3 things to consider when looking for a family home

Published on November 30th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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A recent collaboration between Aussie and Corelogic that released data showing the ‘Most popular suburbs for families’, can save you from the mental stress of scrambling to find a home that is suitable for your growing family. The data shows that a family home is usually to be found near a CBD at an average of 30km. Families tend to look for housing that is affordable and convenient. Here are three things you can consider when looking for a family home.

Quick stats of top suburbs to raise family

If you are wondering which suburb in your region has been rated the top suburb to raise your family in, wonder no more. From their extensive report here are the top five suburbs that have been rated the most popular to raise a family in.

SuburbDistance from (GPO)Median house ValueMedian Unit Value Average land area
West Hoxton(Sydney-south west)35.2%$893,273$702,465509 sqm
Horningsea Park(Sydney-south west)34.7%$837,132$556,725491 sqm
Roxburgh Park(Melbourne-North west)22.4%$550,847$386,422491 sqm
Prestons (Sydney-south west)32.0%$797,743$599,031526 sqm
Burnsides Heights(Melbourne-west)21.5%$603,418$497,117496 sqm
  • The top two suburbs boasted an average of 79% of households with children.
  • Units provide a lower entry point when compared with houses.
  • The closer a suburb is the less likely you will find households with children due to the cost of housing and density.

What type of parents is most likely to make a move?

It comes as no surprise that parents who have mini-me’s who are dependent on them are most likely to make a move to find a home that will accommodate their expanding family. According to the Australian Bureau of Statistics (ABS) 45% of parents in couple families with children who were dependent on them accounted for 45% of recent movers.

The older children become the less likely it is to make a move. When choosing a suburb that will raise your children you will have to consider one that you will be an investment until they leave the nest.

30% of parents with dependent children moved to a new house because they were looking for bigger or better homes. Finding the right neighbourhood is the first step, but the next big step will be to shop and compare home loans that will help you secure your new home.

Tips on what to look for when buying a family home

When on the quest to find your new home that will give you peace of mind and security it’s always best to keep these tips in mind:

  • Is the house close to important facilities such as good schools, hospitals, and easy access to public transport?
  • What are the noise levels like in the neighbourhood? It’s advisable that you go see the neighbourhood during the day and at night to get a feel of it. Also keep an eye out for the neighbour’s noise levels too.
  • Is there room to grow with additional rooms for future expansion of your family?
  • What does the neighbourhoods future look like? Remember that this contributes to the either adding or subtracting value to your home. You will have to search and ask if there are any renovations or new construction sites being planned.
  • Is it safe and secure to raise your family? You can view the local reports on crime rate statistics and view the surroundings.
  • Is the general population within the same age as you? Having people in the same age group as you can ensure that you have people who understand the need for a family community.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Approval for home loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.

The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.

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