Inglewood identified by Tiimely Home as Australia’s most affordable suburb based on income

A highly sought-after Perth suburb has emerged as the easiest area in Australia to get onto the property ladder.

A new study by Tiimely Home has identified Inglewood as the nation’s most affordable suburb to buy a house based on income.

The study analysed more than 500 suburbs across Australia, comparing the median house price, median weekly household income and stamp duty fees and used the 50/30/20 budgeting rule to determine the most affordable areas.

Despite Inglewood’s prime location just five kilometres from the CBD, homebuyers could save for a 20 per cent house deposit in less than three years.

Another WA town, Wagin, was crowned the second most affordable area, with it taking only 196 weeks to save enough for a deposit on a home in the area.

In comparison, Australia’s least affordable suburb for homebuyers, Vaucluse in Sydney, would take homebuyers 67 years to save for a 20 per cent deposit.

Tiimely Home’s Lead Broker, Veronica Foreman, acknowledged no matter what area, saving for a deposit is difficult.

“House prices tend to reflect local income levels, as wages and economic opportunities shape borrowing capacity,” Foreman said.

“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!”

She encouraged people to do their research before settling on a home loan.

TOP 10 MOST AFFORDABLE AREAS TO BUY A HOUSE BASED ON INCOME (According to Tiimely Homes)

1. Inglewood, WA

2. Wagin, WA

3. Coonamble, NSW

4. Zeehan, TAS

5. Whyalla Jenkins, South Australia

6. Mil Lel, South Australia

7. Compton, South Australia

8. Gunn, NT

9. Durack, NT

10. Rosebery, NT