Most affordable suburbs in WA, SA and Queensland are named
While property prices have remained buoyant throughout most of the country despite the run of interest rate rises, a new report has highlighted some of Australia’s most affordable suburbs.
New PropTrack data showed some suburbs bucked the trend when it came to price growth, with some home prices falling by more than 10% over the past 12 months.
The affordable locations are expected to draw plenty of interest from investors looking to pinpoint places to buy.
The suburbs with the lowest house price growth over the past year included Tasmania’s Carlton where home prices dropped 13.3% year-on-year, NSW’s Mullumbimby, which fell by 11.9%, and Kurrajong Heights which was 11.3% lower.
Property bargains near and far
However, according to the data, the most affordable suburb in Australia is Rangeway, in Western Australia’s outback, which recorded a median home value of $174,000, while Elizabeth North in South Australia was the most affordable of the capital cities, with the median home value for a house sitting at $368,000.
The most affordable suburbs nationally include the Northern Territory’s Moulden with a median value of $369,000 and Tasmania’s Gagebrook with a median home value of $373,000.
The affordable housing data will be welcomed by buyers following September news that housing affordability is at its worst level in at least three decades.
10 most affordable suburbs - national combined capital cities
|
Rank |
Suburb |
State |
Current home value |
|---|---|---|---|
|
1 |
Elizabeth North |
SA |
$368,000 |
|
2 |
Moulden |
NT |
$369,000 |
|
3 |
Gagebrook |
TAS |
$373,000 |
|
4 |
Gray |
NT |
$384,000 |
|
5 |
Mandurah |
WA |
$387,000 |
|
6 |
Medina |
WA |
$389,000 |
|
7 |
Herdsmans Cove |
TAS |
$396,000 |
|
8 |
Smithfield Plains |
SA |
$401,000 |
|
9 |
Toogoolawah |
QLD |
$402,000 |
|
10 |
Koongamia |
WA |
$403,000 |
Source: PropTrack
Houses for sale under $400,000
PropTrack economist Anne Flaherty (pictured above) said Australia’s most affordable suburbs – based on suburbs with the lowest median house value – can be found across a diverse range of states, capital city and regional areas.
“For houses, the most affordable suburbs are primarily located across Western Australia, Queensland, and South Australia,” Flaherty said.
“While remote locations such as outback areas dominate the list of affordable suburbs, there are a number of capital city areas where it’s possible to buy a house for under $400,000.
“The most affordable pockets across capital city areas include Perth’s south eastern suburbs, Adelaide’s northern suburbs, and greater Darwin.”
10 lowest price growth suburbs – national combined capital cities
|
Rank |
Suburb |
State |
Current home value |
Year-on-year % change |
|
1 |
Carlton |
TAS |
$594,000 |
-13.3% |
|
2 |
Dodges Ferry |
TAS |
$590,000 |
-13.0% |
|
3 |
Sorell |
TAS |
$632,000 |
-12.0% |
|
4 |
Primrose Sands |
TAS |
$480,000 |
-11.6% |
|
5 |
Kurrajong Heights |
NSW |
$953,000 |
-11.3% |
|
6 |
Richmond |
TAS |
$888,000 |
-10.1% |
|
7 |
Rosetta |
TAS |
$640,000 |
-10.1% |
|
8 |
Moonah |
TAS |
$592,000 |
-9.8% |
|
9 |
Montrose |
TAS |
$585,000 |
-9.6% |
|
10 |
West Hobart |
TAS |
$920,000 |
-9.5% |
Source: PropTrack
Following this latest report it should come as no surprise to property buyers that this month’s PropTrack Market Insight report found 36% of Australian homes are cheaper to buy than rent, with Queensland, Tasmania and Western Australia once again offering the highest proportion of homes where would-be buyers should take the plunge
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