For about the same price as a home loan deposit in a capital city, property hunters could buy a house outright in Australia’s cheapest suburbs, the latest data shows.
Affordable properties were among the most hotly contested real estate last year, with high interest rates prompting buyers to look further afield to find a home.
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Rangeway in Geraldton was the nation’s cheapest suburb in 2023. At the end of 2024, values had jumped 48% – the most rapid price growth of all Australian suburbs last year, according to PropTrack data. This three-bedroom Rangeway house sold for $300,000 in December. Picture: realestate.com.au/sold
Strong demand caused prices to boom in some of the cheapest suburbs in the country, especially in the regions where homes are typically more affordable.
In fact, the cheapest suburb in 2023, Rangeway in Western Australia, ended up clocking the fastest house price growth in 2024, with prices jumping an incredible 48% to a still-affordable median value of $267,000 according to PropTrack data.
Similarly, 2023’s cheapest capital city suburb for units, Orelia in Perth’s south, jumped in value by 43% last year, earning a typical buyer who bought in a year ago about $100,000 in equity.
With the potential for that kind of growth, it’s no surprise that investors have been among the most active buyers in affordable suburbs, looking to take advantage of boom-time conditions.
A two-bedroom unit in this building in Orelia in Perth’s south sold for $237,500 last year. Despite prices jumping 43% in 2024, it’s still one of the cheapest suburbs to buy a unit in a capital city. Picture: realestate.com.au/sold
PropTrack senior economist Angus Moore said market conditions were likely to favour affordable areas in the year ahead.
“Affordability is going to continue to be important this year given how challenging it is,” Mr Moore said. “We’ll probably continue to see demand from many buyers for affordable areas.”
“To the extent that continues, we might expect those more affordable parts of the market to continue to outperform.”
Top 10 most affordable suburbs to buy a house
| Suburb | State | Region (SA4) | Median value (AVM) | |
| 1 | Charleville | QLD | Queensland – Outback | $170,000 |
| 2 | Rosebery | TAS | West and North West | $172,000 |
| 3 | Kambalda West | WA | Western Australia – Outback (South) | $190,000 |
| 4 | Collinsville | QLD | Mackay – Isaac – Whitsunday | $190,000 |
| 5 | Cobar | NSW | Far West and Orana | $220,000 |
| 6 | Merredin | WA | Western Australia – Wheat Belt | $227,000 |
| 7 | Broken Hill | NSW | Far West and Orana | $241,000 |
| 8 | Dysart | QLD | Mackay – Isaac – Whitsunday | $243,000 |
| 9 | Port Augusta | SA | South Australia – Outback | $250,000 |
| 10 | Mount Morgan | QLD | Central Queensland | $250,000 |
Despite strong competition for affordable homes pushing up prices last year, there are still plenty of places to find a home for a fraction of Australia’s national median home value of $795,000.
There are even suburbs where a freestanding house could be purchased mortgage-free for a figure that would barely be enough for a 20% deposit on an apartment in a pricey capital.
Charleville was Australia’s cheapest suburb in 2024, with a median house value of $170,000. Picture: Getty
The cheapest suburb in Australia last year was the Queensland town of Charleville, about 750km west of Brisbane.
The median value there was $170,000, based on PropTrack’s automated valuation model (AVM), but a handful of properties traded for even less than that, including one Queenslander which sold for $60,000.
Rosebery, a mining town of about 750 people in western Tasmania, was almost as affordable with a median value of $172,000.
All of the top 10 most affordable suburbs for both houses and units were located in regional Australia, with Queensland offering the most options for bargain-hunters.
Rosebery in Tasmania has some of the most affordable houses in the country. This three-bedroom house on two titles sold for $180,000 last year. Picture: realestate.com.au/sold
Most of the cheapest suburbs for houses were mining towns and quite remote, while many affordable suburbs for units were found within major regional cities.
Top 10 most affordable suburbs to buy a unit
| Suburb | State | Region (SA4) | Median value (AVM) | |
| 1 | South Gladstone | QLD | Central Queensland | $240,000 |
| 2 | Moe | VIC | Latrobe – Gippsland | $254,000 |
| 3 | Hermit Park | QLD | Townsville | $256,000 |
| 4 | Emerald | QLD | Central Queensland | $270,000 |
| 5 | Manunda | QLD | Cairns | $279,000 |
| 6 | Pimlico | QLD | Townsville | $282,000 |
| 7 | Gillen | NT | Northern Territory – Outback | $284,000 |
| 8 | Rosslea | QLD | Townsville | $289,000 |
| 9 | Morwell | VIC | Latrobe – Gippsland | $289,000 |
| 10 | Woree | QLD | Cairns | $291,000 |
South Gladstone was the most affordable suburb for units ($240,000), followed by Moe in Victoria ($254,000) and the Townsville suburb of Hermit Park (256,000).
Mr Moore said the location and demographics of Australia’s most affordable towns and suburbs were major factors behind why property prices in these areas were so affordable.
A two-bedroom unit in this South Gladstone apartment building sold for $195,000 last year. Picture: realestate.com.au/sold
“These tend to be fairly remote or relatively regional areas where land is not as expensive and you don’t see the same demand that you do in capital cities and some larger regional cities and towns,” he said.
“The other factor is these tend to be lower income places as well, so you don’t see the same sort of high income buyers driving house prices that you do in capital cities and some regional areas.”
Top 10 most affordable capital city suburbs to buy a house
| Suburb | State | Region (SA4) | Median value (AVM) | |
| 1 | Russell Island | QLD | Brisbane – East | $381,000 |
| 2 | Gagebrook | TAS | Hobart | $382,000 |
| 3 | Moulden | NT | Darwin | $401,000 |
| 4 | Gray | NT | Darwin | $407,000 |
| 5 | Macleay Island | QLD | Brisbane – East | $417,000 |
| 6 | Bridgewater | TAS | Hobart | $421,000 |
| 7 | Woodroffe | NT | Darwin | $438,000 |
| 8 | Driver | NT | Darwin | $445,000 |
| 9 | New Norfolk | TAS | Hobart | $448,000 |
| 10 | Risdon Vale | TAS | Hobart | $465,000 |
For property seekers focused on an affordable house within a capital city, there are options for less than $465,000, but buyers might need to leave mainland Australia to find the cheapest suburbs.
The least expensive capital city suburb for houses is Russell Island in Queensland, which has a median house value of $381,000.
While it’s technically part of greater Brisbane, it will take over an hour to get there by ferry from Redland Bay in the city’s outer east.
The nation’s fifth most affordable capital city suburb for houses, Macleay Island ($417,000) is nearby and a little closer to the mainland.
Russell Island real estate agent Chris McGregor of Bay Islands Property said most buyers on the island were retired or semi-retired.
“They’re selling a property on the mainland for $1-1.2 million, buying here for $400,000 to $600,000 and living off the rest.”
“We’re starting to see a few younger people come here as well, but it’s a challenge for young people if they need to travel to the mainland every day.”
Bridgewater in Hobart is one of the cheapest capital city suburbs in Australia. Picture: realestate.com.au/sold
Four outer suburbs of Hobart, including Gagebrook ($382,000), Bridgewater ($421,000), New Norfolk ($448,000) and Risdon Vale ($465,000) were also among the most affordable in Australia.
The remaining suburbs in the top 10 were all located in the nation’s least expensive capital, Darwin, clustered around in the city’s Palmerston region, including Moulden ($401,000) and Gray ($407,000).
Top 10 most affordable capital city suburbs to buy a unit
| Suburb | State | Region (SA4) | Median value (AVM) | |
| 1 | Bakewell | NT | Darwin | $302,000 |
| 2 | Driver | NT | Darwin | $303,000 |
| 3 | Millner | NT | Darwin | $322,000 |
| 4 | Rosebery | NT | Darwin | $337,000 |
| 5 | Orelia | WA | Perth – South West | $346,000 |
| 6 | Johnston | NT | Darwin | $355,000 |
| 7 | Travancore | VIC | Melbourne – Inner | $360,000 |
| 8 | Coconut Grove | NT | Darwin | $361,000 |
| 9 | Melton South | VIC | Melbourne – West | $365,000 |
| 10 | Melton | VIC | Melbourne – West | $383,000 |
The list of the cheapest capital city suburbs for units was also dominated by Darwin, the nation’s most affordable capital. But affordable units can also be found in the Melbourne suburbs of Travancore ($360,000), Melton South ($365,000) and Melton ($383,000).
And despite apartment prices rising by 43% in Orelia, it’s still the most affordable suburb for units in Perth, and the nation’s sixth most affordable city suburb at $346,000.
Apartments in Travancore are the most affordable in Melbourne. This two-bedroom apartment sold last year for a little less than the suburb’s median unit value of $360,000. Picture: realestate.com.au/sold
In Australia’s priciest capital, Sydney, the most affordable suburb for houses is San Remo on the Central Coast ($694,000).
Last year’s cheapest suburb, Tregear ($734,000) is now in sixth place after an 11% jump, earning an owner of a median-priced house about $74,000 in equity. Carramar remains Sydney’s most affordable suburb for units at $420,000.
San Remo on the NSW central coast is the cheapest suburb in the greater Sydney region. This three-bedroom San Remo house sold for $645,000 last year. Picture: realestate.com.au/sold
Melbourne’s cheapest suburb for houses is Melton ($472,000), while Adelaide’s most affordable suburb is still Elizabeth North ($482,000) despite prices there rising 28% last year.
