Articles

Where are Australia’s most affordable homes?

Wednesday, October 14, 2020

Everyone wants a property bargain, right? Well, there’s a big difference between a bargain and a home that’s just cheap. For example, Andamooka in South Australia was declared Australia’s cheapest suburb in 2018 – the average house price is just $34,625. The reason why – the town has a population of just 316 people and only one sealed road. So as you’d expect, not much demand in the area, no public transport and limited popular amenities.

Most homebuyers want more than just affordability – whether you’re looking for a home to live in or as a property investment, capital growth potential is also very important and that depends on liveability. As your mortgage broker, we have access to reports containing a wealth of information, from median market values to demographic breakdowns and more. If you are interested in an area or particular property, ask us about access to these.

With this in mind, let’s delve into the most recent Top Affordable Suburbs Report from CoreLogic and see where the real bargains are hiding!

#1 Broken Hill, NSW 2880 (Houses)
Distance to CBD: 930.6km
Median value: $119,156
Annual change in median value: 30.7% (3-year change 47.0%, 5-year change 39.0%)
About: Topping CoreLogic’s list is Broken Hill, a mining town located in the far west outback of New South Wales. It has 37 parks covering nearly 0.5% of total area. The predominant age group is 50-59 years. Households are primarily childless couples and, in general, people work in a professional occupation. Approximately 71.9% of properties are owner-occupied.

#2 Orbost, VIC 3888 (Houses)
Distance to CBD: 308.3km
Median value: $201,502
Annual change in median value: 25.6% (3-year change 25.2%, 5-year change 28.2%)
About: Orbost is a historic tourist town situated in the far east of Victoria. It has 2 parks covering nearly 55.4% of total area. The predominant age group is 60-69 years. Households are primarily childless couples and, in general, residents are in a labourer occupation. Approximately 69.9% of properties are owner-occupied.

#3 Stawell, VIC 3380 (Houses)
Distance to CBD: 210.8km
Median value: $218,501
Annual change in median value: 25.1% (3-year change 24.8%, 5-year change 27.4%)
About: Located west-northwest of Melbourne’s CBD, Stawell is predominantly comprised of people aged 60-69 years and in general, most residents are labourers. Households in Stawell are primarily childless couples. Approximately 69.7% of properties are owner-occupied.

#4 Moranbah, QLD 4744 (Houses)
Distance to CBD: 786.6km
Median value: $238,576
Annual change in median value: 23.9% (3-year change 37.5%, 5-year change 17.1%)
About: Moranbah is a coal mining town located in the east-central of Queensland. This town is predominantly comprised of people aged 0-9 years and 30-39 years. Households are primarily couples with children and most people work in trades. Majority of the properties are tenanted and only around 20% are owner-occupied, however there has been an increasing trend in sold properties in this area in the first half of the year.

#5 Dalby, QLD 4405 (Houses)
Distance to CBD: 177.2km
Median value: $227,846
Annual change in median value: 23.2% (3-year change 15.1%, 5-year change 0.2%)
About: Located just 211km northwest of Brisbane, Dalby has experienced population growth of 3.5% between 2011 and 2016. The main age group is 0-9 years and 10-19 years. Households are primarily couples with children and most residents work in trades. Approximately 59.4% of properties are owner-occupied.

#6 Townsville City, QLD 4810 (Units)
Distance to CBD: 1108.5km
Median value: $391,840
Annual change in median value: 22.8% (3-year change 19.1%, 5-year change 10.8%)
About: Townsville is a coastal city situated in north-eastern Queensland. Townsville City has shown 15% population growth between 2011 and 2016. The main age group is 20-29 years. Households are primarily childless couples and most residents work in a professional occupation. Majority of the properties are tenanted and only around 37% are owner-occupied.

#7 Youngtown, TAS 7249 (Houses)
Distance to CBD: 147.4km
Median value: $390,313
Annual change in median value: 22.3% (3-year change 39.5%, 5-year change 42.6%)
About: Youngtown is a southern suburb of Launceston, Tasmania. It has 9 parks covering nearly 4.6% of total area. The predominant age group is 40-49 years. Households are primarily childless couples and most residents work in a clerical occupation. Approximately 73.1% of properties are owner-occupied.

#8 Notting Hill, VIC 3168 (Units)
Distance to CBD: 13.1km
Median value: $419,649
Annual change in median value: 21.7% (3-year change 16.3%, 5-year change 8.6%)
About: Located in the south-east of Melbourne’s CBD, Notting Hill experienced population growth of 40.7% between 2011 and 2016. The predominant age group is 20-29 years. Households are primarily childless couples and most residents work in a professional occupation. Majority of the properties are tenanted and only around 41% are owner-occupied.

#9 Sale, VIC 3850 (Units)
Distance to CBD: 188.2km
Median value: $222,709
Annual change in median value: 21.7% (3-year change 1.0%, 5-year change 0.0%)
About: Sale is a city situated in the Gippsland region, southeast of Victoria. The city experienced population growth of 3.7% between 2011 and 2016. The predominant age group is 0-9 years and 50-59 years. Households are primarily childless couples and most residents work in a professional occupation. Approximately 63.9% of properties are owner-occupied.

#10 Portland, VIC 3305 (Houses)
Distance to CBD: 274.3km
Median value: $276,164
Annual change in median value: 21.5% (3-year change 37.6%, 5-year change 43.9%)
About: Located in on the southwest coast of Victoria, Portland experienced population growth of 1.2% between 2011 and 2016. The predominant age group is 50-59 years. Households are primarily childless couples and most residents work in trades. Approximately 65.2% of properties are owner-occupied.

If you’d like to know more about any of the suburbs listed, please get in touch. And if you need help with a home loan pre-approval so you can snap up a bargain you find quickly, give me a call. I’m here to help!

Additional Sources:
Top affordable suburbs report