While the prospect of owning a home may seem like a distant dream for many first-home buyers, new data has found three of five major Australian cities still have properties available for less than $500,000.
For those trying to break into the market, property advisory group Suburbanite says suburbs in Brisbane, Adelaide and Perth are the best bet for finding a house without breaking the bank.
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Prices in Queensland creep higher closer to Brisbane, where homes exceed the $600,000 median.
Only 35 minutes out of the CBD, Petrie in the Moreton Bay area is Suburbanite’s hot suburb where a first home buyer can break into the market with a current median unit price of $405,000.
In Western Australia, Clarkson is Suburbanite’s top pick for Perth with a median house price of $469,000, the family-friendly area offers plenty of modern housing stock just 30 minutes north of the CBD.
“It’s great for families that have that balance of lifestyle and access to work and employment,” Suburbanite’s Anna Porter told Sunrise.
Hackham West is Suburbanite’s pick in South Australia, with the suburb offering a median house price of $446,000.
Porter said Adelaide property prices were generally lower than other major cities in Australia, but prices have grown significantly in the last two years, pricing first-home buyers out of the market.
“Hackham offers a really easy commute into the city if you’ve got mum or dad working in the city and it’s a nice family-friendly area with affordability for a free-standing house,” she said.
Prices in New South Wales and Victoria top the list with median house prices soaring above $1 million.
If affordability is the highest priority, Suburbanite suggests heading further out.
Porter says Geelong and the nearby suburb of Armstrong Creek ($778,000 median house price) and Wollongong and nearby Fair Meadow ($659,000 median unit price) offer cheaper alternatives close to the big cities.
While these suburbs may provide options for first-home buyers to get a foot in the door, research shows saving for a first home has never been harder.
The 2022 Domain First Home Buyer Report, released earlier this year, revealed the time it takes a young couple to save a 20 per cent deposit for an entry-level home had blown out to record levels nationwide.
Over the past decade, house prices across the capitals have jumped by 101 per cent and unit prices by 52 per cent on average
With wages failing to keep up with rising property prices, first-home buyers face significant financial hurdles when trying to break into the property market.
Domain found it now takes about five years and eight months to save for a house in a capital city – 11 months longer than it took a year ago.
“Conditions have rapidly changed in most cities for entry-level buyers vying for a house,” Domain’s chief of research and economics Nicola Powell said.
“The average wage growth in each city and interest accrued on savings have been unable to match the leap in prices. The time to save is based on a couple, so those looking to purchase on their own will find the time to save double.”
Hayley Taylor / Supermarkets
Cindy Tran / Parenting
By William Stopford / Motoring
Molly Magennis / Health & Wellbeing
By William Stopford / Motoring
Kaitlin Peek / The Morning Show
Molly Magennis / Recalls
Pip Christmass / Health & Wellbeing
Hayley Taylor / Supermarkets
Cindy Tran / Parenting
By William Stopford / Motoring
Molly Magennis / Health & Wellbeing
By William Stopford / Motoring
Kaitlin Peek / The Morning Show
Molly Magennis / Recalls
Pip Christmass / Health & Wellbeing

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