Survey reveals affordable property aplenty within the major Australian cities.

The ‘NAB RP Data Where to Buy Under $500,000 Report’ demonstrates that homebuyers still have many options when it comes to low-cost property purchases across Australia. Currently over 1,200 suburbs across Australian capital cities have a median house price below $500,000.

NAB Personal Banking’s General Manager of Mortgages, Steven Shaw said: “With this research showing there are still a significant number of affordable properties nationally, it indicates property ownership in our major cities is more achievable for Australians than previously perceived.

“This report provides valuable information which prospective homebuyers can tap into to assist in making an informed decision, whether they are a first home buyer, upgrader or investor,” Mr Shaw said.

Key findings from the research report revealed that nationally Adelaide was the mainland capital city with the most buys available for under $500,000.

Yet buyers shouldn’t rule out Brisbane or Melbourne, which have pockets close to the city where affordable houses are abundant (west and north in Melbourne and south in Brisbane).

Inner city units in Darwin and Canberra presented the best yields when considering quality of properties and proximity to the Central Business District (CBD).

Results in other cities included Perth, where the report found the best areas to buy a house were either in the south or east.

Within Sydney prospective homebuyers are presented with a significant opportunity to purchase units for under $500,000 in the Central Business District (CBD). However there are few houses to be bought within the CBD.

Cameron Kusher rpdata.com Senior Research Analyst said: “With property making a comeback as we approach the traditionally popular Spring buying season, the market conditions present great opportunities to snare a bargain, especially with the first home buyer boost still in place and for investors who will be attracted to low vacancy rates and strong yields.

“In addition, home values in Australia’s mortgage belts, which are the prime first home buyer markets, were flat or falling between 2004-2007. In 2009 we have seen a reversal of these fortunes which is good news for the market after many years of price declines, particularly within Sydney,” Mr Kusher said.

NAB is offering full access to a free online copy of the ‘NAB RP Data Where to Buy Under $500,000 Report’ for anyone who has an appointment with a NAB home loan expert by 31 October 2009.

Sydney

• Despite being the most expensive market for property in Australia there are still significant opportunities for purchasing homes and units for under $500,&nbsp000.
• According to the report, suburbs to buy houses for under $500,000 are Granville, Guildford, Toongabbie, Lidcombe and Sutherland.
• The five best suburbs to buy units for under $500, 000 are Ultimo, Rushcutters Bay, Potts Point, Chippendale and Crows Nest.
• As a proportion of the total market, Sydney has the greatest number of suburbs with a median house price below $500,000 with 298 suburbs or almost a quarter of all suburbs within all other Australian capital cities.
• Interestingly the NAB Home Loan Consumer Survey in turn looked into Australian’s perceptions of the property market had over a quarter of respondents from NSW (26%) predict the west as their pick for highest growth in housing prices over the next 12 months followed by the inner city (18%), north (17%), east (8%) and south (8%).

Brisbane

• Inner city units in Brisbane present the best yields when considering quality of product and proximity to desirable amenities including the CBD.
• According to the report, the best five suburbs to buy houses for under $500,000 are Zillmere, Banyo, Keperra, Coopers Plains and Salisbury.
• The five best suburbs to buy units for under $500,000 are Wooloowin, Nundah, Windsor, Spring Hill and East Brisbane.
• As of June 2009 the median house price in Brisbane was $458,748 whereas the median for units was $327,982.
• The city has 212 suburbs with house prices below $500,000 and 177 suburbs with unit prices coming under this amount.
• The report also revealed that houses – south or north/north-west can be purchased with relative close proximity to the city for under $500,000 whereas in the inner city, east or west little is available close to the Central Business District (CBD) or desirable facilities.

Melbourne

• Although the Local Government Areas (LGAs), which dominate the overall list of most affordable suburbs, are generally in the outer areas of the city, there are 11 suburbs with a median unit or house price below $500,000 within a ten-kilometre radius of the CBD. Unsurprisingly, none of these suburbs are found to the south of the city with all located either north or west of the Central Business District (CBD).
• According to the report the best suburbs to purchase a house under $500,000 in Melbourne are Werribee, Fawkner, Reservoir, Preston and Seddon.
• The best suburbs to purchase a unit under $500,000 in Melbourne are Carlton, Fairfield, Flemington, Thornbury and Abbotsford.
• Across Greater Melbourne there are 501 suburbs with median prices of either houses or units below $500,000.