Leveraging street reviews and local forums, Homely presents its inaugural suburb affordability report, delving into cities and towns nationwide
Homely has launched its inaugural suburb affordability report, leveraging user-generated insights sourced from street reviews and local discussion forums. Positioned as a comprehensive overview of cities, suburbs, and towns across Australia, this report provides valuable perspectives from residents themselves.
Drawing data from various reputable sources including the National Property Data Group and licensed CoreLogic providers, Homely’s report goes beyond conventional median house prices. It incorporates qualitative data from local residents, offering insights into the cost of living, housing affordability, community characteristics, available amenities, suburb ambiance, and future growth prospects.
David Webb, Head of Industry, Revenue, and Partnerships at Homely, emphasizes the importance of considering existing and planned infrastructure when assessing property in new areas. He notes that infrastructure developments indicate potential for positive capital growth and ensure access to essential amenities, aligning with Homely’s “hyperlocal” approach.
Through this approach, the report identifies 50 suburbs across six Australian states and territories that strike a balance between affordability and quality of life. Relative affordability is a key factor, with suburbs compared not only based on median house prices but also in relation to neighboring areas.
For instance, Southport on the Gold Coast emerges as an affordable hotspot with a median house price of $902,000, offering a more budget-friendly option compared to its pricier neighbor, Surfers Paradise, where the median house price stands at $1.9 million.
Similarly, Davoren Park in South Australia garners attention as a more affordable alternative to North Adelaide, with a median house price of $382,750. Described as “the undiscovered gem of the inner city suburbs” by a local Homely user, Davoren Park presents an opportunity for prospective buyers to invest before its potential is widely recognized.
Topping the list as the most affordable suburb is Queenstown, Tasmania, boasting a median price of just $187,500. Residents commend Queenstown for its scenic beauty and vibrant community, showcasing a blend of relaxed lifestyle and economic vitality.
Other top-ranked suburbs featured in the report include Mount Johns (Northern Territory), Port Augusta (South Australia), Zeehan (Tasmania), Ingham (Queensland), Katanning (Western Australia), and Morwell (Victoria).
Homely’s suburb affordability report offers invaluable insights for prospective homebuyers, investors, and those seeking to explore new residential opportunities, empowering them with localized knowledge and perspectives directly from residents.
