Research reveals Australia’s top 20 family housing markets

If you are seeking a place to purchase a family home in a residential area with well-performing schools nearby, then this list of Australia’s top 20 family housing markets may assist in your search.

For many Aussie families, the dream of a house in the suburbs where you can put down roots, get to know your neighbours and send the kids to a good school endures. Finding a home that ticks these boxes can be challenging, but recent research commissioned by online lender Well Home Loans attempts to narrow the search down, with a list of ‘family suburbs’ that meet certain criteria which may be appealing to Aussie homebuyers chasing the suburban dream.

What is a family suburb?

According to Well Home Loans, there are five key indicators of what makes a family suburb:

• The median house sale price is between $200,000 and $1,500,000.
• At least 70% of residents in the area are owner-occupiers.
• At least 60% of dwellings in the local area are freestanding houses.
• At least 60% of the local population is made up of ‘family households’, or dwellings with at least 2.5 people.
• The Socio-Economic Indexes for Areas (SEIFA) education and occupation score for the area is at least 6, putting the area in the top half of the country for educational and occupational status.

How were the top 20 family suburbs decided?

CEO of Well Home Loans, Scott Spender, said the list of suburbs was based on the presumption that “families want to live in suburbs that have lots of other families to socialise with, a high share of owner-occupiers to provide stability and good schools to educate their children.”

He told Canstar that the suburbs on the list are affordable, with 14 of them having a median house price of under $1 million, and spread widely across the country, with 13 metropolitan and seven regional housing markets across all but one of the nation’s eight states and territories.

After being assessed according to the above five factors, the suburbs were then ranked based on NAPLAN results for schools in the wider area. This means the list has a particular focus on suburbs that might be good places to raise and educate children.

It is worth noting that the data does not take into account the potential for capital growth. While the suburbs on the list are “good places for typical families to live right now”, the report notes this does not necessarily mean they are likely to experience strong price growth in future.

What are the top 20 family suburbs right now?

According to Well Home Loans’ research, the top 20 family suburbs in Australia right now are:

1. Horningsea Park, Sydney, NSW – median price $853,000
2. Marlow Lagoon, Darwin, NT – median price $700,000
3. Blair Athol, Sydney, NSW – median price $893,000
4. New Lambton Heights, Newcastle, NSW – median price $972,000
5. Dingley Village, Melbourne, VIC – median price $1,030,000
6. Gelorup, Bunbury, WA – median price $550,000
7. Tascott, Central Coast, NSW – median price $880,000
8. Glenmore Park, Sydney, NSW – median price $885,000
9. Mount Hawthorn, Perth, WA – Median price $979,000
10. Harkaway, Melbourne, VIC – median price $1,060,000
11. Mysterton, Townsville, QLD – median price $415,000
12. One Tree Hill, Adelaide, SA – median price $752,000
13. Vale Park, Adelaide, SA – median price $863,500
14. The Basin, Melbourne, VIC – median price $803,000
15. Bulleen, Melbourne, VIC – median price $1,300,000
16. Bentleigh East, Melbourne, VIC – median price $1,401,000
17. Mount Lofty, Toowoomba, QLD – median price $535,000
18. Speewah, near Cairns, QLD – median price $649,000
19. Bonogin, Gold Coast hinterland, QLD – median price $1,090,000
20. Hackett, Canberra, ACT – median price $1,250,000

What should you consider when buying a home?

There are many reasons you might purchase a home – whether you are seeking an area with the right lifestyle factors for your stage of life, or to purchase an investment. If you are looking for a home in an area that might experience strong capital growth, Canstar’s recent inaugural Rising Stars Report ranks eight capital city markets and six major regional areas based on their potential for capital growth. You may also be interested to know how property prices have performed in each capital city this past year.

If you are seeking a family home, Well Home Loans’ above list may provide a guide to areas with well-performing schools and high socio-economic indicators, but Mr Spencer cautioned against relying solely on this ranking when making buying decisions. “While this ranking is really helpful, it’s not the only thing to consider when buying a home. You and your family should do your research and seek professional advice,” he said.

Cover image source: Syda Productions/Shutterstock.com