Latest news with #NeridaConisbee
Yahoo
11 hours ago
- Business
- Yahoo
15 leafy suburbs young Aussies can afford
The dream of living in a blue-chip suburb is still in reach for younger Australians if they're willing to trade in a house for a unit, fresh data from real estate titan Ray White has revealed. While house prices remain at astronomical levels across much of the country's prime real estate, the gap in price between houses and units is wide enough in a host of up-market suburbs to make unit living affordable for first-home buyers. In Melbourne's iconic Hawthorn South, characterised by its vast patchwork of cafes, restaurants, heritage-listed buildings and elegant park spaces, median house prices are at $2.48m, but units are priced at $560,368, a massive $1.92m difference in cost. In Sydney's Homebush, which sits adjacent to the iconic Sydney Markets and Bicentennial Park, houses are priced at $2.24m, while units are priced at $677,393, for a $1.56m gap. Brisbane's riverside Hamilton, adorned with swanky Queenslanders and opulent modernist structures, houses go for $2.26m while units are listed at $717,358. Ray White chief economist Nerida Conisbee told NewsWire apartments offered Australians in their 20s and 30s a chance to live in suburbs with 'better amenity' as houses move beyond reach. 'To get an apartment, you might be closer to good retail precincts, better public transport, closer to your work,' she said. 'Also potentially to family and friends. I think this is one of the challenges a lot of younger people have. 'They may have grown up in an area but when they are looking to buy now, it's really expensive, but in some areas, there are definitely apartments available at a much more affordable price.' Ms Conisbee added solving Australia's affordability crisis would entail a greater shift to apartment living, even as builders continue to pump out four-bedroom homes that exceed the size of many emerging families. 'Australia is very unusual globally in that we have incredibly low densities,' she said. 'If you have a look at every other major city and even much smaller cities, they do have very high levels of high densities. 'We can't provide affordable housing in areas that have incredible amenity if we stick to the big homes in the future.' Every major city shows savings of at least $500,000 with an apartment buy over a house. In Adelaide's Walkerville, a tree-lined inner-north suburb, houses sit at $1.6m, while units are going for $604,328, a saving of nearly a million dollars. In Perth's beachside Mosman Park, houses are priced at $2.51m, while units are priced at $551,561, a near $2m difference. In Darwin's Larrakeyah, houses are $1.45m while units are $440,907. In Canberra's Reid, houses are $2.19m, while units are $617,050. Queensland's glittery Gold Coast, however, shows a smaller gap between house and unit prices compared to other major cities. In Southport, houses are $1.05m, while units are $637,051, for a $410,669 gap. Regional cities in popular coastal locations also present substantial gaps between house and unit prices. In the Sunshine Coast's Buderim suburb, which borders the Maroochydore and Mooloolaba beaches north of Brisbane, houses are priced at $1.3m, while units are going for $732,921. In Port Douglas, a Coral Sea town in Queensland's far north that faces out to the Great Barrier Reef, houses are listed at $1.71m, while units are $490,372. Error in retrieving data Sign in to access your portfolio Error in retrieving data
Perth Now
11 hours ago
- Business
- Perth Now
15 leafy suburbs young Aussies can afford
The dream of living in a blue-chip suburb is still in reach for younger Australians if they're willing to trade in a house for a unit, fresh data from real estate titan Ray White has revealed. While house prices remain at astronomical levels across much of the country's prime real estate, the gap in price between houses and units is wide enough in a host of up-market suburbs to make unit living affordable for first-home buyers. In Melbourne's iconic Hawthorn South, characterised by its vast patchwork of cafes, restaurants, heritage-listed buildings and elegant park spaces, median house prices are at $2.48m, but units are priced at $560,368, a massive $1.92m difference in cost. In Sydney's Homebush, which sits adjacent to the iconic Sydney Markets and Bicentennial Park, houses are priced at $2.24m, while units are priced at $677,393, for a $1.56m gap. Brisbane's riverside Hamilton, adorned with swanky Queenslanders and opulent modernist structures, houses go for $2.26m while units are listed at $717,358. 15 Blue Chip Suburbs for First Home Buyers Ray White chief economist Nerida Conisbee told NewsWire apartments offered Australians in their 20s and 30s a chance to live in suburbs with 'better amenity' as houses move beyond reach. 'To get an apartment, you might be closer to good retail precincts, better public transport, closer to your work,' she said. 'Also potentially to family and friends. I think this is one of the challenges a lot of younger people have. 'They may have grown up in an area but when they are looking to buy now, it's really expensive, but in some areas, there are definitely apartments available at a much more affordable price.' Ms Conisbee added solving Australia's affordability crisis would entail a greater shift to apartment living, even as builders continue to pump out four-bedroom homes that exceed the size of many emerging families. 'Australia is very unusual globally in that we have incredibly low densities,' she said. There's a massive gap in median house and unit prices for Melbourne's tram-lined Hawthorn suburb. Supplied Credit: Supplied 'If you have a look at every other major city and even much smaller cities, they do have very high levels of high densities. 'We can't provide affordable housing in areas that have incredible amenity if we stick to the big homes in the future.' Every major city shows savings of at least $500,000 with an apartment buy over a house. In Adelaide's Walkerville, a tree-lined inner-north suburb, houses sit at $1.6m, while units are going for $604,328, a saving of nearly a million dollars. In Perth's beachside Mosman Park, houses are priced at $2.51m, while units are priced at $551,561, a near $2m difference. In Darwin's Larrakeyah, houses are $1.45m while units are $440,907. Ray White chief economist Nerida Conisbee says the kind of up-market amenity in leafy city suburbs are still within reach for first-home buyers. Supplied Credit: Supplied In Canberra's Reid, houses are $2.19m, while units are $617,050. Queensland's glittery Gold Coast, however, shows a smaller gap between house and unit prices compared to other major cities. In Southport, houses are $1.05m, while units are $637,051, for a $410,669 gap. Regional cities in popular coastal locations also present substantial gaps between house and unit prices. In the Sunshine Coast's Buderim suburb, which borders the Maroochydore and Mooloolaba beaches north of Brisbane, houses are priced at $1.3m, while units are going for $732,921. In Port Douglas, a Coral Sea town in Queensland's far north that faces out to the Great Barrier Reef, houses are listed at $1.71m, while units are $490,372.
News.com.au
11 hours ago
- Business
- News.com.au
Ray White data reveals house-unit price difference in 15 blue chip suburbs
The dream of living in a blue-chip suburb is still in reach for younger Australians if they're willing to trade in a house for a unit, fresh data from real estate titan Ray White has revealed. While house prices remain at astronomical levels across much of the country's prime real estate, the gap in price between houses and units is wide enough in a host of up-market suburbs to make unit living affordable for first-home buyers. In Melbourne's iconic Hawthorn South, characterised by its vast patchwork of cafes, restaurants, heritage-listed buildings and elegant park spaces, median house prices are at $2.48m, but units are priced at $560,368, a massive $1.92m difference in cost. In Sydney's Homebush, which sits adjacent to the iconic Sydney Markets and Bicentennial Park, houses are priced at $2.24m, while units are priced at $677,393, for a $1.56m gap. Brisbane's riverside Hamilton, adorned with swanky Queenslanders and opulent modernist structures, houses go for $2.26m while units are listed at $717,358. Ray White chief economist Nerida Conisbee told NewsWire apartments offered Australians in their 20s and 30s a chance to live in suburbs with 'better amenity' as houses move beyond reach. 'To get an apartment, you might be closer to good retail precincts, better public transport, closer to your work,' she said. 'Also potentially to family and friends. I think this is one of the challenges a lot of younger people have. 'They may have grown up in an area but when they are looking to buy now, it's really expensive, but in some areas, there are definitely apartments available at a much more affordable price.' Ms Conisbee added solving Australia's affordability crisis would entail a greater shift to apartment living, even as builders continue to pump out four-bedroom homes that exceed the size of many emerging families. 'Australia is very unusual globally in that we have incredibly low densities,' she said. 'If you have a look at every other major city and even much smaller cities, they do have very high levels of high densities. 'We can't provide affordable housing in areas that have incredible amenity if we stick to the big homes in the future.' Every major city shows savings of at least $500,000 with an apartment buy over a house. In Adelaide's Walkerville, a tree-lined inner-north suburb, houses sit at $1.6m, while units are going for $604,328, a saving of nearly a million dollars. In Perth's beachside Mosman Park, houses are priced at $2.51m, while units are priced at $551,561, a near $2m difference. In Darwin's Larrakeyah, houses are $1.45m while units are $440,907. In Canberra's Reid, houses are $2.19m, while units are $617,050. Queensland's glittery Gold Coast, however, shows a smaller gap between house and unit prices compared to other major cities. In Southport, houses are $1.05m, while units are $637,051, for a $410,669 gap. Regional cities in popular coastal locations also present substantial gaps between house and unit prices. In the Sunshine Coast's Buderim suburb, which borders the Maroochydore and Mooloolaba beaches north of Brisbane, houses are priced at $1.3m, while units are going for $732,921. In Port Douglas, a Coral Sea town in Queensland's far north that faces out to the Great Barrier Reef, houses are listed at $1.71m, while units are $490,372.
News.com.au
4 days ago
- Business
- News.com.au
Melbourne suburbs where houses remain affordable for buyers
Stretching the budget from a unit to a house makes sense for a savvy buyer in suburbs where the difference can be less than the cost of a new car. New Ray White data reveals areas such as Doveton, Melton South and Hampton Park East, the gap between the median price for houses and units is as little as $58,000, opening the door for buyers to set their sight on a full-sized home. Ray White chief economist Nerida Conisbee said the figures challenge the belief that units were always the most affordable entry point. 'In some parts of Melbourne, houses are still very achievable,' she said. 'If the gap is small, and you're planning to stay for the long term, stretching for a house can be a very smart move.' Buyers were often surprised to find just how close house prices were to units in outer suburbs, Ms Conisbee said. 'It's not everywhere, but where that gap is narrow, it's absolutely worth looking at houses instead.' In Doveton, the median unit price sits at $487,500, compared to $545,000 for a house, a difference of just $57,500. Houses were within reach in Melton South, a gap of $62,500, Hampton Park East, $72,500, Werribee, $90,000, and Craigieburn, $110,000. Ni Advocacy buyers advocate Kevin Ni said home prices was forcing buyers to rethink old assumptions and location was no longer the only driver to get in to the market. 'When you're looking at a $60,000 difference, and you get more land, privacy, and long-term growth potential, it's worth stretching for the house,' Mr Ni said. 'We're seeing some buyers turn away from units altogether in suburbs like these, especially with help from parents or the first home guarantee.' Mr Ni said that while many younger buyers were drawn to units in inner suburbs for lifestyle, families and second-time buyers were increasingly seeking value on the fringe. 'People are getting smarter about trade-offs. They're prioritising land and growth over postcode prestige.' Independent economist Cameron Kusher said the price gap between houses and units remained relatively modest in some growth areas. 'In blue-chip areas, houses have skyrocketed and units haven't kept pace,' Mr Kusher said. 'But in the outer suburbs, that hasn't happened to the same extent which is why we're seeing more buyers opt for houses if the numbers stack up.' While units would always have a place in Melbourne's housing mix, Mr Kusher said first-home buyers were increasingly running the maths. 'Where the price gap is narrow, and lifestyle needs allow, it's a no-brainer, go for the house.'
Sydney Morning Herald
7 days ago
- Business
- Sydney Morning Herald
‘Tremendous growth': Melbourne's prestige suburbs outperforming the rest
Prestige middle suburbs with leafy streets, good schools nearby and a strong community feel have boosted demand in Melbourne's property market, helping these areas outperform many inner-city neighbourhoods in price growth. Among Melbourne suburbs that have a median house price above $2 million, Balwyn North recorded the highest growth in median house price across a five-year period to the end of March. It climbed 26.4 per cent to reach a median of $2.25 million, according to Domain data. It was followed closely by neighbouring Surrey Hills, which grew 26.3 per cent to a median of $2,195,000. Rounding out the top five were Eaglemont (24.5 per cent), Hampton (24.4 per cent) and Black Rock (23.8 per cent). Despite this growth, Ray White group chief economist Nerida Conisbee said Melbourne's prestige property sector has lagged other states. 'Luxury suburbs in some places like Perth have seen three or four times that rate of growth. South-east Queensland is quite similar. So even though Melbourne has seen growth, it's fairly lacklustre at the top end,' she said. 'Melbourne lost quite a few people to other parts of the country ... South-east Queensland in particular was the key beneficiary of population movement particularly amongst wealthier Melburnians.' Still, middle-ring suburbs such as Balwyn North and Eaglemont have outshone inner-city postcodes including South Yarra and Brighton. 'Places like Balwyn, North Hawthorn, East Camberwell, Hawthorn all have really good access to some of Melbourne's best schools,' Conisbee said.
