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Affordable housing has become a primary concern for many first home buyers and property owners in Australia, with around 1 million property owners suffering from mortgage stress in January 2018. This encapsulates around 30% of households in Australia. The unpredictability in the housing market is also exacerbated by meagre wage growth and high levels of household debt.
However, the secret to purchasing affordable homes may not always be asking for a pay rise, nor reducing your weekly expenses, but where you choose to call home. Research shows that Sydney and Melbourne apartment prices could reduce by 5-10% this year and there are other regional suburbs with affordable housing and meaningful infrastructure projects in progress.
Here’s a list of affordable postcodes and the median price of their properties:
1. Whyalla Stuart (5608): $72,000
2. Hughenden (4821): $100,000
3. Broken Hill (2880): $100,000
4. Kooralbyn (4285): $124,000
5. Charters Towers City (4820): $127,500
6. North Albury (2640): $130,000
7. Moree (2400): $133,000
8. Queenton (4820): $140,000
9. Ingham (4850): $155,000
10. Portland (3305): $158,000
11. Maryborough (4650): $159,750
(Information provided by Smart Property Investment as of 09-05-2018)
According to Homestar Finance’s servicing policy all the suburbs mentioned above are acceptable security location postcodes! To refinance or purchase an affordable property at a low rate, enquire with Homestar Finance today.
We are also offering a $900 Cashback Deal with an interest rate of only 3.54% and a comparison rate of 3.58%. This home loan also comes with a free redraw facility and offset account. However, this deal is for a limited time only. Take a step closer to finding cheap mortgage solutions by contacting Homestar Finance.