Commissioned by Well Money, the research began by considering every suburb in Australia, before filtering out all those that weren’t 'family suburbs'.
To be considered a 'family suburb', five key indicators needed to be met:
- It has a median sale price between $200,000 and $1.5 million
- Owner-occupiers make up at least 70% of the population
- 60% of houses are freestanding
- At least 60% of households are families
- It has a SEIFA education and occupation score of at least six
Having a SEIFA score of at least six puts the suburb in the top half of the country for 'educational and occupational status' according to the Australian Bureau of Statistics (ABS).
The suburbs on the top 20 list were spread around South Australia, 6; Victoria, 4; New South Wales, 3; Tasmania, 3; Queensland, 2; and Western Australia, 2.
More than half the suburbs had a median house price under the $1 million mark.
Well Money CEO Scott Spencer said home ownership is still a realistic goal for many families despite the housing affordability crisis.
“Even though very few of us live on a quarter-acre block these days, most of us still want a house with a yard where we can host barbecues and play with the kids,” Mr Spencer said.
“There’s no doubt it can be tough for families on average incomes to buy into a family-friendly suburb in a capital city. That said, it’s not impossible, as the data in this report makes clear.
“Families should take heart from the downturn in property prices we’re currently seeing in many parts of the country, because that reduces the deposit hurdle.”
The top 20 family-friendly suburbs to buy a home
Below are the top 20 suburbs picked through Well Money’s research based on the five criteria mentioned, and inventory levels over the past three months.
The inventory level is the amount of time it would take to sell all the houses in a particular location, if houses kept selling at the current rate and no more houses were added to the market.
1. Otago, TAS
The median sale price in this suburb is $995,000 with an 89% owner occupier population; 98% freestanding house share; November inventory level is 8.4 months; and a SEIFA education score of seven.
The average household weekly income is $1,937.
2. Seaford Heights, SA
The median sale price is $570,000 with an average weekly household income of $2,170; 89% owner occupier population; 98% freestanding house share; and a SEIFA education score of nine.
The November inventory level is 7.5 months.
3. Kinglake West, VIC
The median house price in Kinglake West is $930,000. The population is 90% owner-occupied; 99% freestanding houses; November inventory level is 7.2 months; and has a weekly average income of $1,950.
This suburb has a SEIFA education score of six.
4. Wonga Park, VIC
The median sale price in this suburb is $1,390,000. Owner occupiers make up 93% of the population; November inventory level is 3.9 months; and 100% of houses are freestanding.
Wonga Park has a SEIFA education score of nine and an average household weekly income of $2,790.
5. Tea Tree Gully, SA
The median house price is $652,284 with an average household weekly income of $1,607.
The suburb is made up of 84% owner occupiers; 90% freestanding houses; and November inventory level is 4.4 months. The SEIFA education score is seven.
6. One Tree Hill, SA
The median sale price is $899,000 with an average weekly household income of $2,317; 91% owner occupier population; 100% freestanding house share; and a SEIFA education score of seven.
The November inventory level is 6.6 months.
7. Banjup, WA
The median sale price is $1,300,000 with a population made up of 86% owner occupiers; 99% freestanding houses; and the November inventory level is 7.6 months.
The average household weekly income is $2,507 and the SEIFA education score for this suburb is eight.
8. Netherby, SA
The median house price in Netherby is $1,242,000 with an average weekly household income of $2,537.
The suburb has 83% owner-occupied households; 65% freestanding houses; and the November inventory level is 3.5 months. It has a SEIFA education score of 10.
9. Westbourne Park, SA
The median sale price in this suburb is $1,009,400 with an average household weekly income of $2,164.
Owner occupiers make up 76% of the population; 71% of houses are freestanding; and the November inventory level is 3.6 months. The SEIFA education score for Westbourne Park is 10.
10. Bullaburra, NSW
The median house price in Bullaburra is $863,550 with an average weekly household income of $1,765.
Owner occupiers make up 85% of the population; 98% of houses are freestanding; the November inventory level is 4.2 months; and it has a SEIFA education score of nine.
11. Seventeen Mile Rocks, QLD
The median sale price in this suburb is $851,400 with an 79% owner occupier population; 93% freestanding house share; November inventory level is 2.9 months; and a SEIFA education score of 10.
The average household weekly income is $2,617.
12. Stirling, SA
The median house price in Stirling is $1.28 million. The population is 84% owner-occupied; 94% freestanding houses; November inventory level is 2.9 months; and has a weekly average income of $2,368.
This suburb has a SEIFA education score of 10.
13. Bungarribee, NSW
The median sale price is $1,245,000 with an average weekly household income of $2,928.
The owner-occupied share of the population is 82%; freestanding houses make up 98% of the suburb; November inventory level is 3.8 months; and it has a SEIFA education score of nine.
14. Valley Heights, NSW
The median sale price is $880,000 with an average weekly household income of $2,144; 88% owner occupier population; 97% freestanding house share; and a SEIFA education score of nine.
The November inventory level is 6.0 months.
15. North Warrandyte, VIC
Another suburb over $1 million, the median house price in North Warrandyte is just over $1.2 million.
The suburb is 93% owner-occupied; 100% freestanding houses; November inventory level is 3.2 months; and has a SEIFA education score of 10. The average household weekly income is $2,766.
16. Carine, WA
The median house price is $999,606 with an average household weekly income of $2,442.
The suburb is made up of 88% owner occupiers; 86% freestanding houses; and the November inventory level is 3.7 months. The SEIFA education score is 10.
17. New Gisborne, VIC
The median sale price in this suburb is $831,497 with an 87% owner occupier population; 97% freestanding house share; November inventory level is 3.4 months; and a SEIFA education score of nine.
The average household weekly income is $2,279.
18. Upper Kedron, QLD
The median house price in Upper Kedron is just over $1 million with an average weekly household income of $2,980.
Freestanding houses make up 100% of the suburb; 72% of houses are owner-occupied; and the November inventory level is 2.8 months. Its SEIFA education score is 10.
19. Blackmans Bay, TAS
The median sale price is $875,000 with an average weekly household income of $1,806; 77% owner occupier population; 93% freestanding house share; and a SEIFA education score of eight.
The November inventory level is 2.6 months.
20. Howden, TAS
The median house price in Howden is $1,350,000 with an average weekly household income of $2,324.
Owner occupiers make up 91% of the population; 100% of houses are freestanding; the November inventory level is 3.6 months; and it has a SEIFA education score of 10.
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