5 tips on finding an affordable suburb

Published on June 13th, 2020
  Written by 
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Finding an affordable suburb

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Suburbs are known to be safer, cleaner and have the perks of being close to public amenities and work. One glance at the property prices to own a home in Australia’s capital cities can dash the dreams of owning a house in the suburbs. However, there is a way to find yourself purchasing property that is below the $500,000 mark in some of Australia’s well-known suburbs. Here are five ways of finding affordable suburbs in Australia.

Anyone who is keen on purchasing property knows that this is one of the rules for getting yourself an affordable property. Australia has various property markets in rotation either than that of the capital cities. Keeping your eyes on various markets will help you figure out where property hotspots are and where prices are cooling down, but it is always vital that you look at the rise and fall of property values that you are interested in investing in.

Think out of the box

Recent trends show that Australians are now going where the prices lead them. Owning a property in the inner city is something that is not ideal for many Australians, but they have found an alternative which is living in suburbs that are on the outskirts of a CBD. CoreLogic released a report that revealed that the suburb that had the most consistent median value growth is Coolaroo in Victoria. Coolaroo happens to be 16.8 km from Melbourne with houses having a median value of $475,235.

Is it growing or slumping?

Finding a property that has the right price and is available for the taking can make you feel like you have struck gold. When it comes to property of any kind it is always good to keep in mind to look at the long-term effects of the area you are purchasing your property in, and how that will affect the value of your house. It is vital that you look at the performance of property values from 12 months up to three years to know if you are investing in a good area. For example, Coolaroo has been grown by 33.4% of past 12 months and 64.2% over the past three years.

It’s all in the season

Like everything else, property markets have a cycle. There are times where you will have a buyers’ market and other times you will find yourself in a sellers’ market. Cashing in on an affordable deal also depends on the season which you find yourself in. If you are not planning to stay in a property for more than five years timing your purchase for when it is a sellers’ market and there are not many people making sales in the area, you can negotiate your way to a price that is affordable for you.

Research with the experts

If you are in the house buying stage, this means that you are a busy human being. Researching and comparing thousands of prices on your own to find an affordable price for you is almost insane. This is why you need to call in the professional such as your real estate agents, property market researchers like CoreLogic, and brokers to help you on your search. They have built their lives on knowing such information and can easily cut out a lot of work of trying to find what suits your needs.

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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.

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