Looking to buy in a bridesmaid suburb?
A little term has been bandied around a lot recently as home prices continue rising in many metropolitan and regional areas – bridesmaid suburbs.
But what exactly is a bridesmaid suburb and why does it matter to home buyers and investors in the current market?
What is a bridesmaid suburb?
Australia has some pretty well-known bride suburbs. These are the places many people aspire to live in for their amenities, architecture, and feel.
Bride suburbs are often the ones that pop up in the headlines and come with a hefty price tag for the properties within them.
In Sydney, places like Point Piper, Darling Point, Vaucluse and much of the eastern beaches are considered bride suburbs, as are many of the suburbs on the North Shore and the inner west.
Surrounding these suburbs are what’s known as bridesmaid suburbs, which often come with similar amenities and convenience but a price tag that’s a fraction of the cost.
That makes them a great option for home buyers and investors who are looking to take the next step on the property ladder.
And in the process, there could be an opportunity for some serious capital gain.
Bride suburbs around Australia
Australia’s bride suburbs often come with a great location, some extra amenities and a touch of tradition.
For example, last year CoreLogic released their report on the Best of the Best for 2020, and some very familiar names graced the list of suburbs with the highest median home value.
Suburbs with the highest median value in Australia by capital
- Sydney – Point Piper, with a median house value of $7,063,773
- Melbourne – Toorak, with a median house value of $4,008,852
- Brisbane – Teneriffe, with a median house value of $1,859,323
- Adelaide – Unley Park, with a median house value of $1,397,758
- Perth – Peppermint Grove, with a median house value of $2,417,712
- Hobart – Battery Point, with a median house value of $1,183,751
- Darwin – Lyons, with a median house value of $720,580
- Canberra – Forrest, with a median house value of $3,125,457
Regional suburbs with the highest median house value by state
- NSW – Ewingsdale (Richmond Tweed) with a median house value of $2,340,462
- VIC – Lorne (Geelong), with a median house value of $1,308,784
- QLD – Surfers Paradise (Gold Coast), with a median house value of $1,707,260
- SA – Cockatoo Valley (Barossa Yorke), with a median house of $608,499
- WA – Eagle Bay (Bunbury), with a median house value of $1,331,746
- Tas – Kettering (South East), with a median house value of $676,065
- NT – Desert Springs (Outback), with a median house value of $545,594
The benefits of a bridesmaid suburb
Bridesmaid suburbs may not have the rank and prestige of their high-performing neighbours, but they do benefit from the ripple effect of demand and rising house prices.
As more and more people are priced out of the bride suburbs, bridesmaid regions rapidly gain popularity which can result in significant capital gain.
Let’s take Sydney for example where Bondi commands the higher prices, but Maroubra offers similar amenities, it’s just a little further afield.
Realestate.com.au notes the current median house price for Bondi is $3,461,000, but in Maroubra it is $2,383,890.
Neither of those price brackets are small, but there’s more than a million-dollar saving to be enjoyed in Maroubra.
Move away from the beach a little and there are even further savings to be enjoyed.
How to find a bridesmaid suburb
Finding a bridesmaid suburb involves looking at the most desirable suburbs in your area, and then examining the suburbs around them.
The art lies in purchasing in these areas before the ripple effect kicks in. In major metropolitan capitals like Sydney and Melbourne, most of the city suburbs are now considered brides due to their high price brackets.
That means you need to look a little further afield.
The good news is, with working from home now the norm and people appreciating the value of lifestyle, more and more bridesmaid suburbs are currently emerging.
Looking for a property?
If you’re considering buying a property, you can view the current list of properties we have for sale here. You can also talk to our expert agents about what specific trends are occurring in various markets.
Meanwhile, if you’re considering selling your property, why not chat with one our friendly Eview agents on 1300 438 439 to organise an appraisal and understand the state of play in your area?
