Cheap and Cheerful
There are still plenty of options for buyers seeking something cheap and cheerful, according to analysis of markets with properties priced below $500,000.
Analysis by APIM shows buyers can still secure something for less than $500,000 in outer metropolitan suburbs and regional areas for houses, while there are many more units or apartments closer to the CBD for less than that.
For house markets, it highlights Gawler in Adelaide ($402,022), Forest Hill in the Lockyer Valley outside Brisbane ($411,797), Bridgewater in Hobart ($417,572) Medina in Perth ($422,402), Woodroffe in Darwin ($424,700) and Melton in Greater Melbourne ($468,766).
Domain’s First-Home Buyer Report 2024 says Greater Brisbane locations in the Cleveland and Stradbroke and Ipswich areas are affordable. It says these areas in particular appeal to first-home buyers as it does not take as long to save a 20% deposit to purchase there.
Real Estate Institute of Queensland CEO Antonia Mercorella says while there are some affordable pockets in the southeast there is still a critical gap in the affordable end of the market. And she says this is spreading to the regional markets as well.
REA Group figures show there are 56 suburbs in Perth that have a median unit price below $500,000.
While in Tasmania, Launceston still has some very affordable suburbs including East Launceston, $475,000, South Launceston, $380,000, West Launceston, $440,000, and Launceston CBD, $406,500.
