Despite high property prices, tight inventory levels and rising interest rates, people looking to upgrade their homes to something bigger are still able to find good opportunities, according to new research.
According to Property Credit, upsizers looking for a four-bedroom home in one of Australia’s larger cities can still find properties for under $2 million in locations that offer upside potential.
Belair, in the southeastern foothills of Adelaide, at the base of the Mount Lofty Ranges in South Australia, offers the best opportunity for upsizers.
With a median price of $997,500, the area offers a great lifestyle at an affordable price, according to the research.
In Sydney, Berowra Heights and Hornsby Heights stand out, with median prices between $1.3 and $1.5 million, which offer exceptional value for the Harbour City.
Kareela, Barden Ridge, Bella Vista, Como, Lugarno, Westleigh and Berowra all made it onto the list in NSW.
In Melbourne, Eltham North requires a starting budget of $1.15 million and also offers a combination of great lifestyle features and a reasonable price for a four-bedroom home.
Lysterfield, Dingley Village, Rowville and Aspendale Gardens were all also good options for upsizers with a budget of about $1 million.
In Brisbane, Tarragindi was named the best option for upsizers, with a starting budget of $1.25 million.
Mount Crosby, Seventeen Mile Rocks, Brookfield, Chapel Hill, and Cornubia all offered great value across Queensland with a median price of under $1.5 million.
Perth residents have a range of choices including Roleystone and Woodvale, both featuring starting budgets well under $1 million.
While Canberra boasts several suburbs, like Curtin and Hughes, with growth potential and starting budgets under $1.5 million, which make sense for those looking to upsize.
Property Credit Chief Executive Officer Giordano Stepancic said the list of homes was a “game-changer” for families ready to upsize.
“We’re cutting through the noise to give you clear, actionable advice on which suburbs offer the best opportunities for a bigger, better home,” Mr Stepancic said.
Mr Stepancic said the list of homes was a great starting point for people to find local communities that are great for families.
“It’s not just about bigger homes; it’s about finding communities where families can flourish, both socially and financially,” he said.