Where can I afford to buy a house?

If you're searching for a new home, our calculator can help you quickly narrow down the best postcodes for your budget. Simply enter your loan details and desired state, and our calculator will provide you with a comprehensive list of suburbs, along with their median home price and growth rate. We can help you find a suburb that fits your lifestyle and needs.

 



Figuring out where you can afford to buy a property

Using our calculator, all you need to do is enter a couple details:

  • How much can I borrow? This will give a dollar amount that estimates your borrowing power, which you can then enter into the second section.

  • Where can I buy? Once you put in information about the sort of property you are after, and the state you are looking in, the calculator will present you with a list of suburbs that match your criteria.

It’s also worthwhile looking at our borrowing power calculator for a better look at your income and expenses and how they factor in to how much you can borrow. Our mortgage calculator is also worth using to see how your repayments will factor into your budget.

Another great research tool is InfoChoice’s free property report. You can enter the address of a property and it will automatically generate a comprehensive report, based on price data, local sales history, property history and neighborhood information, among other things. The property report is a great tool for buyers, but can be equally beneficial for sellers who can get a better idea of exactly how much they should be asking for.

What makes certain suburbs more expensive?

There’s quite a few variables that can affect property values in a suburb. Things as simple as the suburb being on a hill, offering great views, can make a substantial difference. These are a few examples of some of the most common.

Proximity to amenities and services

The general rule for location is property becomes more expensive the closer you get to the city centre. It’s also generally good for property values in a suburb if there are easily accessible amenities and services. Schools, shopping centres, parks and public transport all tend to be positive, while being near the beach or river also normally doesn’t hurt.

At the same time, there are certain features of a suburb that often mean discounted property prices. Airports or large industrial areas tend to be a significant negative because of the noise, while prisons or landfills are understandably looked on less than favourably.

Crime rates and social factors

Another factor that can have a big influence on property values is the amount of criminal or anti social behaviour. High crime rates often significantly lower property values: most people are quite keen to avoid having their home burgled or vandalised.

Some areas also might have demographics that put off potential buyers. For example, some suburbs have a higher concentration of share houses and university students. This might put off some older people from living in the area, who could feel a large young adult population is likely to be disruptive and loud.

The economic outlook and employment

Property values are determined by supply and demand, so bustling economic activity in an area tends to increase prices because more people are trying to move there. A large scale project that needs thousands of workers is normally great news for nearby property values. On the other hand, a decline in the economic outlook means residents are more likely to move elsewhere.

What is home loan pre approval?

Some lenders will pre approve you for a home loan up to a certain amount prior to you actually bidding on a specific property. Before you start firing offers off on all the properties you think you can afford, it’s a good idea to consult a couple of lenders beforehand and get a more concrete estimate of your budget.

Our calculator can estimate your borrowing power based on your income, expenses and debts, but if you have pre approval, you can enter an exact figure into ‘Where can I buy’ for a clearer picture of where you should be looking.