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Homely has unveiled its first suburb affordability report using data mined from street reviews and local discussion forums.
The company is positioning the report as “an in-depth look at cities, suburbs and towns across the nation, as reviewed by the people who actually live there”.
Median house price data was gleaned from a range of data sources, among them National Property Data Group and licensed CoreLogic providers.
As well as median house and unit prices, qualitative data from local residents allows the report to explore cost of living, housing prices, community attributes, local amenities, suburb friendliness and future growth prospects.
David Webb, head of industry, revenue and partnerships at Homely, noted that “when considering property in a new area, it’s important to look for existing or planned infrastructure, as this indicates potential for positive capital growth and ensures access to necessary amenities”.
This “hyperlocal” approach revealed 50 suburbs across six Australian states and territories that combine affordability with a good quality of life.
Relative affordability is also taken into account, not just a decontextualised median house price.
Homely explained that “while median house prices around the $1 million mark aren’t necessarily affordable to everyone, Homely locals have rated a handful of suburbs as relatively affordable compared to blue chip neighbours”.
For example, the Gold Coast suburb or Southport is listed as an affordable hotspot because its median house price of $902,000 compared favourably to its pricier neighbour Surfers Paradise, which has a median house price of $1.9 million.
Davoren Park in South Australia also makes the cut, with local residents calling it “a more affordable version of North Adelaide”.
With a median house price of $382,750, one local Homely user described Davoren Park as “the undiscovered gem of the inner city suburbs” and advised would-be buyers to “get in now before the secret is out”.
Queenstown, Tasmania, is listed as the most affordable suburb, with a median price of just $187,500 – just over one-tenth of the price for an average detached house in Sydney.
A local user described Queenstown as “a beautiful small town that has a variety of businesses to make life still enjoyable”.
“While the lifestyle is relaxed, businesses are still growing and strong,” the user said.
Other top ranked suburbs include Mount Johns, Northern Territory; Port Augusta, South Australia; Zeehan, Tasmania; Ingham, Queesland; Katanning, Western Australia; and Morwell, Victoria.
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