Well we knew this already – but heres the proof.
Brisbane has proven to be the most affordable and liveable capital city, according to new research.
A recent report by PRDnationwide analysed each state to find the most affordable suburbs as part of their capital city Affordable and Liveable Property Guide for the first half of 2018.
To measure a suburb’s affordability, PRD factored in location (within a 20km radius from the CBD), price growth, rental yields, project development.
Suburbs also ticked important liveability boxes, being within 5km of amenities like schools, parks, shops and health care facilities, low crime rate, and a lower than average unemployment rate.
Brisbane had the lowest entry price and highest rental yield compared to Sydney which had the highest entry price yet the lowest rental yield.
Affordable and Liveable Suburbs – Houses
| Suburb | Median Price* | Rent Yield | Future Projects* | |
|---|---|---|---|---|
| Brisbane | Algester | $514,500 | 4.1% | $1.5M |
| Bracken Ridge | $500,000 | 4.0% | $2.9M | |
| Geebung | $538,000 | 3.8% | $3.8M | |
| Sydney | Milperra | $899,000 | 3.5% | $3.9M |
| Panania | $1,050,000 | 3.0% | $1.1M | |
| Jannali | $1,106,000 | 3.3% | $6.5M | |
| Melbourne | Westmeadows | $595,000 | 3.4% | $4.9M |
| Tullamarine | $650,000 | 3.6% | $4.9M | |
| Gladstone Park | $645,000 | 3.6% | $3.3M |
Affordable and Liveable Suburbs – Units
| Suburb | Median Price* | Rent Yield | Future Projects* | |
|---|---|---|---|---|
| Brisbane | Algester | $365,000 | 5.4% | $1.5M |
| Northgate | $414,000 | 4.8% | $5.1M | |
| Parkinson | $401,000 | 5.4% | $12.0M | |
| Sydney | Dee Why | $800,000 | 4.0% | $74.3M |
| North Rocks | $826,000 | 4.0% | $16.0M | |
| Lane Cove | $845,000 | 3.8% | $87.3M | |
| Melbourne | Westmeadows | $490,000 | 3.6% | $4.9M |
| Pascoe Vale | $565,000 | 3.7% | $32.9M | |
| St Kilda East | $558,250 | 4.0% | $5.0M |
Brisbane’s Algester was the standout suburb for both houses and units with the lowest entry price and highest rental yield.
The report highlighted Algester for having the best of both affordability and liveability given its low entry prices and proximity to supermarkets, parkland, public schools, a medical centre and the motorway.
Whilst Geebung, Brackenridge and Northgate, all local northside suburbs were also highlighed as highly desirable locations.
Sydney’s median house prices experienced a gentle growth of 0.8 per cent, while units softened by -2.4 per cent from 2016 to the first quarter 2018.
In Milperra, south-west of Sydney’s CBD, homeowners benefit from nearby shopping centres, schools, golf courses, the Western Sydney University and public transport.
Sydney’s unit market is benefiting from increased unit supply with suburbs such as Dee Why becoming highly active, recording 630 sales over the last 15 months and a solid price growth of 10.3 per cent.
In Melbourne, the median house price experienced a 1.3 per cent growth and median unit prices grew by 7.9 per cent from 2016 to the first quarter 2018.
Northwestern suburbs Westmeadows, Tullamarine and Gladstone Park were standouts as the city’s most liveable affordable areas for houses.
Westmeadows, Pascoe Vale, and St Kilda East lead in unit affordability and liveability, with low vacancy rates, proximity to transport arterials and public transport access the primary drivers.
“It is no longer realistic to simply report on affordable suburbs, but to include those that have high ‘liveable’ factors,” the report stated.
“Liveability is gaining traction among home buyers and does attract a cost.”
“This latest release provides insights into the cost of liveability and how much home buyers need to be prepared to pay to have this requirement met in their purchase.”
This article was originally published on the Urban Developer website.
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Hicks Real Estate Team
Hicks Real Estate is a Brisbane based, full-service real estate agency supporting buyers and sell as well as renters and property investors. With almost 20 years experience in the local market, we are the real estate experts you can rely upon.
