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Top 18 suburbs to buy a home under $1 million

·Personal Finance Editor
·2-min read
Australian $100 notes and the street view of a suburban suburb in Brisbane.
There is still plenty of opportunity in these suburbs for property investors. (Source: Getty)

The property market is starting to cool, but the outlook is still bright in these suburbs, according to new research.

The quarterly Suburb Help $100k Investment Report identified the top 18 investment locations in Australia.

The report analysed every suburb in Australia to find property markets that might suit investors with a $100,000 deposit and could buy a property valued at up to $1 million.

To make sure the locations were suitable for investors, suburbs were excluded if they had a:

  • Median price above $1 million

  • Owner-occupier share that was less than 65 per cent or more than 90 per cent

  • Renter share that was less than 10 per cent or more than 35 per cent

  • Vacancy rate that was more than 1.5 per cent

  • Yield that was less than 3 per cent

  • Median weekly rent that had increased by less than 5 per cent over the previous 12 months

The filtering process excluded the vast majority of suburbs in Australia, leaving just a small list of investor-grade suburbs.

The cheapest median price was just $590,000, potentially making that suburb accessible for an investor. with a deposit of $59,000.

Suburb Help chief property strategist Veronica Morgan said the report was valuable for any investor wanting to enter the market.

“It’s not easy to buy a property right now, for a couple of reasons,” Morgan said.

“First, even though prices are declining in many parts of Australia, they’re still elevated following the recent boom.

“Second, investors’ borrowing power is declining with every Reserve Bank rate hike.”

Morgan said if you had a lender who was prepared to accept a 10 per cent deposit, you could still buy into a good investment location for a reasonable price.

Top 18 suburbs for under $1 million

Here are the best suburbs for property investors to buy and the median home price in the area.

  1. Langwarrin, VIC - $590,000

  2. Charlestown, NSW - $620,00

  3. Bellerive, TAS - $625,000

  4. Eden Hills, SA - $760,000

  5. Medowie, NSW - $775,000

  6. Macquarie Hills, NSW - $786,000

  7. Pasadena, SA - $787,000

  8. Kahibah, NSW - $792,000

  9. Ngunnawal, ACT - $801,000

  10. Macgregor, ACT - $825,000

  11. Holt, ACT - $832,000

  12. Cardiff Heights, NSW - $840,000

  13. Belgrave, VIC - $845,000

  14. Currans Hill, NSW - $845,500

  15. Narellan Vale, NSW - $875,000

  16. Dunlop, ACT - $880,000

  17. Bonner, ACT - $882,000

  18. Fletcher, NSW - $896,000

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