inventory Level 2.0 months
Owner-occupier Share 77%
SEIFA Rank 10
8. Ashgrove 4060 (QLD)
Median Sale Price $507,000
Years of Income to Buy 3.4
Inventory Level 1.2 months
Owner-occupier Share 72%
SEIFA Rank 10
9. Plympton 5038 (SA)
Median Sale Price $285,000
Years of Income to Buy 3.4
Inventory Level 1.8 months
Owner-occupier Share 52%
SEIFA Rank 6
10. Alderley 4051 (QLD)
Median Sale Price $415,000
Years of Income to Buy 3.4
Inventory Level 2.4 months
Owner-occupier Share 58%
SEIFA Rank 10
11. Canning Vale 6155 (WA)
Median Sale Price $410,000
Years of Income to Buy 3.5
Inventory Level 2.0 months
Owner-occupier Share 79%
SEIFA Rank 9
12. Bridgeman Downs 4035 (QLD)
Median Sale Price $530,000
Years of Income to Buy 3.5
Inventory Level 2.8 months
Owner-occupier Share 81%
SEIFA Rank 10
13. Norman Park 4170 (QLD)
Median Sale Price $535,000
Years of Income to Buy 3.6
Inventory Level 2.1 months
Owner-occupier Share 64%
SEIFA Rank 10
14. Parkside 5063 (SA)
Median Sale Price $380,000
Years of Income to Buy 3.6
Inventory Level 1.6 months
Owner-occupier Share 59%
SEIFA Rank 9
15. Marrara 0812 (NT)
Median Sale Price $370,000
Years of Income to Buy 3.6
Inventory Level 2.6 months
Owner-occupier Share 63%
SEIFA Rank 7
16. Paddington 4064 (QLD)
Median Sale Price $529,999
Years of Income to Buy 3.7
Inventory Level 1.4 months
Owner-occupier Share 56%
SEIFA Rank 10
17. Parkinson 4155 (QLD)
Median Sale Price $420,000
Years of Income to Buy 3.7
Inventory Level 1.4 months
Owner-occupier Share 78%
SEIFA Rank 8
18. Wayville 5034 (SA)
Median Sale Price $393,000
Years of Income to Buy 3.7
Inventory Level 1.8 months
Owner-occupier Share 52%
SEIFA Rank 9
19. Prospect 5082 (SA)
Median Sale Price $388,000
Years of Income to Buy 3.7
Inventory Level 2.2 months
Owner-occupier Share 63%
SEIFA Rank 8
20. Brooklyn Park 5032 (SA)
Median Sale Price $287,000
Years of Income to Buy 3.8
Inventory Level 1.4 months
Owner-occupier Share 56%
SEIFA Rank 7


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