Australia Still Offers Options For Affordable Housing

September 2009

Survey reveals affordable property aplenty within the major Australian cities

Research sponsored by NAB Personal Banking has revealed that many suburban properties within Australian capital cities are still priced under $500,000.

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 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.

About NAB:

NAB are committed to responsible lending practices and acknowledge their obligation to market their products and perform duties responsibly to stay abreast of the expectations of customers and the community.

Strict and sensible criteria is applied to borrowing to ensure that affordable amounts are lent to customers. First and foremost, NAB only seeks to lend money to those customers with the ability to repay ensuring their products are marketed responsibly and provide additional assistance to those customers with financial literacy constraints. Responsible lending is part of NAB’s code of conduct and customer charter.

About NAB Home Loans:

A NAB home loan expert can help customers choose a home loan with options that are right for them. And with CANSTAR CANNEX awarding more NAB home loans their 5 star outstanding value award than any other bank * there are a wide range of home loans to choose from with competitive rates and great features.

* As rated by CANSTAR CANNEX, March 2009, ratings reviewed every 6 months.

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About the NAB RP Data Where to Buy under $500,000 Report:

The report sponsored by NAB analysed where buyers can purchase properties under $500,000 across Australia’s capital city metropolitan areas identifying all suburbs where the median house or unit price is below $500,000 examining their geographic characteristics such as proximity to transport amenity and the city centre.

From this, areas that believe represent the five best opportunities in each state and territory to buy a house or unit for under $500,000, were selected. The best buys selections are based on a wide range of criteria including proximity to the CBD, the value of housing compared to surrounding suburbs, transport amenity, provision of retail facilities, quality of housing offering and unique features of the location. For readers of the report, these selections act as a guide as to where believes the most strategic purchases can be made for under $500,000.

For further information, please contact:

Bree Pollock
Bang PR
M: +61 (0) 414 332 002

Gillian Griffiths
NAB Corporate Affairs
M: +61 (0) 419 667 783

Mitch Koper
M: +61 (0) 417 771 778