Yahoo Finance The best suburbs to buy a family home under $1.5 million
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’.
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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:
Barellan Point, QLD - $807,000
Willunga, SA - $607,500
Mons, QLD - $1,100,000
Boya, WA - $620,000
Nudgee, QLD - $855,000
Gisborne, VIC - $1,050,000
Junortoun, VIC - $750,000
Silvan, VIC - $1,395,000
Camp Mountain, QLD - $1,300,000
Newport, QLD - $1,350,000
Selby, VIC - $1,000,000
Warwick, WA - $630,000
West Lakes Shore, SA - $842,000
Edgewater, WA - $630,000
Bolwarra Heights, NSW - $940,000
Torquay, VIC - $1,330,000
Curtin, ACT - $1,421,000
Black Mountain, QLD - $950,000
Saratoga, NSW - $1,300,000
Viewbank, VIC - $1,270,000
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