What makes Australia’s 10 most affordable regions so enticing?
Acknowledging housing affordability as an increasingly pressing issue, an economist has crunched the numbers to find out where Australians can get the most bang for their buck.
Highlighting that the weighted average Australian median house price increased by 25 per cent to $1,021,710 while median family weekly incomes rose just 5 per cent, PRD chief economist Dr Diaswati Mardiasmo has done a deep dive on Australia’s suburbs to find the “top 10 regional affordable areas 2022”.
Based on five selection criteria (as outlined below), these are the most affordable regions for Australian property purchasers in 2022.
- Whitsunday LGA (Qld)
- Mackay LGA (Qld)
- Toowoomba LGA (Qld)
- Upper Hunter LGA (NSW)
- Wagga Wagga LGA (NSW)
- Griffith City LGA (NSW)
- Northern Grampians LGA (Vic)
- Wodonga City LGA (Vic)
- Greater Bendigo LGA (Vic)
- Central Highlands LGA (Tas)
Dr Mardiasmo has called these locations “roaring regions”, considering them as affordable alternative areas with solid fundamentals for sustainable future growth.
In all of these areas, recorded median house prices remain below $550,000 – a far cry from the weighted average Australian median house price of $1.02 million.
According to the chief economist, regional areas are leading the way when it comes to affordability and liveability, while the Australian dream of property ownership still exists.
She also acknowledged that regional areas became the most attractive option in 2021, with buyers “capitalising on lower median property prices and utilising flexible remote working conditions introduced amidst COVID-19”.
In selecting the top 10 regions for affordability, Dr Mardiasmo used five major pieces of selection criteria, outlined below:
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