New research by Aussie and Corelogic lifts the lid on Australia’s most affordable suburbs.
Exceptional value can often be found in unexpected places, and a new report from Aussie/CoreLogic entitled Most affordable suburbs for housing reveals the hot spots for value right across Australia. Could your home town be among them?
Australia’s cheapest suburbs
Not surprisingly, regional areas account for the majority of Australia’s most affordable neighbourhoods, many with median values that city dwellers can only dream of.
Mount Magnet in outback Western Australia takes the title of the nation’s cheapest suburb with a median house value of just $37,497.
Rosebery on the rugged west coast of Tasmania, takes the gong for affordable apartments, with a median unit value of $66,108.
Fortunately, you don’t have to head off the beaten track to enjoy bargain buying. Let’s take a trip around Australia’s state capitals to discover where even a super-tight budget could buy a home.
Buyers who are prepared to hit the M1 Pacific Motorway can find a generous serve of value just outside Sydney on the Central Coast. San Remo offers the lowest house prices, with a median value of $422,557.
Back in Sydney itself, the Blacktown area dominates the list of affordable suburbs, with Tregear (median house price of $437,734), Shalvey ($449,584) and Emerton ($451,729) all allowing buyers to purchase a home and get change from $500,000.
The south-west growth corridor offers plenty of affordability for apartment buyers. Carramar, in the Fairfield area, is one of the cheapest, with a median unit value of $334,653.
Among the inner ring suburbs, the cheapest suburb for houses is Turella in Rockdale (median value of $1.032 million). And to the south of the CBD, Eastlakes nails the affordability challenge with a median apartment value of $558,791.
Across Canberra, only one suburb has a median house value below $400,000. That distinction goes to Taylor where a budget of $365,000 could secure a home. Give the budget an uptick to $500,000 and the choice of affordable suburbs extends to Belconnen, Phillip, Charnwood, Holt and Richardson.
When it comes to apartments, Canberra offers a far wider range of affordable suburbs. The cheapest is Chifley, with a median unit value of $327,506, however 19 of the 20 most affordable suburbs each have a median unit value under $400,000.
Melton, a 50-minute drive north-west of the CBD, tops the leaderboard of Melbourne’s cheapest suburbs, with a median house value of $389,190.
Apartment buyers looking for bargains are spoilt for choice. The cheapest neighbourhood is Junction Village, about an hour’s drive from the CBD, where the median unit value is $303,505. But even 10km out from the city centre there is an abundance of suburbs with median apartment values under $450,000 including Carlton ($329,228), Footscray ($415,862) and Kingsville ($420,856).
The title of Brisbane’s most affordable suburb for houses goes to Russell Island, with a median value of $214,991. Among the suburbs 10km out from the CBD, the cheapest neighbourhood is Rocklea ($388,491).
Budget buying is easier in the apartment market, with all 20 of the city’s cheapest suburbs for units having a median value below $250,000. Topping the list is Kooralbyn, where a budget of just $120,000 could get you into the market.
Tassie’s state capital has enjoyed big value gains in the past few years, but Hobart still offers plenty of affordable buying.
The city’s cheapest neighbourhood for houses is Gagebrook, with a median house price of $217,278– a value that has skyrocketed 21.3% over last year.
For apartment buyers, Bridgewater tops the list of most affordable suburbs, with a median value of just $227,020.
Adelaide is one of Australia’s cheapest capital cities to buy a home, and bargain hunters can head to the Playford region in the north for extra value. Elizabeth North is Adelaide’s cheapest suburb for houses with a median house value of $166,870.
A little closer to the CBD, Salisbury comes up trumps for the most affordable apartments, where it can be possible to buy a unit and get change from $190,000.
Perth is packed with affordability right now. If you’re in the market for a house, the good news is that 19 of the city’s most affordable suburbs have median house values below $300,000. Topping the list is Medina ($232,639).
In the apartment market, the Armadale region offers plenty of value buying, with Armadale itself coming up trumps for the lowest prices, with a median unit value of $173,679.
Darwin’s satellite city of Palmerston offers more affordable property prices than Darwin proper. Cheapest for houses is Moulden with a median value of $303,522. Bakewell, also in Palmerston, tops the most affordable locations for units, with a median value of $230,317.
The cheapest suburbs within a 10km range of the Darwin CBD are Alawa (median house value of $404,218) and Marrara, where a budget of $243,000 could buy an apartment.
In a market packed with bargains, now could be the time to upgrade. Speak with your local Aussie Broker to find the home loan that’s right for your needs. Or to read the full Aussie/CoreLogic report, click here.
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