Glenalta, in the southern foothills, has been revealed as Adelaide’s most affordable and liveable suburb in the second edition of the People’s Choice of Housing.
Moving up from second place in the inaugural report six months ago, Glenalta boasts a reasonably affordable media house price of $495,000 – only slightly higher than the overall Adelaide median of $478,000 – along with the third-highest liveability score of the 335 suburbs ranked.
Nearby suburbs also fared well, People’s Choice Chief Executive Officer Steve Laidlaw said.
“The inner southern suburbs of Clapham and Lower Mitcham both came out in the top 10 thanks to their lifestyle factors. Clapham offers a more affordable median house price of $623,500 but both have the essentials for good liveability: they are safe, they are relatively close to the city, they generally have good access to public transport routes and are home to stable communities,” Mr Laidlaw said.
“Lower Mitcham’s median house price of $800,500 pushes it down our ranks on affordability, but if it is within budget, the suburb’s liveability fundamentals point in the right direction.”
Adelaide’s north-east again features highly with Redwood Park, Athelstone, Paradise and Modbury North all in the top 10, thanks to a blend of affordability and public transport. And there remains a lot of value both north and south of the city, with Direk, Hove and Hallett Cove also rating well.
Providing a unique look at the real estate market, the People’s Choice of Housing rates suburbs based on affordability and liveability. Suburbs are first ranked based on whether a couple on average incomes are likely to be able to get finance for a median-priced home there. If so, the suburb is then judged on liveability factors – including access to a variety of public transport routes, driveability, crime rates, schools, economic prospects and an analysis on how settled the community is.
“We know that buying a home, particularly your first 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 allow them to look beyond the dollars,” Mr Laidlaw said. “After all, a home is about more than a mortgage payment, which is why this report looks beyond affordability.”
The People’s Choice of Housing is conducted every six months and looks at more than 1,500 suburbs and towns across the Adelaide region.
The October issue of the People’s Choice of Housing will be available at https://www.peopleschoicecu.com.au/housing-report from Saturday 19 October, 2019. The next edition will be released in April 2020.
Russell Emmerson | Public Affairs Manager | People's Choice Credit Union
t: 08 8165 8847 | m: 0422 46 3333 |
e: [email protected]
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 [email protected].