Research from PRD Real Estate has revealed the most affordable and liveable suburbs in Sydney, Melbourne, Brisbane, and Hobart, as we swing into the new year.
PRD calculated the difference between the average home loan in a state, and the median unit and house prices in the suburbs to measure affordability.
Liveability took into account crime statistics, amenities, employment rates, rental yield, and future projections of developments.
Padstow Heights ranked first for Sydney, with Bundoora topping Melbourne, Boondall the best bet in Brisbane, and Kingston number one in Hobart in terms of affordability for housing and liveability.
For units, Kingston and Bundoora remained the best suburbs in their respected cities, while Sans Souci in Sydney and Griffin in Brisbane are prime areas for unit buyers.
“It is evident that in general, Sydney and Melbourne have the highest entry prices, yet the lowest rental yields,” PRD chief economist, Dr Diaswati Mardiasmo said.
“Hobart median prices are now on par with Brisbane, which suggests affordability in Hobart has declined.”
Brisbane is the most affordable and liveable city.
“Brisbane arguably provides home buyers and investors with the most ‘bang for buck’,” Dr Mardiasmo said.
“This is particularly true in the unit market, due to having the lowest median prices and highest rental yields.”
Sydney and Brisbane are the most healthy markets for first home buyers.
“The bulk of both house and unit sales in Sydney and Brisbane were in the lower-middle price brackets, although there was a significant difference in actual median property prices,” Dr Mardiasmo said.
“For example, a middle-priced house in Brisbane sits within $700,000 to $900,000, whereas in Sydney it is $1.5m-$2.0m – essentially double the price.”