Top 24 suburbs for under-$500,000 home buyers

New research released by property site LocationScore identified suburbs in each capital city priced under $500,000 that are likely to climb higher because of rising demand. LocationScore studied eight key demand drivers across the capital to determine 24 locations where buyers are poised to boost values.

LocationScore director of research Jeremy Sheppard chose three suburbs in each major city with the best offerings for sub-$500,000 buyers.

“There’s no doubt affordability is a key measure when buyers are looking to invest. Our analysis proves you don’t need a war chest of millions to find real estate gold in our large cities,” Sheppard said in a statement.

The firm analysed suburbs in each capital city where the median house or unite prices falls under $500,000. It then scored the suburbs and sectors out of 100 based on eight key indicators — days on market, vendors discounting, auction clearance rates, vacancy rates, rental yields, percentage of renters vs. owner occupiers, level of online search interest and percentage of stock on market.

Sheppard refined the results further by removing any outcomes that could be influenced by statistical irregularities. “Based on this mix, we’ve listed the three affordable suburbs in each capital city with the greatest potential, so low-price buyers can stake their claim on the market as well as make the most of any future price growth,” Sheppard said.

Top suburbs

Sydney

State Suburb Post Code Property type LocationScore (out of 100) LocationScore rating Median price
NSW Richmond 2753 Units 66 Good $441,996
NSW Jamisontown 2750 Units 60 Maybe $422,348
NSW Lakemba 2195 Units 59 Maybe $427,617

Melbourne

State Suburb Post Code Property type LocationScore (out of 100) LocationScore rating Median price
VIC Hallam 3803 Units 73 Good $400,031
VIC Kingsville 3021 Units 72 Good $363,313
VIC Heidelberg West 3081 Units 69 Good $486,289

Brisbane

State Suburb Post Code Property type LocationScore (out of 100) LocationScore rating Median price
QLD Deagon 4017 Houses 66 Good $486,165
QLD Capalaba 4157 Houses 66 Good $486,739
QLD Inala 4077 Houses 63 Good $373,783

Perth

State Suburb Post Code Property type LocationScore (out of 100) LocationScore rating Median price
WA Craigie 6025 Houses 59 Maybe $438,413
WA Shenton Park 6008 Units 59 Maybe $444,500
WA Morley 6062 Houses 53 Maybe $486,129

Adelaide

State Suburb Post Code Property type LocationScore (out of 100) LocationScore rating Median price
SA Queenstown 5014 Houses 73 Good $397,887
SA Ingle Farm 5098 Houses 71 Good $336,729
SA Albert park 5014 Houses 69 Good $439,519

Hobart

State Suburb Post Code Property type LocationScore (out of 100) LocationScore rating Median price
TAS Mornington 7018 Houses 87 Excellent $332,461
TAS Warrane 7018 Houses 81 Excellent $286,953
TAS Geilston Bay 7015 Houses 76 Good $420,832

Canberra

State Suburb Post Code Property type LocationScore (out of 100) LocationScore rating Median price
ACT Charnwood 2615 Houses 82 Excellent $460,825
ACT Ngunnawal 2913 Units 76 Good $412,991
ACT O’Connor 2602 Units 71 Good $486,886

Darwin

State Suburb Post Code Property type LocationScore (out of 100) LocationScore rating Median price
NT Woodroffe 830 Houses 61 Maybe $386,038
NT Gray 830 Houses 53 Maybe $364,044
NT Larrakeyah 820 Units 50 Maybe $447,033

 

From MPA

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