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Aussie reveals map of nation’s more affordable suburbs

The aggregator has released an analysis of almost 4,000 suburbs that require a median deposit of $100,000 at most.

There are more than 3,960 suburbs across the country where property could be purchased with a deposit of $100,000 or less, according to new research by Aussie.

The analysis, which has used CoreLogic property price data from the 12 months to October, has suggested over 3,960 Australian suburbs feature houses and units that are available for a 10 or 20 per cent median deposit of $100,000. 

The comparison research also stated that there are almost 2,000 Australian suburbs with units that require a maximum deposit of $100,000.

Aussie has also confirmed that the map will be updated monthly with the most recent CoreLogic property data. 

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In NSW and Victoria, the most viewed suburbs include Sydney’s Box Hill (a 10 per cent deposit at $61,150) and Lake Macquarie’s Wyee (a 20 per cent deposit at $83,000), as well as the Melbourne suburbs of Heidelberg West (a 10 per cent deposit at $75,000) and Dallas (a 20 per cent deposit at $100,000). 

The Brisbane suburbs of Carina (a 10 per cent deposit at $75,050) and Acacia Ridge (20 per cent deposit at $90,500) were also stated by the aggregator to be the most searched suburbs in Queensland.

Other suburbs included South Australia’s Adelaide (a 10 per cent deposit at $70,525) and Ascot Park (a 20 per cent deposit at $96,200) and Western Australia’s Scarborough (a 10 per cent deposit at $78,200) and Nollamara (a 20 per cent deposit at $79,000). 

Tasmania’s Kingston featured with a 10 per cent deposit at $63,050, alongside Glenorchy (a 20 per cent deposit at $96,000); Northern Territory’s Ludmilla (a 10 per cent deposit at $56,200) and Bakewell (a 20 per cent deposit at $93,200); as well as the ACT’s Phillip (a 10 per cent deposit at $56,650).

Speaking on the findings, Aussie chief executive of distribution Brad Cramb said: “With rising property prices and recent changes to lending criteria from APRA creating some concerns around housing affordability, we wanted to show homebuyers that there are still opportunities to get into the property market if you expand your suburb search and adapt your thinking around how you might structure your home loan.

“You don’t always need to have a 20 per cent deposit to buy a home. There are 5 per cent and 10 per cent home loan options where you can have a guarantor, access government support such as the First Home Loan Deposit Scheme, or pay LMI, which could form part of your home loan option.”

Mr Cramb added that, according to internal customer data collected between 25 October 2020 and 25 October 2021, almost 19 per cent of borrowers have secured a home loan with LMI in the past 12 months. 

“In a competitive market it’s important to do your homework, including considering where you might be willing to make compromises, researching suburbs where you could afford to buy a home in, and organising pre-approval,” he commented.

The aggregator has also released a comparison feature on the Suburb Spotter Map that allows users to compare up to three suburbs, as well as the ability to find brokers and book appointments with them.

[Related: Housing affordability down 15.6%: Bluestone]

Aussie reveals map of nation’s more affordable suburbs
mortgagebusiness

Sam Nichols

Sam Nichols is a journalist at The Adviser and Mortgage Business. His reporting has featured in a range of outlets including ABC News, SBS' The Feed, and VICE.

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