Where can young Aussies reach their ‘elusive’ home ownership dreams?
Aspiring home owners are heading to the outskirts of major cities where government assistance is easiest to get.
A new white paper from the LJ Hooker Group has revealed no less than 273 suburbs across Australia where prices are still comfortably below the threshold of federal and state first home buyer schemes.
The catch? The majority of these suburbs are in the outer rings of cities where jobs are scarce and long commutes are a mainstay.
“For many Australians, especially young people, the dream of home ownership has become increasingly elusive,” said Mathew Tiller, head of research at LJ Hooker.
“Owning a home is deeply entrenched in the national psyche, representing long-term economic security and a pathway to financial prosperity,” said Tiller.
For young Australians who still cleave to their dreams of home ownership, all hope is not lost.
“No matter where you are – whether regional or in a capital city – there are suburbs that meet the criteria to get first home buyer assistance,” Tiller said.
“Even in the Sydney region, you can still buy a house and while it may be further out or on the Central Coast, these tend to be suburbs with new housing development.”
In NSW – where two first home buyer schemes operate, to help mitigate the effect of the state’s infamous property prices – freestanding homes can still be purchased in Sydney for under $650,000.
Mount Victoria, a Blue Mountains suburb on the westernmost fringe of Sydney, has a median sale price of $640,000. The beachside suburb of San Remo on the Central Coast is another affordable option, while Willmot in the Blacktown area of Western Sydney has a median sale price of $647,000.
For those willing to forgo a backyard, apartments can be purchased in Wiley Park, Cabramatta and Harris Park for under $450,000. Even the inner-city suburb of Newtown offers possibilities to young home owners, with apartments selling for $735,000.
Down in Victoria, the most affordable suburbs for detached houses are Melton, Dallas and Brookfield, where the median house price ranges from the high-$400,000s to the mid-$500,000s.
In a surprising turn of events, the inner Melbourne suburb of Carlton is the cheapest in the city for apartments, with a median sale price of just $335,000.
Meanwhile in Brisbane, first home buyers with an eye for a bargain may need to consider a sea change, with Russell Island and Macleay Island offering the lowest median house prices.
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