Yahoo Finance The 5 best suburbs for first-home buyers in these states
For those buying their very first home, finding the right property is just one among a laundry list of worries.
But if you look in the right place, the whole process becomes easier – and according to realestate.com.au, now is the time to strike.
“The current market is full of opportunity for first home buyers to get their foot in the door as prices have finally bottomed out,” realestate.com.au chief economist Nerida Conisbee told Yahoo Finance.
“If buyers are quick, they can jump into a suburb they wouldn’t have been able to afford just 18 months, but it won’t be long before prices start to climb again.”
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If you’ve got the money now to lock in a property, do so before changes to the First Home Loan Deposit Scheme - which scraps the need to get lenders mortgage insurance (LMI) – come into effect and drive up demand, Conisbee advised.
Where should first home buyers look?
Some suburbs are more affordable than others – and it’s just about knowing how to pick them.
“Demand for houses is strongest in outer city suburbs across the country,”
“We have to restrict first home buyer suburbs to a certain price point because they can’t afford to buy very expensive homes, and in the housing market around Australia there are still very few affordable options.”
Meanwhile, demand for apartments is shifting towards inner city suburbs as houses aren’t affordable in those areas. “Apartments in desirable locations come at a more affordable price point in capital cities.”
NSW
Realestate.com.au earmarks Seven Hills in Sydney’s west as the cheapest suburb for NSW residents with a median sales price of $690,000, followed by Quakers Hill and Wetherill Park.
Bossley Park and Cecil Hills also feature on the list.
Meanwhile, apartment hunters will be happy to know they can look closer to Sydney’s CBD: the most affordable apartments are located in Newtown at a median sales price of $666,000, followed by Baulkham Hills and Lane Cove.
Victoria
Further south, home buyers looking for affordable property should start their search in Gladstone Park in Melbourne’s north-west, where the median house price is $620,000, and continue their search in Mill Park, similarly priced at $628,000.
Upper Ferntree Gully and Geelong West are also suburbs where houses are on average under the $700,000 price tag.
Victorian apartment hunters should look into Hawthorn in Melbourne’s inner east, where units go for a reasonably affordable $550,000, and then in South Yarra ($559,500) and then South Melbourne, where median apartment prices are $580,000.
Queensland
Queenslanders hoping to make their first property purchase should look first in Currumbin Waters in the Gold Coast, where houses are selling for a median price of $677,500.
Brisbane’s south is the next best place to look, particularly in Holland Park West ($700,000), Greenslopes ($715,000) and Holland Park ($717,500).
Meanwhile, Brisbane’s inner city and south areas are best for those looking for an apartment in Queensland, starting with Holland Park ($395,000) followed by Greenslopes ($415,000) and Toowong ($422,500).
South Australia
South Australian house hunters should begin their search in Birkenhead, where houses are selling for a median price of $410,000, and then in Bridgewater ($527,500) and Largs Bay ($545,000).
South Australian apartment buyers keen for a bargain should look around West Beach in Adelaide’s west, where the median sale price is $300,000, and then in Clarence Park ($374,000) and Fullarton ($425,000).
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