A new study by OpenLot.com.au listed the top 20 suburbs across Australia where first-home buyers are spoiled with choice due to the number of affordable housing projects.
In determining the list, suburbs were filtered based on the following criteria:
- Suburbs must be large enough, affordable, in-demand, and must have a tight rental market.
- Future mortgage payments must not be higher than current rental prices in the suburbs.
- Suburbs must have several options for first-home buyers in the form of current property developments in them or in neighbouring areas.
The OpenLot.com.au study listed the 20 best suburbs that meet the criteria, with Western Australia taking up seven spots while Queensland and South Australia filling six spots each.
OpenLot.com.au founder Qi Chen said the findings of the study is going to be useful for renters looking to escape the “rent race”
“It’s natural that a lot of people want to leave the rental market and climb onto the property ladder instead,” he said.
“If you’re sick of renting, now might be a great time to step onto the property ladder by purchasing a house-and-land package — there’s a lot of housing construction occurring at the moment, with new developments going live every month.”
And while the mortgage rates would likely be a growing impediment for many buyers currently due to the successive rate hikes, Mr Chen said there are several factors that would provide a boost to those who are ready to take on the market.
“Property prices are falling in many regions right now. That’s great if you’re a first- home buyer, because it lowers your barriers to entry.
“Another reason why now is a good time to be a first home buyer is because there’s plenty of government assistance around — at the federal level, first home buyers can take advantage of the First Home Guarantee and Regional First Home Buyer Guarantee; also, various states are offering buyer grants and stamp duty concessions.”
The suburbs listed below have a vacancy rate of less than 1% based on the most recent data available. The number of developments stated includes all projects in the local area and nearby suburbs.
Top suburbs where renters can escape the “rent race”
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|
Suburb |
Number of nearby developments |
Typical budget for first-home buyers in the local area ($) |
|
Jacobs Well, Qld |
62 |
858,000 |
|
Willow Vale, Qld |
62 |
660,00 |
|
Newborough, Vic |
45 |
407,000 |
|
Seville Grove, WA |
44 |
473,000 |
|
Brookdale, WA |
44 |
484,000 |
|
Champion Lakes WA |
44 |
517,000 |
|
Mount Nasura, WA |
44 |
506,000 |
|
Armadale, WA |
44 |
407,000 |
|
Camillo, WA |
44 |
440,000 |
|
Kelmscott, WA |
44 |
429,000 |
|
Blakeview, SA |
42 |
462,000 |
|
Munno Para West, SA |
42 |
456,000 |
|
Smithfield, SA |
42 |
407,000 |
|
Andrews Farm, SA |
42 |
440,000 |
|
Elizabeth, SA |
42 |
407,000 |
|
Elizabeth Park, SA |
42 |
401,500 |
|
Meringandan West, Qld |
40 |
632,500 |
|
Withcott, Qld |
40 |
627,000 |
|
Harristown, Qld |
40 |
462,000 |
|
North Toowomba, Qld |
40 |
440,000 |
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Collections: Buying a home Mortgage News
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