Looking for the perfect family home can be a tough search. You have to think about the space you need and what schools you want to be near.
On top of that is achieving the increasingly difficult goal of finding a freestanding house that doesn't break the bank as home prices skyrocket.
But, Well Home Loans has released a new report, highlighting the top 20 suburbs around Australia to buy a family home.
The report defined a ‘family suburb’ as one that meets five key indicators:
Median sale price between $200,000 and $1.5 million
Owner-occupiers making up at least 70 per cent of the local population
Freestanding houses making up at least 60 per cent of the local dwellings
Family households making up at least 60 per cent of the local population (with a ‘family household’ being one with at least 2.5 people)
A SEIFA education and occupation score of at least 6 (which puts it in the top half of the country for educational and occupational status, based on the Australian Bureau of Statistics’ Index of Education and Occupation)
“Families want to live in suburbs that have lots of other families to socialise with, a high share of owner-occupiers to provide stability and good schools to educate their children,” Well Home Loans CEO Scott Spencer said.
“They also want to buy into suburbs that are likely to enjoy reasonable capital growth over the long-term, even if it’s not necessarily market-beating growth.”
Spencer said the 20 suburbs listed were also generally affordable, with the lowest around $415,000 on average.
“14 [of the 20] have a median house price under $1 million,” Spencer said.
“They’re also quite diverse – there are 13 metro and seven regional markets, spread across seven of the eight states and territories.”
Here are the top 20 suburbs to buy a family home and the average price for a home in the area.
Horningsea Park, NSW - $853,000
Marlow Lagoon, NT - $700,000
Blair Athol, NSW - $893,000
New Lambton Heights, NSW - $972,000
Dingley Village, VIC - $1,030,000
Gelorup, WA - $550,000
Tascott, NSW - $880,000
Glenmore Park, NSW - $885,000
Mount Hawthorn, WA - $979,000
Harkaway, VIC - $1,060,000
Mysterton, QLD - $415,000
One Tree Hill, SA - $752,000
Vale Park, SA - $863,500
The Basin, VIC - $803,000
Bulleen, VIC - $1,300,000
Bentleigh East, VIC - $1,401,000
Mount Lofty, QLD - $535,000
Speewah, QLD - $$649,000
Bonogin, QLD - $1,090,000
Hackett, ACT - $1,250,000