New report reveals Australia’s most and least affordable suburbs for new home buyers amid national affordability crisis
A new report has revealed Australia’s most and least affordable suburbs to buy a new home, with one state dominating the rest in the ranking for highest house prices.
Domain’s June Quarter House Price Report has revealed Australia’s most and least affordable suburbs for prospective home buyers, as the nation struggles to cope with rising prices.
Published on Thursday, the report found house prices across the nation continued to climb higher, with new records set in Sydney, Brisbane, Adelaide, and Perth.
With a lack of new supply coming into the market, the report found “the price growth trend is unlikely to reverse itself,” meaning new home buyers in particular face a challenging future.
However, the findings were not all doom and gloom, with Domain also revealing ten suburbs nationwide where affordability had dramatically improved during the three months to June this year.
Chadstone, Victoria, topped that list, with a 24.4 per cent fall in median unit prices over the quarter, while houses in Biggera Waters, Queensland, saw the same drop in price.
Units in Clayton South, 23.3 per cent cheaper, houses in Fairfield, 20.6 per cent cheaper, and houses in Soldiers Hill, 20.5 per cent cheaper, rounded out the top five as Victoria emerged as the state where affordability was increasing fastest.
Coober Pedy in remote South Australia was far and away the least expensive suburb, with a median house price of just $83,500.
Collinsville and Charleville, both in Queensland, ranked second and third, with median prices of $160,000 and $170,000 respectively.
Kambalda West, in Western Australia, was fourth cheapest with $177,000, while Tara, Queensland, rounded out the top five with $180,000.
Queenstown, Tasmania, Port Pirie West, SA, Merredin, WA, Broken Hill, New South Wales, and Dysart, Queensland, rounded out the top ten.
In contrast, the list of the most expensive suburbs contains just two states, NSW and Victoria, with the former accounting for all bar one of the top ten.
Sources – SKY NEWS
