Best Australian suburbs to invest amid property market ‘correction’ and falling house prices
Finding affordable housing near the central business district of your capital may not be an impossible task.
According to real estate data across Australia, there are still many options, whether you are a first home buyer, family, investor or miniature.
Depending on your capital, while some real estate prices are as low as $290,000, others will set you back $2.5 million.
Lucy Paula, a Sydney buyers agent, told NCA NewsWire it’s a good time to buy a home.
“I think if anyone is ready to buy right now, it’s time to buy,” she said.
“You have less competition out there and you can really get some – I wouldn’t say good deals, great deals – but really fair prices for the property.”
Sydney homes aren’t ‘necessarily affordable’ but some people who haven’t been able to buy in the last year are finding things on hand – because of the city’s cyclical home prices (pictured, a Sydney house)
Home prices in Melbourne are still high but there are some cheaper options in Dallas, Meadow Heights and Laverton (pictured, a house in Melbourne)
Kiki Bermudez, an agent for Sydney’s eastern suburbs, agreed that buyers are in a much better position now than they were last year.
“Last year, we all know it’s been a bull market where it’s been crazy in terms of bullish momentum,” she said.
“Now what we’re seeing is that downward shift, or correction in the market.”
Ms. Paula noted that interest rates affected the amount people could borrow and thus the amount they offered on the property.
But she said there were other factors, too.
“There are a lot of things like the fact that the cost of living has also affected prices,” she said.
Yes, interest rates are going up, but we have had higher interest rates for many years (before), and only now we have really low interest rates.
“So I think once people get used to the new interest rates, that will be the new normal.”
Here’s how some states compare across Australia.
Depending on your capital, some properties are priced as low as $290,000, but others will set you back $2.5 million (pictured are homes near Perth’s CBD)
New South Wales
In Sydney, prices are still high, but Ms Paula said the city is cyclical with house prices.
“Now we are at the lowest level. As soon as everyone has confidence again in interest rates, they will start to rise again.
“When we go through a low period, it is always much lower than the growth period.”
Ms Bulla said the more expensive suburbs within 30 km of the CBD would still set you back $2.5 million.
“I wouldn’t necessarily say these suburbs are affordable,” Bermudez added.
“But what I see is that a lot of people who were priced last year, are now finding things that come in handy.”
According to the Real Estate Institute of Victoria, the cheapest suburb is Dallas, with an average price of $540,000 (pictured, homes in Melbourne)
Melbourne is one of the main markets that still has relatively high prices.
But there are opportunities in some suburbs within 20 km of the CBD.
According to the Real Estate Institute of Victoria, the cheapest price is in Dallas, 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 Albanville ($648,888).
Rounding out the top ten is Westmeadows, which might set you back roughly $735,000.
South Australia’s capital remains an affordable city with suburbs Elizabeth North and Davorian Park both averaging just $325,000
Adelaide remains a very affordable capital, according to data provided by the Real Estate Institute of SA.
The average price for Elizabeth North and Davorin Park is only $325,000.
Other affordable suburbs include Smithfield and Andrews Farm for less than $400,000.
Rounding out the top ten is Newport, which still has a reasonable average price of $437,000.
Western part of Australia
Perth is experiencing a real estate boom, but has fallen behind other capitals.
This means that there are still deals to be found in suburbs that are relatively close to the CBD.
According to the Washington Real Estate Institute, the cheapest suburb is Armadale, which has an average price of just $290,000.
Other affordable suburbs include Camilo ($307,500), Brookdale ($319,250), Middle Swan ($340,000), Gosnells ($350,000), Lockridge ($350,000), Stratton ($352) $500), Midland ($358,500), Adult ($360,000) and Maddington ($360,000).
Sydney’s most expensive suburbs 30km from the CBD will still set you back $2.5 million (pictured, house in Toramura)