Many of Melbourne’s most sought-after suburbs offer easy entry steps for those willing to consider buying a unit instead of a house, People’s Choice says.
Hawthorn East, Murrumbeena, Surrey Hills and Glen Iris rank at the top of the inaugural People’s Choice of Housing for Melbourne which – using a unique analysis – has identified the Top 20 suburbs for unit living.
For the first time, Melbourne’s suburbs have been analysed not just for cost but for liveability as well. The People’s Choice of Housing first identifies those suburbs where a couple on average incomes will be able to buy, then ranks those suburbs for both affordability and liveability.
“Units can offer an easier option for home ownership but that doesn’t make it an easy option in some cases,” People’s Choice Chief Executive Officer Steve Laidlaw said.
“The median price for a unit in Surrey Hills is $727,000 – but other options exist for those entering the market, including Murrumbeena at $490,500 and Kingsville at $393,500.
“The thing that brings these suburbs together is liveability. These suburbs are relatively close to the city, close to employment hubs, have low crime rates and reasonable-to-good public transport. It’s about getting the balance right between affordability and liveability, which is what the People’s Choice of Housing looks for on a suburb-by-suburb basis.”
The People’s Choice of Housing looks at suburbs to assess first whether a couple on average incomes would be able to get finance for a median-priced house or unit in each suburb, then the amount left after paying weekly repayments on a mortgage.
Rather than stopping at affordability, however, the index assesses each suburb’s liveability to capture those aspects that determine whether people would actually want to live in a particular suburb.
“We know not everyone wants the same thing when it comes to a home, and we know a home means more than a mortgage payment. The People’s Choice of Housing aims to identify those suburbs where people can afford to live, and want to live,” Mr Laidlaw said.
The October edition is available at here from Saturday 19 October, 2019. The next edition will be released in April 2020.