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Westpac has released a list of the 10 most popular suburbs across each capital city, with an accompanying ‘hidden gem suburb’ detailed for each.
The hidden gem suburb is a neighbouring suburb that offers a more affordable median house price.
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General manager of retail banking at Westpac, Gai McGrath, said buyers can find real value by simply considering a suburb that is just a stone’s throw away from their first preference.
“If you wanted to buy a house in the third most popular suburb in Sydney, Baulkham Hills, you could consider travelling just eight kilometres away to Seven Hills where the average house price is 34 per cent cheaper,” Ms McGrath said.
“You’d still be in the booming north west of Sydney, but you could own your home 18 years and five months sooner and save $435,028 in both purchase price and interest repayments over time,” she added.
Melbourne’s Cranbourne North offers a median house value discount of 26.2 per cent on nearby Berwick, while Brisbane’s Tingalpa offers a discount of 32.8 per cent on the more popular Carindale.
Other hidden gems include Perth’s Thornlie, with a median house value 31.1 per cent lower than Canning Vale, and Adelaide’s Dry Creek, where house values are 43.3 per cent lower than nearby Mawson Lakes.
Westpac’s Hidden Gem Suburbs report was compiled in partnership with RP Data and realestate.com.au, while the 10 most popular suburbs are based on search results from the realestate.com.au website.
