Even with the tightest budget, the current property market offers a wealth of choice.
Aussie and CoreLogic have teamed up to uncover the most affordable suburbs in Australia. Here’s what your money can buy on a budget of $ 200,000, $ 400,000 or $ 600,000.
Brisbane
With a median home value of $ 489,832, Brisbane offers plenty of options for buyers on a budget.
Under $ 200,000
If you’re looking for a house, head to Russell Island where it can be possible to pick up a property priced from $ 189,000.
Apartment buyers enjoy more variety in the under-$ 200,000 price range, with eight different suburbs having a median value below $ 200,000 – Kooralbyn ($ 119,909) is the most affordable.
Under $ 400,000
There are many options for houses priced under $ 400,000, including Woodridge ($ 274,352) in the Logan area. However, six suburbs within 20km of the CBD have a median house value below $ 400,000, including Ellen Grove ($ 319,053) and Inala ($ 351,039). Even 10km from the CBD, it’s still possible to buy a house for under $ 400,000 in Rocklea (median value $ 388,491).
Inner ring suburbs are even more budget-friendly for apartment buyers. The top 20cheapest suburbs within 10km of the city centre all have a median value below $ 400,000, ranging from Spring Hill ($ 339,682) to Anerley ($ 377,238).
Under $ 600,000
A budget of $ 600,000 can buy plenty in Brisbane. Four suburbs within 10km of the CBD have median house values below this benchmark including Keperra ($ 531,562) and Everton Park ($ 589,137).
Sydney
With a city-wide median dwelling value of $ 782,473, it’s a challenge to find property priced under $ 200,000 but there are still opportunities for bargain lovers.
Under $ 200,000
Vineyard in the north-west has a median unit value of $ 190,270 though this may apply to niche properties like units dedicated to over-55s.
Under-$ 400,000
This price range offers better prospects for budget buying. Nineteen Sydney suburbs have a median apartment value below $ 400,000, with Fairfield and Campbelltown dominating the list.
Buyers who extend their search to the Central Coast have a bit more choice, with five suburbs in the region with median unit values under $ 400,000. You may be able to find apartments in Berkeley Vale priced at around $ 313,000.
Under $ 600,000
The Blacktown area offers a selection of suburbs where the median house value is below $ 600,000. Check out Tregear ($ 437,734), Shalvey ($ 449,584) or Emerton ($ 451,729).
Among Sydney’s inner ring suburbs, that is 10km from the CBD, just two locations offer options below $ 600,000 – Eastlakes where the median unit value is $ 558,791, and Croydon Park, where a budget of $ 578,000 could secure an apartment.
Melbourne
The median home value across Melbourne is $ 624,425, and while savvy buyers can pay much less, if your budget is below $ 200,000 you may need to save a little longer.
Under $ 400,000
One Melbourne suburb – Melton, has a median house value of $ 389,190, though there is a wealth of options for apartment buyers.
The city’s 20 cheapest suburbs for apartments all have median values below $ 400,000. Topping the list is Junction Village in the Casey area (median value $ 303,505) or take a look at Bacchus Marsh ($ 318,393) and Albion ($ 320,234).
It can even be possible to buy a unit within 10km of the city centre and still have change from $ 400,000. Head to Carlton, Travancore and Flemington for some serious buying power.
Under $ 600,000
Within 20km of the CBD, 18 of the 20 cheapest suburbs for houses all have median values below $ 600,000, with many located in the Hume region. The most affordable neighbourhoods are Coolaroo ($ 453,602) and Campbellfield ($ 476,636).
Just 10km from the CBD, locations such as Moonee Ponds, Ascot Vale and Essendon all have median unit values below $ 600,000. Or head to Coburg, where a budget of $ 523,000 could secure an apartment.
Canberra
Canberra’s median dwelling value is $ 595,212 making it tough to find homes priced below $ 200,000. But stretch your budget a little further and home buying options expand considerably.
Under $ 400,000
Canberra offers a good selection of suburbs with values below $ 400,000. For houses head to Taylor (median value $ 364,270). It may even be possible to pick up a house at the lower end of Belconnen’s market for around $ 368,000.
Unit buyers are spoilt for choice with 19 of Canberra’s 20 cheapest suburbs for units all having a median value below $ 400,000. Most affordable is Chifley ($ 327,506) ranging through to Dickson ($ 398,245).
Under $ 600,000
Canberra buyers can still pick up houses for under-$ 600,000. Located just 10km from the city centre, Phillip could be an option for house hunters with a median house value of $ 447,000.
Great news for unit buyers – the 20 most affordable suburbs for apartments situated 10km from the heart of Canberra all have median values below $ 430,000. Neighbourhoods worth a look could be Braddon ($ 423,544), Bruce ($ 425,783) and Weston ($ 428,365).
Hobart
Hobart may be enjoying rising home values but the city is giving both house and apartment buyers plenty of bang for their buck.
Under $ 200,000
Good news for buyers on a tight budget, it can still be possible to buy a house for under-$ 200,000. Head to the Brighton region, where at the lower end of the market, houses in Herdsmans Cove have a median value of around $ 196,000, or for apartments, a budget of $ 197,000 could let you buy in Bridgewater.
Under $ 400,000
Buyers with a budget up to $ 400,000 have a feast of options in Hobart. Just 10km from the CBD, the cheapest suburb for houses are Risdon Vale (median value $ 261,661) and Clarendon Vale ($ 271,897). Or for units within 10km of the CBD, take a look at Glenorchy ($ 265,594) and Moonah ($ 309,066).
Under $ 600,000
With a city-wide median dwelling value of $ 464,168, it’s no problem to find homes priced below $ 600,000 in Hobart. In this price range, the most affordable suburb for houses is Rosetta (median value $ 410,771). Or, for apartments, Mount Stuart has a median value of $ 400,409.
Adelaide
Adelaide’s median dwelling value of $ 462,990 is giving bargain hunters plenty of joy.
Under $ 200,000
The city’s cheapest suburb for housing is Elizabeth North, where a budget of $ 167,000 could make you a house owner. For apartments, Salisbury, located within 20km of the CBD, has a median unit value of $ 187,819.
Under $ 400,000
In this price bracket, there is no shortage of affordable suburbs. Close to the CBD, Port Adelaide dominates for bargain buying, with the suburb of Wingfield coming up trumps with the lowest median house value of $ 290,237. Kilburn, trumps the list of affordable locations for apartments with a median value of $ 252,436.
Under $ 600,000
As a guide to Adelaide’s affordability, all the most affordable suburbs within 10km of the city centre have median values below $ 600,000. For houses, Croydon Park, Mitchell Park and Lightsview each have a median value of around $ 460,000. In the apartment market, Camden Park and Mitchell Park both have median values of around $ 303,000.
Perth
With a median home value of $ 442,716, Perth buyers have a generous choice of affordable suburbs.
Under $ 200,000
In Armadale, apartment buyers can pick up a unit for around $ 174,000. Savvy buyers may even be able be able to buy a unit for under $ 200,000 in Greenfields or Waikiki.
Under $ 400,000
This price range offers plenty of affordable choices. Head to Westminster where the median house value is $ 366,534. For apartment buyers, all of Perth’s 20 most affordable suburbs within 10km of the city centre have a median value below $ 400,000 – the cheapest being Glendalough in Stirling ($ 227,835).
Under $ 600,000
18 of Perth’s 20 most affordable suburbs for houses within 10km of the CBD have median values between $ 400,000 and $ 600,000, with Belmont offering a good selection of budget-friendly locations – the cheapest of which is Cloverdale with a median house value of $ 411,563.
Darwin
The Top End capital is now the most affordable state capital in Australia with a median dwelling value of $ 400,316. While no suburbs have median values below $ 200,000, the Palmerston area offers plenty of affordability hot spots.
Under $ 400,000
In this price range, it’s possible to pick up a house the Darwin suburb of Karama, where the median house value is $ 372,356.
If it’s an apartment you’re interested in, rest assured across all the suburbs within 10km of the city centre have a median value under $ 400,000 – even sought-after Fannie Bay ($ 350,867).
Under $ 600,000
Darwin’s improved affordability means there are nine suburbs within 10km of the CBD where median house values are below $ 600,000. Cheapest is Alawa ($ 404,218), followed by Moil ($ 430,580) and Millner ($ 455,216).
Take a closer look at Aussie’s Most Affordable Suburbs report, then speak to your local Aussie Broker about the home loan that’s right for you.
You may also be interested in Queensland’s most affordable suburbs, Victoria’s most affordable suburbs and Best suburbs for affordability in Tasmania.
