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Hopeful homeowners can still tap into the housing market without breaking the bank, even amid a cost-of-living crisis.
New research has revealed the best locations in Australia for buyers on a budget – from picturesque coastal towns to thriving regional cities.
Canstar and Hotspotting have selected the best locations for buyers with just a $50,000 deposit using factors including median price growth, affordability, vacancy rates, house rent increases and access to transport and schools.
Hotspotting managing director Terry Ryder said buyers wanting the big Australian dream of a home with a backyard should consider leaving the city.
“Thanks to technology and the ability to work remotely, there are many regional areas that have become a strong force in the real estate sector,” Ryder said. 7News.
He said Australians seeking radical change are driving the popularity of regional areas.
“There are a lot of people moving to regional areas to escape the congestion, noise and expense of city living,” he said.
Mr Ryder said regional areas had outperformed urban centres in capital growth over the past five or six years, but investors needed to choose carefully.
New research has revealed the best locations in Australia for buyers on a budget – from coastal towns to thriving regional cities (stock image)
Long Gully in Bendigo in north-central Victoria is the most affordable in the state, with a median house price of $445,000. This renovated three-bedroom home has a guide price of $390,000 to $420,000.
His advice is to select a regional area that offers affordability, growth prospects and a strong economy.
“Regional cities with strong economies and a lot of infrastructure spending can be very profitable for investors, as well as being affordable options,” he said.
Here, Daily Mail Australia reveals which states Aussies can buy their first home with a deposit of just $50,000 or less.
New South Wales
The research suggests buyers should consider Lavington in Albury on the NSW-Victoria border, Mount Austin in Wagga Wagga in the Riverina region, Narrabri in the north-west, Oxley Vale in Tamworth in the north-east of the state and Muswellbrook in the Upper Hunter region.
Mount Austin is the most affordable suburb, with a median home price of $415,000. It has seen annual price growth of 10 percent.
In second place for affordability are Narrabri, with a median house price of $440,000, Lavington ($489,000), Oxley Vale ($494,000) and Muswellbrook ($500,000), which has seen capital growth of a staggering 100 per cent over the past 12 months.
Regional areas can offer buyers affordability, growth prospects and a strong economy.
Mount Austin is the most affordable suburb in New South Wales, with a median house price of $415,000 and has seen annual price growth of 10%. This home is priced at $480,000
Victory
Some of Victoria’s larger regional cities are offering deals for first-time home buyers, with prices falling slightly over the past year.
There are many properties for under $500,000 with a drive of less than two hours to Melbourne’s CBD.
Long Gully in Bendigo in north-central Victoria is the most affordable, with a median house price of $445,000, followed by Redan in Ballarat in the Central Highlands ($460,000) and Seymour in the Goulburn Valley ($480,000).
The research recommends that Shepparton, just two hours north of Melbourne, has a median house price of $455,000, as does Mildura in the north-west, which has a median house price of $437,000.
Queensland
With a median house price of $222,500, Rockhampton in Central Queensland is the most affordable area for people interested in purchasing a property.
The city has seen capital growth of 15 percent in the past 12 months.
Other options include Bundaberg on the Coral Coast, where the median house price has risen 20 per cent in 12 months to $420,000 and Townsville on the north-east coast, which has a median house price of $410,560.
Toowoomba, Australia’s second-largest inland city after Canberra, has seen median house prices grow by 12 per cent over the past year. The city is expected to experience an even bigger boom with the completion of the inland rail link.
