The key drawcard for property buyers in Australia’s capital city markets
The latest data from CoreLogic has identified the most affordable suburbs attracting buyers around the country
3 min
Residential property price growth in FY24 was strongest in the lower price brackets of every capital city except Darwin, data from CoreLogic has revealed. Meantime, the mid-tier capital cities of Perth, Brisbane and Adelaide continue to lead the nation in overall value growth. Many home buyers and investors are gravitating toward cheaper suburbs that offer greater affordability due to ongoing price rises and higher interest rates constraining borrowing capacity.
“After recording a higher rate of gain through the early months of the growth cycle, conditions have faded across the upper quartile as borrowing capacity reduced and affordability constraints deflected demand towards middle-and-lower-priced properties,” said CoreLogic research director, Tim Lawless.
Over the past three months, apartment prices have also risen faster than houses in every city bar Darwin and Canberra, indicating more home buyers are compromising on the type of property they buy.
“Most cities now have a median house value that is at least 1.5 times higher than the median unit value,” Mr Lawless said. “With stretched housing affordability, lower borrowing capacity and a lift in both investor and first home buyer activity, it’s not surprising to see the unit sector outperforming for a change.”
REA Group economic analyst Megan Lieu said affordability was “now a key drawcard for buyers”.
“Demand from buyers has been high in the past year due to a number of factors that include strong population growth, increased confidence in the market and scarce rental availability,” Ms Lieu said. “Prices are expected to keep rising in the coming months due to strong demand. However, as housing affordability declines, buyers will likely continue gravitating towards more affordable areas.”
Ms Lieu said REA analysed FY24 search data from its website, realestate.com.au, to identify the ‘affordable’ hot spot suburbs of each capital city. The analysis focused on suburbs with median house and apartment prices below their capital city’s medians, and identified the most popular suburbs based on search volumes.
Here are the results.
Sydney
Sydney’s median house price is $1,407,000. The three most popular affordable suburbs for houses were Blacktown (median $980,000), Campbelltown ($855,000) and Oran Park ($1,080,000).
Sydney’s median apartment price is $775,000. The three most searched affordable suburbs were Blacktown ($530,000), Ryde ($738,000) and Hornsby ($708,000).
Melbourne
Melbourne’s median house price is $870,000. The three most searched affordable suburbs were Frankston ($740,000), Sunbury ($660,000) and Craigieburn ($640,000).
Melbourne’s median apartment price is $605,000. The most popular affordable suburbs in FY24 were Melbourne CBD ($560,000), Richmond ($590,000) and Hawthorn ($584,000).
Brisbane
Brisbane’s median house price is $840,000. The most popular affordable suburbs were Redcliffe ($770,000), North Lakes ($809,000) and Narangba ($780,000).
Brisbane’s median unit value is $555,000. The most searched affordable suburbs were Nundah ($535,000), Wilston ($550,000) and Kedron ($535,000).
Adelaide
Adelaide’s median house value is $751,000. The most searched affordable suburbs were Mawson Lakes ($725,000), Modbury ($701,000) and Mount Barker ($661,500).
Adelaide’s median unit price is $501,000. The most popular affordable suburbs were Adelaide CBD ($479,000), West Beach ($495,000) and Mawson Lakes ($440,000).
Perth
Perth’s median house price is $680,000. The most popular affordable suburbs were Baldivis ($611,000), Rockingham ($610,000) and Morley ($676,000).
Perth’s median unit price is $450,000. The affordable suburbs with the highest search volumes in FY24 were Wembley ($330,000), Mount Lawley ($430,000) and Yokine ($430,000).
Hobart
Hobart’s median house price is $700,000. The most popular affordable suburbs were Geilston Bay ($693,500), Moonah ($610,000) and Glenorchy ($558,000).
Hobart’s median apartment value is $531,000. The most searched affordable suburbs were New Town ($455,000), Glenorchy ($440,000) and Sorell ($507,000).
Darwin
Darwin’s median house price is $568,000. The most popular affordable suburbs in FY24 were Zuccoli ($530,000), Durack ($550,000) and Wulagi ($528,000).
Darwin’s median unit price is also $568,000. The most searched affordable suburbs were Darwin CBD ($440,000), Nightcliff ($382,000) and Fannie Bay ($502,000).
Canberra
Canberra’s median house price is $950,000. The most searched affordable suburbs for houses were Kambah ($850,000), Gungahlin ($900,000) and Casey ($815,000).
Canberra’s median unit price is $605,000. The most popular affordable suburbs were Braddon ($582,000), O’Connor ($531,000) and Lyneham ($520,000).
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
This sky-high home on the Sunshine Coast with iconic shipping container pool is a testament to modern design and engineering.
3 min
A breathtaking view and a lush quarter-acre block are high up the wish list with any lifestyle property, but this contemporary Buderim residence takes things to another level.
Designed and built by owners Stu and Nat Faid, the Sunshine Coast home reflects their vision and incredible attention to detail.
As an architect and designer, Nat believes a prime position deserves an incredible project.
“The heart of the house is undoubtedly the living area and expansive deck. At over 100sq m and elevated more than 6m above the ground, you literally feel like you’re floating. We love how the views stretch from the Glass House Mountains along the coastline to Mooloolaba. Across the ocean, you can even see the sandbanks on Moreton Island,” she says.
While the views and the 1024sq m land parcel make their mark, it’s the suspended 12m heated shipping container swimming pool that’s making waves locally.
“When people arrive, the first thing they do is look up,” Nat adds.
After purchasing the property in 2021, the pair knew the existing house wouldn’t live up to their family of four, but they fell in love with the location and outlook so decided to adapt.
Initially, the pool’s unique design was simply a reaction to an everyday Queensland problem, but ultimately became a feature.
“The pool was at first a product of practicality. We wanted to be able to watch the kids in the pool from the house, but to do that required elevating the pool more than six meters off the ground,” Stu says.
“When we looked at the engineering required, it conflicted with our minimal-touch ethos in preserving the land and the visual aesthetic of the finished design. What followed was a lot of searching for a solution, and as luck would have it, the answer was almost on our doorstep.”
Shipping Container Pools seemed like a no-brainer answer to the pool problem. Having moved internationally multiple times, the couple saw an opportunity to weave their personal story into the fabric of their new home.
“The opportunity to incorporate a nod to that chapter of our life into the build was too good to miss,” he says.
“It also unashamedly reinforces the origins of the pool construction, which ties into the rest of the design in the house. Throughout the home, we have embraced where the old meets the new, we have not tried to blend, cover or hide the origins of the home, we have chosen instead to make sure the evolution of the house is clear to see.”
The Faids’ global family journey is evident throughout the home, from the grand Middle Eastern entry doors sourced from Dubai where the couple once lived, to the remarkable views from the Glass House Mountains to Mooloolaba.
Created to enjoy every season, the house has a space for all eventualities with an open plan living area spilling out to the full-width deck and pool, a sleek kitchen with an Ilve integrated fridge and freezer, Bosch ovens, an induction cooktop, built-in coffee machine and microwave, two dishwashers, filtered water and a butler’s pantry.
Four spacious bedrooms each have built-ins, the main features a large ensuite with twin vanities and two more bedrooms share a“Jack and Jill” style bathroom. There is also a third full bathroom.
The Buderim home is 12.5kms from Mooloolaba and the Mooloolaba River National Park with the Sunshine Coast Airport 13.5kms to the north, however Stu adds that there is rarely a reason to leave.
“It would be fair to say that apart from popping down the hill to go to the beach, we often go days without ever leaving the village. It’s really is a wonderful spot.”
Packed with mod cons, the Buderim home also features six-zone ducted air-conditioning, engineered oak floors and a double-sided Stuv wood-burning fireplace, a mudroom, heated floors and sensor lights in the bathrooms. There is also a private elevator, solar power and battery, as well as landscaped gardens and a large lock up garage and shed.
The property at 10 Orient Court, Buderim is listed with Zoe Byrne and Greg Ward from Ray White Buderim and will go to auction on September 22 at 9am at Mercedes-Benz Sunshine Coast, 65 Maroochy Blvd, Maroochydore.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
