Despite escalating interest rates and a surge in living expenses, select Australian neighbourhoods still offer prospective buyers a chance to secure budget-friendly deals.
Canstar’s Report on Top Economical Suburbs has spotlighted the least expensive yet potential-rich areas for homebuyers and investors to purchase property in 2023.
The most affordable capital city suburbs
Here are the most affordable suburbs in the Aussie capitals and the median price for either a unit or a house.
Brisbane:
- Annerley (unit) – $456,000
- Bellmere (house) – $555,000
- Bethania (house) – $510,000
- Crestmead (house) – $515,000
- East Brisbane (unit) – $515,000
- Goodna (house) – $465,000
- Raceview (house) – $480,000
- Slacks Creek (house) – $535,000
- West End (unit) – $580,000
- Woolloongabba (unit) – $510,000
Sydney:
- Bradbury (house) – $765,000
- Burwood (unit) – $900,000
- Gymea (unit) – $820,000
- Lurnea (house) – $885,000
- Mascot (unit) – $850,000
- Minto (house) – $855,000
- Mount Druitt (house) – $915,000
- Rooty Hill (house) – $850,000
- Rosemeadow (house) – $775,000
- Stanmore (unit) – $820,000
Canberra:
- Belconnen (house) – $595,000
- Belconnen (unit) – $495,000
- Bruce (unit) – $460,000
- Canberra City (unit) – $715,000
- Charnwood (house) – $610,000
- Turner (unit) – $640,000
Melbourne:
- Diggers Rest (house) – $645,000
- Epping (house) – $680,000
- Kalkallo (house) – $620,000
- Kensington (unit) – $560,000
- Meadow Heights (house) – $580,000
- Melbourne CBD (unit) – $430,000
- Mickleham (house) – $660,000
- Richmond (unit) – $640,000
- Sunbury (house) – $650,000
- Tarneit (house) – $650,00
Hobart:
- Bridgewater (house) – $485,000
- Chigwell (house) – $530,000
- New Norfolk (house) – $470,000
- Risdon Vale (house) – $460,000
- Rokeby (house) – $540,000
Adelaide:
- Brahma Lodge (house) – $415,000
- Davoren Park (house) – $295,000
- Elizabeth Vale (house) – $390,000
- Evanston Gardens (house) – $400,000
- Hackham (house) – $460,000
- Morphett Vale (house) – $505,000
- Munno Para (house) – $370,000
- Reynella (house) – $510,000
- Rosewater (house) $525,000
- Salisbury (house) – $460,000
Perth:
- Armadale (house) – $300,000
- Cannington (house) – $435,000
- Golden Bay (house) – $430,000
- Kelmscott (house) – $370,000
- Merriwa (house) – $425,000
- Midland (house) – $360,000
- Nollamara (house) – $435,000
- Parmelia (house) – $340,000
- Warnbro (house) – $420,000
- Westminster (house) – $410,000
Darwin:
- Darwin City (unit) – $445,000
- Gray (house) – $410,000
- Larrakeyah (unit) – $420,000
- Moulden (house) – $390,000
- Woodroffe (house) – $440,000
Next steps
If you are looking to get into the property market, make your first step and obligation free chat with your broker at Morbanx. Your Morbanx mortgage broker will help you determine your borrowing power, sift through hundreds of loans to find you the most suitable options and guide you through the application process.