Affordable regional living
If you only took one look at the headlines you’d be excused for thinking that real estate in Australia was incredibly expensive. However, not all houses for sale have a Sydney-sized price tag attached. SQM Research reveals that the median house price in Sydney as at 28 April is $1.067million. But if you’re looking for a bargain, Broken Hill houses sell for closer to $160,000, according to CoreLogic.
The latest top ten list by CoreLogic RP Data reveals the top ten most affordable regional suburbs for houses. These homes aren’t in the middle of nowhere though. Suburbs had to have a minimum of 100 sales in the year to January to make the cut. Victoria and New South Wales dominate the list, with South Australia being the only other state entering the fray at number ten. SA was represented by Naracoorte where the median value is $211,858.
Many of the suburbs on the list have high owner-occupancy rates, mostly around the 60-70 per cent mark. Home loans are also pretty cheap at this end of the market, with some houses costing their owners around $1000 per month.
All of these top ten suburbs have houses for sale at a cheaper median price than units in any capital city in Australia, according to SQM Research’s figures. The top six suburbs all clock in at less than $200,000, while number seven – Ararat in Victoria – has a median price of $200,954.
While housing affordability is a relative thing, with many factors to take into consideration, it’s important to remember that the whole nation doesn’t live in a capital city. For many Australian home owners and buyers, high prices are not that much of an issue and relative affordability is high.
If the CoreLogic list is anything to go by, there could be many city dwellers tempted to hang up their hat and move to a more sedate lifestyle in Australia’s regional markets. And while these areas may boast more affordable property for sale, it’s not to say there isn’t any capital growth.
Broken Hill, number one on the list has received some surprising gains recently. SQM Research figures show that houses in the Broken Hill-Dubbo region appreciated by 5.1 per cent over the 12 months to 28 April. Three bedroom homes did particularly well, jumping up 11.4 per cent.
While these areas may not tempt the young and the restless, the bold and the beautiful may be inclined to cash in on their home equity to enjoy a greater lifestyle in a home they own outright.