Want affordable housing? Head to Minto or Frankston North

author-avatar By on December 17, 2020
Want affordable housing? Head to Minto or Frankston North

Property analytics group Archistar has released a report into the most affordable suburbs, featuring Minto in Sydney and Frankston North in Melbourne.

Former NRL player Jarryd Hayne is from Minto, and there have been two serial killers who struck in Frankston, so home buyers will be in with some pretty good company.

Archistar's 'First Home Buyer Affordability Index' report measures home loan repayments as a proportion of average weekly earnings.

The overall index has fallen to just 72.57 (lower index equals more affordable), the lowest ever score since the index was pegged at 100 in 2007. 

However, to find affordable suburbs in the capital cities, you're going to have to be a bit creative with your locations, with Minto and Frankston being just some of the colourful suburbs, claiming median house prices of $662,500 and $440,000 respectively.

Buying a home or looking to refinance? The table below features home loans with some of the lowest fixed interest rates on the market for owner occupiers.

Advertised rate Comparison rate Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

FixedMore details

Fixed Rate OO P&I - 2 Years

FixedMore details

Basic Home Loan Fixed (Principal and Interest) (LVR < 70%) 3 Years

FixedMore details

Owner Occupier Fixed 2 year (LVR < 60%) (Principal and Interest)

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. Rates correct as of October 27, 2021. View disclaimer.


In Sydney, home buyers searching for affordability are looking in suburbs including Bradbury ($595,000), and Campbelltown ($655,000), as well as Minto.

For units, home buyers will see suburbs including Lakemba ($369,999), and Blacktown ($430,000). 

This is less than half the price of the median home value of more than $1.1 million.


In Melbourne, it's a similar story - Melton ($419,000) for houses, and Frankston ($367,500) for units. 

Other affordable housing suburbs include Melton South ($467,514, and Meadow Heights ($475,000).

These prices sit at about half the capital city median of $847,965.


For Brisbane, some of the most affordable suburbs for houses arguably aren't even in Brisbane - Lowood ($265,000), Laidley ($269,000) and East Ipswich ($279,000).

For units, Beenleigh was most affordable, coming in at $235,000.

Admittedly, some of Brisbane's cheapest units are in inner-ring suburbs, including Annerley ($319,000), and Moorooka ($329,500), though this is only slightly below the city-wide unit median of around $348,000.


Adelaide is also spoilt for choice, including Salisbury North ($267,000) on the list of most affordable houses.

One of Australia's worst serial killers, John Bunting (Snowtown), coordinated his murders from his Salisbury North home.


Perth remained relatively affordable compared to other capitals, with a median house price of $548,308.

Orelia came in at $240,000, Medina at $262,000, and Armadale at $265,000.

Will this 'affordability' last forever?

Overall, however, all states reported falls in the index in September: Victoria led with a 6.5% fall. 

NSW remains the least affordable state, with its index trending 9.5% higher than the national benchmark. 

This is generally supported by CoreLogic data that indicates the best-performing suburbs in 2020 were leafy, blue ribbon ones in Sydney, such as Vaucluse, with a median home price of more than $5.3 million.

See Also: Is Australia in a Housing Bubble?

Further, Archistar's chief economist Dr Andrew Wilson said improvements in affordability could be short-lived.

"Lower prices, lower interest rates and higher incomes have all acted to improve affordability to record levels for Australian first home buyers over the September quarter," he said.

"However, with rates set to remain steady for years together with ongoing weak incomes growth and higher house prices, the recent sharp improvements in affordability are likely to be short-lived.”

Photo by Cindy Tang on Unsplash


The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2020. They are (in descending order): Great Southern Bank, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au

Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees and costs savings, such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison is passionate about breaking down complex financial topics for the everyday consumer.


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