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There are still dozens of desirable suburbs in Australia where first-time buyers can access a home with a 10 per cent deposit of $50,000 or less.
New research from Canstar and Hotspotting has highlighted the most affordable suburbs in Sydney, Melbourne, Brisbane, Adelaide and Hobart.
For those who can scrape together a $50,000 deposit, family homes in areas close to major cities with good transport links and local amenities are still within reach.
Hotspotting founder Terry Ryder said it is still possible to buy a home at an affordable price, especially as a first-time buyer with government assistance.
“It’s better to get into the market now if you can do so with a 5 or 10 percent deposit and paying mortgage insurance,” he said. realestate.com.au.
“If you wait and keep saving until you hit 20 percent, during that time the market can move, so you’re just playing catch-up all the time.”
Here, Daily Mail Australia breaks down where it’s still possible to get a house or unit with a deposit of $50,000 or less and still be relatively close to the city.
For Australians who can scrape together a $50,000 deposit, family homes in areas close to major cities with good transport links and local amenities are still within reach (stock image)
Sydney
As Australia’s largest city, buying property in Sydney is often considered out of reach for anyone who isn’t wealthy or doesn’t have help from their parents.
But there are still good homes in growing suburbs available for those willing to travel a little further from the CBD, to the west and southwest.
And getting in now could lead to wealth creation, as prices in growing suburbs catch up to the rest over time.
In south-west Sydney, those who can scrape together a $50,000 deposit can access property in Liverpool and Wiley Park.
In the west of the city, Jamisontown, Regents Park and Harris Park remain affordable.
Median prices across the five suburbs are below $500,000, which is between 39 and 46 per cent less than the Greater Sydney average.
And at that price, first-home buyers are eligible for government support schemes, such as a full exemption from stamp duty.
Melbourne
In Melton South, 53 kilometres northwest of Melbourne’s CBD, a typical home costs $489,000, an affordable price for many families.
In Parkville, Brunswick West and suburbs close to the CBD there are many apartments for sale for less than $500,000.
“Units tend to represent a much more affordable entry point into the market and the sad fact is that house prices are rising relative to units, so units offer value,” said Canstar money expert Effie Zahos. realestate.com.au.
‘In some suburbs, it’s surprising how high the premium is for (detached) houses compared to units.
In the most extreme cases, the premium can reach 70 percent.
In south-west Sydney, those who can scrape together a $50,000 deposit can access property in Liverpool (pictured) and Wiley Park.
Brisbane
The Canstar report highlighted 10 Brisbane markets and 15 regional Queensland markets, with median property prices ranging from $225,500 in Depot Hill in Rockhampton to $768,000 in Petrie in Moreton Bay.
Units in central Brisbane and homes in Ipswich and Logan have been attracting home seekers on a strict budget.
Units in Brisbane’s Bowen Hills, Woodridge and Kippa-Ring suburbs, and homes in East Ipswich or Brendale can be purchased with a 10 per cent deposit, $50,000.
Adelaide
In South Australia’s capital, Adelaide’s northern suburbs offer the best options for homeowners on a budget.
According to the report, those with $50,000 saved could buy a home in Evanston, 25 miles from the city center, where the median home price is $480,000.
Even more affordable options include homes in Elizabeth South with a median price of $450,000, homes in Smithfield Plains ($456,000) and units in Mawson Lakes ($438,000) and Plympton ($418,000).
Hobart
Research by Canstar and Hotspotting revealed that all of the best value suburbs in Tasmania’s capital are within a 17.5km drive of Hobart’s CBD.
While the median home price in Hobart is over $700,000, those willing to look closer can find a home in Clarendon Vale, where the median price is $390,000.
The median house price in Risdon Vale is $460,000, while units in Glenorchy, Moonah and Warrane range from $426,500 to $499,500.
Ms Zahos said the areas in the report were not “just cheap suburbs” but also offered a good lifestyle for potential buyers.
“These are great suburbs with improved infrastructure and a bright future,” he said.
Unit prices in Glenorchy in Tasmania (pictured), Moonah and Warrane units range from $426,500 to $499,500
The inquiry comes just days after it was revealed that all Australian states are lagging behind nationally agreed housing targets, with the federal government criticised for being “too slow” to tackle the crisis.
The country is likely to miss its target of building an additional 1.2 million homes by July 2029, according to Master Builders Australia.
Australia is on track to produce 1.03 million homes within that timeframe, a shortfall of 166,000 properties, modelling released on Monday shows.
