australias top 10 most affordable and cheapest suburbs for 2024 january
You’ll be shocked that this suburb is one of the most affordable in Australia. Image: Canva.
  • Some of Australia's cheapest suburbs offer incredible value, amenity, and more.
  • Affordability does not always come at the cost of convenience and creature comforts.
  • Well designed homes can deliver on the fine balance between cost and location.

Australian property prices brought tears to the eyes of many would-be buyers last year, as the final results for 2023 found house prices grew by 8.1%, according to CoreLogic .

While the growth varied city to city, median home values across the nation were cheapest in Darwin, at just under $500,000, with most other capital cities starting at around $650,000.

The median home price in more affordable places like Perth and Hobart were between $650,000 and $660,000, according to CoreLogic, while Adelaide pushed the mark to $711,604. Brisbane median values finished up the year at almost $790,000, while Sydney continued to exsanguinate the wincing pockets of locals at $1.128 million.

Housing affordability remains at the top of the agenda for many, with everything under the sun being suggested – from moving to smaller cities and the regions, to housing diversity, and more.

Rethinking an addiction to large homes and lot sizes, along with considered, curated, and innovative design can also deliver better homes for less.

Australia’s top 10 cheapest suburbs

Note: For suburbs across the national combined capital cities.

Rank
Suburb
State
Current home value
1
Elizabeth North
SA
$368,000
2
Moulden
NT
$369,000
3
Gagebrook
TAS
$373,000
4
Gray
NT
$384,000
5
Mandurah
WA
$387,000
6
Medina
WA
$389,000
7
Herdsmans Cove
TAS
$396,000
8
Smithfield Plains
SA
$401,000
9
Toogoolawah
QLD
$402,000
10
Koongamia
WA
$403,000

Source: PropTrack.

Where are the cheap suburbs and what’s next for them?

Affordable suburbs across the capitals included locations in Adelaide’s northern suburbs, Perth’s South West and North East, and outer areas of Greater Hobart, PropTrack economist, Anne Flaherty told The Property Tribune.

“Opportunity exists in those suburbs experiencing gentrification.”

Anne Flaherty, PropTrack

“The affordable suburbs that are most likely to experience price growth over the coming years are those experiencing population growth and gentrification.

“With affordability a growing issue, more first-home buyers are likely to look to these affordable suburbs over the coming years which will support gentrification and price growth.”

Elizabeth North & Smithfield Plains

Located in the affordable northeastern corridor of Adelaide, these suburbs almost-neighbouring suburbs are good company when it comes to affordability, safety, price growth, and more.

The neighbouring suburb of Smithfield was previously ranked as one of the safest suburbs in Adelaide.

Weekly asking prices for 5114, including Smithfield Plains

Both Smithfield Plains and Elizabeth North were previously on a top 10 list for median house price growth, having recorded 13.1% and 12.3% price growth across six months.

Elizabeth North also previously featured in the top five Adelaide suburbs where it was cheaper to buy than rent.

Weekly asking prices for 5113, including Elizabeth North

Mandurah

This suburb lies an hour south of Perth and offers an eclectic mix of affordable homes and multi-million dollar waterfront mansions.

The suburb is packed with amenity, from hotels to holiday parks, a thriving innovation and startup scene, and more.

Weekly asking prices for 6210, including Mandurah

While affordable, it has caught the eye of many local, interstate, and overseas investors as a locality that offers excellent opportunities.

Rental yields for 6210, including Mandurah

It has previously ranked in Australia’s top four regional property markets, top WA suburbs set to soar in 2024, Australia’s top 10 affordable lifestyle locations, top 20 safest Perth suburbs, and more.

Not only is Mandurah property price growth and sales activity often well ranked, it is also a tough place to find a home due to its accelerating popularity.

Stock on market for sale in 6210, including Mandurah

Medina

Located northwest of the Kwinana Town Centre, and enjoying many of the nearby amenities Kwinana and Rockingham have to offer, the Perth suburb of Medina is repeatedly among the highest-ranked suburbs for affordability.

Weekly asking prices for 6167, including Medina

At one stage, Medina was home to one of Perth’s cheapest houses, although it has seen better days.

Not only has it been ranked as one the top suburbs where it is cheaper to buy than rent, price growth in the area is also notable.

Stock on market for sale in 6167, including Medina

The suburb of Medina also ranked second in the top 10 best suburbs for first home buyers in Perth.

Koongamia

Sitting between the major hub of Midland, and the Perth Hills, this quaint suburb is home to a primary school, and various amenities including local dining, along with a pump track; it is also close to the Goat Farm Moutain Bike Park.

Koongamia property prices have steadily risen since the pre-Covid dip, with the latest asking prices nearing $600,000 for all houses.

Weekly asking prices for 6056, including Koongamia

Stock on market for sale in 6056, including Koongamia



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