Best Australian suburbs to invest in amid property market ‘correction’ and house prices dropping
Finding affordable housing close to the CBD in your capital may not be such an impossible task.
According to property data across Australia, whether you are a first home buyer, family, investor or downsizer, there are still many options.
Depending on your capital, while some properties cost as little as $290,000, others will set you back as little as $2.5 million.
Sydney-based buyer’s agent Lucy Bulla told NCA NewsWire that now was a great time to buy a home.
“I think if anyone is ready to buy right now, now is the time to buy,” she said.
“You have less competition out there and you can actually buy some — I wouldn’t say good deals, great deals — but really fair prices for real estate.”
Houses in Sydney aren’t ‘necessarily affordable’, but some people who couldn’t buy last year find things within reach – due to the city’s cyclical house prices (pictured, a house in Sydney)
House prices in Melbourne remain high, but there are some cheaper options in Dallas, Meadow Heights and Laverton (pictured, a house in Melbourne)
Sydney’s Eastern Suburbs agent Kiki Bermudez agreed that buyers are in a much better position now than they were last year.
“Last year we all know it was a bull market where it was just insane in terms of its momentum upwards,” she said.
“What we’re seeing now is that downward transition, or correction in the market.”
Ms. Bulla noted that interest rates affected the amount people could borrow and thus the amount they bid on a property.
But she said there were other factors as well.
“It’s a lot of things, like the fact that the cost of living has gone up also affects prices,” she said.
‘Yes, the interest rate is going up, but we have had higher interest rates for years (before) and only now do we have this really low interest rate.
“So I think once people get used to the new interest rates, it’s going to be the new normal.”
Here’s how some states compare in Australia.
Depending on your capital city, some properties are priced as low as $290,000, but others will set you back as much as $2.5 million (pictured, homes near the Perth CBD)
Prices remain high in Sydney, but Ms Bulla said the city has been cyclical with its house prices.
“Right now we are in the low. As soon as everyone regains confidence in interest rates, they will start to rise again,” she says.
‘If we go through a low period, it is always much less than the growth period.’
Ms Bulla said the most affordable suburbs within 20 miles of the CBD would still set you back to $2.5 million.
“I wouldn’t necessarily say these suburbs are affordable,” Ms Bermudez added.
“But what I see is that a lot of people who were priced out last year are now finding things within reach.”
According to the Real Estate Institute of Victoria, Dallas is the cheapest suburb, where the average price is $540,000 (photo, houses in Melbourne)
Melbourne is one of the most important markets that still has relatively high prices.
But there are opportunities in some suburbs within 20km of the CBD.
According to the Real Estate Institute of Victoria, Dallas is the cheapest, with an average price of $540,000.
Other suburbs include Meadow Heights ($568,250), Broadmeadows ($608,000), Laverton ($615,000), Kings Park ($645,000), and Albanvale ($648,888).
Rounding out the top 10 is Westmeadows, which could cost you about $735,000.
South Australia’s capital remains a very affordable city with the suburbs of Elizabeth North and Davoren Park, both averaging just $325,000
Adelaide is still a very affordable capital, according to data from the Real Estate Institute of SA.
Elizabeth North and Davoren Park both have an average price of just $325,000.
Other affordable suburbs include Smithfield and Andrews Farm for under $400,000.
Rounding out the top 10 is Newport, which still has a reasonable median price of $437,000.
Perth is experiencing a real estate boom but has lagged behind other capitals.
It means bargains can still be found in suburbs relatively close to the CBD.
According to the Real Estate Institute of WA, Armadale is the cheapest suburb, with an average price of just $290,000.
Other affordable suburbs include Camillo ($307,500), Brookdale ($319,250), Middle Swan ($340,000), Gosnells ($350,000), Lockridge ($350,000), Stratton ($352,500), Midland ($358,500), Balga ($ 360,000) and Maddington ($360,000).
Sydney’s most affordable suburbs within 20 miles of the CBD will still set you back up to $2.5 million (pictured, a house in Turramurra)