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The best suburbs to buy a family home under $1.5 million

·Personal Finance Editor
·2-min read
Australian $100 notes and the street view of a suburban suburb in Brisbane.
Finding an affordable family home in a good suburb is a struggle for many Australians. (Source: Getty)

Buying a family home in a good suburb close to schools and transport can seem like an endless search, but new research has revealed there are still opportunities around the country.

New research commission by Well Money (formerly known as Well Home Loans) identified the top 20 family housing markets in Australia right now.

The research considered every suburb in Australia, before filtering out all those that weren’t ‘family suburbs’.

To establish a top 20, suburbs were ranked based on change in inventory levels (the number of properties available) over the previous three months.

To be considered a family suburb it needed to:

  • Have a median house price between $200,000 and $1.5 million

  • Be no more than 200km from a capital city CBD

  • Have at least 70 per cent of homes occupied by owners

  • Have at least 60 per cent freestanding houses

  • Have households with at least 2.5 people on average

The 20 family suburbs are situated in Queensland (6), Victoria (6), Western Australia (3), New South Wales (2), South Australia (2) and the ACT (1).

Well Money CEO Scott Spencer said he was pleased to see buying conditions had become easier for all the suburbs in the top 20 ranking.

“Over the past three months, inventory levels have increased in all the suburbs, which means there’s more stock on market, buyers have more options, and downward pressure is being placed on prices, which should translate into discounts sooner or later,” he said.

“That’s good to see, because while it’s nice for people’s homes to increase in value, we don’t want working families to be priced out of the market.”

Top 20 suburbs for families

Here are the top 20 suburbs for family homes and the median house price:

  1. Barellan Point, QLD - $807,000

  2. Willunga, SA - $607,500

  3. Mons, QLD - $1,100,000

  4. Boya, WA - $620,000

  5. Nudgee, QLD - $855,000

  6. Gisborne, VIC - $1,050,000

  7. Junortoun, VIC - $750,000

  8. Silvan, VIC - $1,395,000

  9. Camp Mountain, QLD - $1,300,000

  10. Newport, QLD - $1,350,000

  11. Selby, VIC - $1,000,000

  12. Warwick, WA - $630,000

  13. West Lakes Shore, SA - $842,000

  14. Edgewater, WA - $630,000

  15. Bolwarra Heights, NSW - $940,000

  16. Torquay, VIC - $1,330,000

  17. Curtin, ACT - $1,421,000

  18. Black Mountain, QLD - $950,000

  19. Saratoga, NSW - $1,300,000

  20. Viewbank, VIC - $1,270,000

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