Affordable Homes Are Out There There are still locations in every state in Australia where it is possible to buy property for less than $500,000.
Analysis by Ray White shows Broken Hill in NSW has the highest (55.5%) of properties that have sold for less than $500,000 in the past 12 months.
Darwin was next with 45.6% of sales under $500,000.
Ray White Group chief economist Nerida Conisbee says, that while the number of affordable properties has been steadily reducing in the past 20 years, there are still options.
In Perth, 41.3% of all sales were under $500,000, Adelaide 24.9%, Brisbane, 24.1%, and Hobart 20.1%.
The pricier capital cities still had some options with 14.7% of sales in Canberra for less than $500,000, 13.2% in Melbourne and 9.4% in Sydney.
Conisbee says many of these sales were apartments.
“Places where we have seen extremely high levels of apartment development have the most availability of low-priced apartments,” she says.
Conisbee says affordability is better in regional Australia.
