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Australia's Best Suburbs for Sub-$500K Unit Searches

Australia's Best Suburbs for Sub-$500K Unit Searches

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The latest comprehensive report from Suburbtrends, "Unlocking Affordability: Australia's Best Suburbs for Sub-$500K Unit Searches," identifies prime locations offering the best value for units under $500,000 across Australia. This pivotal analysis illuminates the varying levels of housing accessibility, providing essential insights into the current state and prospects of affordable housing in the nation's major urban areas.

Kent Lardner, founder of Suburbtrends, shares insights from the report:

"Our findings reveal significant disparities in unit affordability across major cities. For instance, while Melbourne and Perth offer a considerable number of units within the sub-$500K range, Sydney and Brisbane present substantial challenges for those seeking affordable housing options."

Key findings include:

  • Greater Melbourne and Perth show favourable markets for budget-conscious unit buyers, with a significant portion of sales under $500K.
  • Sydney and Greater Brisbane continue to struggle with high housing prices, making affordability a pressing issue.
  • Darwin stands out for affordability, with a substantial portion of the market priced attractively for first-time buyers.

The report also highlights the best suburbs in each state, selected for their favourable buying conditions - specifically suited to first home buyers and downsizers. These areas were chosen based on their ability to offer affordable housing while still promising growth and stability in the market.

Kent emphasises the solution to the housing crisis:

To tackle the affordability crisis, we need innovative approaches such as leveraging pre-fabrication technologies and accessing government assistance. These strategies can significantly lower construction costs and provide sustainable housing solutions well into the future."

He concludes:

"The lack of affordable housing has far-reaching implications, not just for individuals but for the economic and social health of our cities and regions. It is crucial that we act now to ensure that housing remains within reach for everyone."

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