The Times Australia
The Times Real Estate

.
The Times Real Estate

.

Tiimely Home - House Price Affordability

  • Written by The Times

In today’s Australian economic climate, purchasing a property is more challenging than ever. According to the latest ANZ/CoreLogic housing affordability report, the national dwelling value-to-rent ratio reached a record high in the September quarter.


When we think about the areas that are near impossible to buy in, a few key suburbs come to mind such as those in Sydney’s eastern suburbs, and up-and-coming South-East Queensland suburbs that have experienced rapid population growth.


But how does median income affect the ease of purchasing a property in a particular suburb? And where are the most affordable places to buy in Australia?


A new study by Tiimely Home has revealed the most affordable suburbs to get onto the property ladder based on income, with the Western Australian town of Inglewood named as the easiest place to save for a house deposit.


The digital lender analyses over 500 suburbs across major Australian cities and towns, comparing the median house price, median weekly household income and stamp duty fees. Using the popular 50/30/20 budgeting rule, they uncovered the suburbs where it takes the least time to save for a 20 per cent deposit on a home and stamp duty.


Inglewood residents, for example, could save for a home deposit and stamp duty after an average of 2.9 years. This is followed by Wagin, also in Western Australia and Coonamble in New South Wales where saving time extends to around 3.8 and 4.1 years, respectively. 



(Veronica Foreman, Tiimely Home’s Lead Broker)

Veronica Foreman, Tiimely Home’s Lead Broker, highlights the long-term commitment to saving for a home and shares to expedite the journey to homeownership.

“House prices tend to reflect local income levels, as wages and economic opportunities shape borrowing capacity,” Foreman explains. “For example, in Inglewood, the most affordable suburb for purchasing a house, it still requires nearly 3 years of savings to secure a deposit. In areas like Vaucluse and Bellevue Hill, even with higher incomes, it could take up to 67 years to save for a house deposit and stamp duty if dedicating 20 per cent of income each week - not very realistic for most of us!”

“The current market is particularly challenging, especially for first-home buyers, with the Reserve Bank of Australia recently deciding to hold interest rates steady, impacting affordability further,” she adds.

“That’s why people must do their research to secure the most competitive rates. At Tiimely Home, we have a range of flexible loan products suitable for first-time homebuyers, investors and those looking to refinance.” 

“Some of the most affordable areas are in rural locations, which may fall outside normal lending policies. However, at Tiimely Home, our in-house broker team specialise in navigating these exceptions, ensuring you have access to the support you need,” Foreman said. 

The Top Ten Most Affordable Areas to Buy a House, Based on Income


State

Suburb

Median House Price (AUD)

Weekly Median Household Income

(AUD)

Stamp Duty

(AUD)

Weeks to Save for 20% Deposit

Weeks to Save for Deposit + Stamp Duty

WA

Inglewood

300,000

2,031

8,000

148

152

WA

Wagin

210,000

1,073

2,160

196

198

NSW

Coonamble

247,500

1,231

17,235

201

215

TAS

Zeehan

217,500

951

2,175

229

231

SA

Whyalla Jenkins

500,000

1,970

12,175

254

260

SA

Mil-Lel

600,000

2,238

20,175

268

277

SA

Crompton

600,000

2,150

20,175

279

288

NT

Gunn

700,000

2,485

21,000

282

290

NT

Durack

700,000

2,471

21,000

283

292

NT

Rosebery

700,000

2,397

21,000

293

301


To view the full dataset, click on this link.

Inglewood, Western Australia


The most affordable place to buy a house in Australia based on income is Inglewood. This suburb is five kilometres northeast of Perth’s CBD making housing more expensive, but relatively cost-effective compared with other inner-city suburbs, at an average of $300,000.  Median weekly income sits at $2,031, meaning it would take approximately 152 weeks to save for a house deposit and stamp duty.

Wagin, Western Australia


The rural town of Wagin, in the Wheatbelt region of Western Australia, is known for its agricultural heritage and a slower-paced, community-oriented lifestyle. With a low stamp duty fee of approximately $2,160 and a low median house price of $210,000, the cheapest on the list, it would take around 198 weeks, or 3.8 years, to save for a 20 per cent house deposit and stamp duty.

Coonamble, New South Wales 


Coonamble, Dubbo, is the only place in New South Wales to feature in the top ten most affordable locations to buy a house nationwide. Due to the town’s economic reliance on agriculture and lower median income, borrowing power may be impacted, explaining why median house prices are lower. Due to its slightly higher median house prices and more expensive stamp duty fees than Inglewood and Wagin, it would take residents approximately 215 weeks to get onto the property ladder.

Zeehan, Tasmania


On Tasmania’s west coast is the small rural town of Zeehan where it would take residents approximately 231 weeks to save for a deposit and stamp duty, based on income. Despite having the lowest weekly median household income of $951, Tasmania has some of the lowest stamp duty fees in the country, meaning it would take approximately 231 weeks to save for a house deposit and stamp duty.

Whyalla Jenkins, South Australia


The first South Australian feature is Whyalla Jenkins, the first location where house prices reach $500,000. The median house prices to median incomes ratio suggests strong housing affordability, taking residents approximately 260 weeks, or five years, to save for a house deposit and stamp duty.

Mil-Lel, South Australia


In Mil-Lel, a northern suburb of Mount Gambier in South Australia, it would take residents roughly 277 weeks or 5.3 years, to save for a house deposit and stamp duty. Despite the median house price being $100,000 more than Whyalla Jenkins, the median weekly household income is also higher. However, the stamp duty fees are also higher meaning it would take residents here approximately 17 more weeks to get onto the property ladder compared with Whyalla Jenkins.

Crompton, South Australia


Crompton, South Australia, has a median house price of $600,000, significantly lower than in many other parts of the state. With a slightly lower median weekly household income than Mil-Lel, it would take residents approximately 277 weeks to save for a house deposit and stamp duty.

Gunn, Northern Territory


The most affordable suburb in the Northern Territory is Gunn. A suburb in Palmerston, Gunn has a relatively affordable housing market with a median house price of $700,000. With a weekly median household income of $2,485, it would take residents approximately 290 weeks, or 5.6 years, to save for a house deposit and stamp duty.

Durack, Northern Territory 


Durack in a neighbouring Palmerston suburb, takes approximately two weeks longer than Gunn to save for a house deposit and stamp duty, thanks to its slightly lower weekly median household income.

Rosebery, Northern Territory


The Palmerston suburb of Rosebery also has an average median house price of $700,000. Combining this with an average weekly median income of $2,397, and $21,000 in stamp duty fees, it would take residents approximately 301 weeks to break into the housing market.

Property Times

Brisbane Homeowners Warned: Non-Compliant Flexible Hoses Pose High Flood Risk

As a homeowner in Brisbane, when you think of the potential for flood damage to your home, you probably think of weather events. But you should know that there may be a ticking time bomb, ready to inflict tens of thousands of dollars in damage, ...

Building A Strong Foundation For Any Structure

Building a home or commercial building can be very exciting. The possibilities are endless and the future is interesting. You can always change aspects of the building to meet the unique needs of your family or business. Nevertheless, you have to go ...

How Plastering Companies Are Transforming Commercial Spaces in Australia

With the competitive nature of business today, first impressions are very crucial. From offices and retail stores to hotels and restaurants, what's inside a commercial facility can influence how clients, employees, and customers see a company. Of a...

Why You Need an Expert Electrician for Your Business’s Electrical Upgrades and Repairs

When it comes to maintaining and upgrading your business’s electrical systems, it’s essential to call in a professional. Electrical work in any commercial setting requires the expertise of a qualified electrician in Newcastle. Whether you're planni...

The Times Features

Itinerary to Maximize Your Two-Week Adventure in Vietnam and Cambodia

Two weeks may not seem like much, but it’s just the right time for travelers to explore the best of Vietnam and Cambodia. From the bustling streets of Hanoi to the magnificent te...

How to Protect Your Garden Trees from Wind Damage in Australia

In Australia's expansive landscape, garden trees hold noteworthy significance. They not only enhance the aesthetic appeal of our homes but also play an integral role in the local...

Brisbane Homeowners Warned: Non-Compliant Flexible Hoses Pose High Flood Risk

As a homeowner in Brisbane, when you think of the potential for flood damage to your home, you probably think of weather events. But you should know that there may be a tickin...

Argan Oil-Infused Moroccanoil Shampoo: Nourish and Revitalize Your Hair

Are you ready to transform your hair from dull and lifeless to vibrant and full of life? Look no further than the luxurious embrace of Argan Oil-Infused Moroccanoil Shampoo! In a...

Building A Strong Foundation For Any Structure

Building a home or commercial building can be very exciting. The possibilities are endless and the future is interesting. You can always change aspects of the building to meet the ...

The Role of a Family Dentist: Why Every Household Needs One

source A family dentist isn’t like your regular dentist who may specialise in a particular age group and whom you visit only when something goes wrong. A family dentist takes proa...

Times Magazine

"Eternal Nurture" by Cara Barilla: A Timeless Collection of Wisdom and Healing

Renowned Sydney-born author and educator Cara Barilla has released her latest book, Eternal Nurture, a profound collection of inspirational quotes designed to support mindfulness, emotional healing, and personal growth. With a deep commitment to ...

How AI-Driven SEO Enhancements Can Improve Headless CMS Content Visibility

Whereas SEO (search engine optimization) is critical in the digital landscape for making connections to content, much of it is still done manually keyword research, metatags, final tweaks at publication requiring a human element that takes extensiv...

Crypto Expert John Fenga Reveals How Blockchain is Revolutionising Charity

One of the most persistent challenges in the charity sector is trust. Donors often wonder whether their contributions are being used effectively or if overhead costs consume a significant portion. Traditional fundraising methods can be opaque, with...

Navigating Parenting Arrangements in Australia: A Legal Guide for Parents

Understanding Parenting Arrangements in Australia. Child custody disputes are often one of the most emotionally charged aspects of separation or divorce. Parents naturally want what is best for their children, but the legal process of determining ...

Blocky Adventures: A Minecraft Movie Celebration for Your Wrist

The Minecraft movie is almost here—and it’s time to get excited! With the film set to hit theaters on April 4, 2025, fans have a brand-new reason to celebrate. To honor the upcoming blockbuster, watchfaces.co has released a special Minecraft-inspir...

The Ultimate Guide to Apple Watch Faces & Trending Wallpapers

In today’s digital world, personalization is everything. Your smartwatch isn’t just a timepiece—it’s an extension of your style. Thanks to innovative third-party developers, customizing your Apple Watch has reached new heights with stunning designs...

LayBy Shopping