First home buyers looking to buy a unit have the inside running on some of Adelaide’s best suburbs, the People’s Choice of Housing shows.
Half of Adelaide’s top 10 liveable and affordable suburbs offer units for less than Adelaide’s median unit price, making them an ideal entry point, People’s Choice Chief Executive Officer Steve Laidlaw says.
“Buying a home can be challenging at the best of times, so it is refreshing to be able to offer positive news that identifies opportunities rather than challenges,” he said.
"The October 2019 median unit price for Klemzig, Glenelg East, Brooklyn Park, Payneham and Henley Beach all fall below the Adelaide median unit price of $345,750. More importantly, these suburbs generally rank highly for liveability – the factors that make a house a home.
“They are generally close to the city, have low crime rates and reasonably good access to public transport and are settled communities with good economic prospects. This combination of affordability and liveability underpins their top 10 ranking in this edition of the People’s Choice of Housing.”
Adelaide’s beachside suburbs are well-represented in the top 20 including Glenelg East (second), Henley Beach (10), Grange (12), West Beach (13), Glenelg North (18) and Somerton Park (20). But there are also some alternatives for those who want to be away from the water, Mr Laidlaw said.
“People wanting to be close to the city can look to Parkside (fourth in our top 20) and Unley (11) if they have a higher budget, although Brooklyn Park (3) and Marden (14) offer more affordable options. But if you prefer the foothills, Blackwood (16) and Kingswood (15) both offer affordable and liveable options,” he said.
The People’s Choice of Housing offers a unique view of the housing market by rating suburbs on both affordability and liveability. Suburbs are first assessed on whether a couple on average incomes is likely to get finance for a median-priced home in that suburb, and then ranked for affordability on mortgage repayments. Suburbs are then assessed for all-important liveability factors – including public transport access, driveability, crime rates, schools, economic prospects and the stability of the community.
“We know that buying a home is a huge commitment, which is why we created the People’s Choice of Housing – to help people get a deeper understanding of the market and look beyond the dollars,” Mr Laidlaw said.
The October issue of the People’s Choice of Housing will be available from Saturday 19 October, 2019. The next edition will be released in April 2020.
BACKGROUND
People’s Choice is one of Australia’s largest credit unions with more than 375,000 members across Australia and branches in South Australia, Victoria, Northern Territory, Australian Capital Territory and Western Australia. We have more than $10.7 billion of funds under management and advice.
The People’s Choice of Housing analyses and assesses data relating to Adelaide suburbs for their serviceability, affordability and liveability. Serviceability includes an assessment of whether a couple on ordinary incomes with average debt and expenditure levels would be likely to receive finance approval for a loan for a median-priced home in each suburb, based on standard industry assessment practices. Affordability looks to the amount left to a borrower after paying for mortgage payments. Liveability assesses a broad range of factors including crime rates relating to each suburb, public transport accessibility and driveability.
Suburbs without median house prices available for the report period are not available for assessment. The People’s Choice of Housing cannot provide individual advice as financial circumstances differ, but does provide an indication of which suburbs or towns may appeal to first homebuyers.
For more information relating to the People’s Choice of Housing, its methodology and interpretation please email housing@peopleschoicecu.com.au.
