Home Hunt Hero? New Report Unveils Australia's Most Affordable Property Pockets!

Tuesday, 23 April 2024

Despite skyrocketing house prices, there's still hope for first-time buyers! A new report reveals hidden gems – the cheapest property pockets across Australia.

Perth takes the crown for affordability, with Kwinana in the city's south boasting the most budget-friendly digs nationally. The PropTrack Affordability Hotspots report shows that 41% of Western Australian regions offer homes a median-income household can truly afford (think: mortgage repayments less than 25% of their income).

Queensland and the Northern Territory also offer a breath of fresh air for property hunters. These regions are ranked based on an "Affordability Index," considering factors like house prices and incomes.

The report dives deep, analysing areas down to "Statistical Area Level 3" (SA3) – think suburbs or smaller pockets within a city.

While affordability struggles continue, PropTrack senior economist Paul Ryan says this report is a beacon of hope for first-home buyers.

"We're still seeing price growth, but this unveils areas where affordability is most promising," he explains.

Interestingly, affordability in Melbourne and Sydney is driven by the availability of units, especially new ones. This "development has put downward pressure on prices," allowing first-home buyers a fighting chance.

However, Brisbane, Perth, and Adelaide offer a different story. Here, there are still city pockets where houses are affordable – unlike the unit-dominated markets of Sydney and Melbourne.

So, if you're searching for an affordable place to call home, this report is your treasure map! Dive in and discover hidden gems where property dreams can still become reality.

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