It’s getting easier for homebuyers to get into family-friendly suburbs as more stock comes onto the market according to new research.
A new report, commissioned by Well Money, found that the semi-rural community of Otago in Tasmania, near Hobart, was the top family-friendly location in the country for buyers.
Otago’s median house price is $995,000 and it’s getting easier for buyers to find the right home, with inventory levels increasing over the past three months.
Other top family-friendly locations seeing an increase in stock include Seaford Heights in South Australia with a median house price of $570,000, followed by Kinglake West ($930,000) and Wonga Park ($1.39 million) in Victoria and Tea Tree Gully ($652,284) in South Australia.
The suburbs on the top 20 list were spread around South Australia (6), Victoria (4), New South Wales (3), Tasmania (3), Queensland (2) and Western Australia (2).
More than half the suburbs had a median house price under $1 million.
The research examined suburbs located within capital cities that had a median house price between $200,000 and $1.5 million, a large portion of families in the suburb, increasing inventory levels and a Socio-Economic Indexes for Areas (SEIFA) education score that put it in the top half of the country for educational and occupational status.
Well Money Chief Executive Officer Scott Spencer said while housing affordability remained a concern, homeownership was still a realistic goal for many families.
“There’s no doubt it can be tough for families on average incomes to buy into a family-friendly suburb in a capital city,” Mr Spencer said.
“That said, it’s not impossible, as the data in this report makes clear.
According to Mr Spencer, lower property prices are making it easier for families to get into the market.
“Families should take heart from the downturn in property prices we’re currently seeing in many parts of the country, because that reduces the deposit hurdle,” he said.
“Of course, with interest rates rising, people’s borrowing capacity is falling.
“Thankfully, though, it seems we’re getting close to the end of this rate tightening cycle.
“Also, with unemployment very low at the moment, most families have a steady income.”
Mr Spencer said despite changes to the way Australians lived, many people still felt raising a family and buying a house go hand-in-hand.
“Even though very few of us live on a quarter-acre block these days, most of us still want a house with a yard where we can host barbecues and play with the kids,” he said.
“It’s also clear that many families still aspire to home ownership.
“Buying a house is still widely seen as a rite of passage, alongside having children.”