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Victoria most affordable for average income earners

Victoria dominates the list of most affordable properties for buyers on average salaries, according to new research.

The quarterly HOOD.ai Buy or Rent on a Budget Report found units in the semi-rural township of Tyabb on the Mornington Peninsula were the most affordable for average income earners.

According to the report, an average wage earner bringing in $1523 per week could afford a well-located unit in Tyabb with a median price of $460,000.

Other affordable Victorian options to make the list include units in Manifold Heights ($460,000), Sydenham ($462,500) and Truganina ($470,000).

Victorian suburbs made up seven of the top 10 affordable locations, with South Australia having two and Queensland one.

The most affordable rental options for average wage earners were also dominated by Victoria, with units in Caulfield East ($285 per week), Gardenvale ($290 per week) and Kingsville ($300 per week) topping the list followed by units in Plympton ($320) and Camden Park ($320) in South Australia.

Source: HOOD.ai

The Budget Report identifies suburbs that strike a balance between being affordable and desirable, while locations need to be less than 100km from a capital city CBD and have a SEIFA socio-economic score of less than five.

For the top 10 sales markets, median sale prices ranged from $460,000 to $500,000, while the average weekly household incomes of those suburbs ranged from $1152 to $1813.

While the top 10 rental markets saw median weekly rents ranging from $285 to $330, with household incomes from $1135 to $1816.

HOOD.ai founder and CEO Tommy Fraser said housing affordability is a hot political issue ahead of the federal election.

“It’s no wonder both sides of politics are talking about affordability, because the housing market is a tough place right now for people on average salaries,” Mr Fraser said.

“Buyers have to deal with the fact prices have dramatically increased throughout Australia over the past 18 months, while tenants are faced with very low vacancy rates in many parts of the country.

“So this latest report is really timely. The research has found that there are still some sales and rental markets that are not only affordable but are also good places to live.”

Source: HOOD.ai

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Rowan Crosby

Rowan Crosby is a freelance journalist specialising in finance and real estate.