Most affordable suburbs to buy a house in Australia

15 Kurrajong Crescent Melton @ wealthruproperty.com

3-bedroom house on Kurrajong Crescent, Melton South, Melbourne

Based on research by Tim Lawless, Director of Property Research at RP Data an appropriate benchmark for affordable capital city houses in Australia is $350,000 whereby there are still many opportunities to buy a house below  this price in most cities. Hobart and Canberra are the most affordable and least affordable capital cities in Australia respectively based on the number of suburbs with a median house price of $350,000 or less.

Below is the list of most affordable capital cities in Australia:

Rank

Most affordable capital city

# suburbs < $350k

Total # of suburbs

%

1

Hobart

30

70

54.3

2

Adelaide

96

327

29.4

3

Melbourne

87

392

22.2

4

Brisbane

70

328

21.3

5

Sydney

130

625

20.8

6

Perth

25

259

9.7

7

Darwin

0

39

0

8

Canberra

0

84

0

* Note: All analysis is based on suburbs with at least 10 sales over the 12-month period to January 2010.

As at January 2010, Gagebrook in Hobart was the most affordable capital city suburb in Australia where median price was $153,000.

Hobart is the most affordable capital city with a median house price of $342,000. The median house price for capital cities over the three months to January 2010 are as follows:

Rank

Most affordable capital city

Median house price $

1

Hobart

342,000

2

Adelaide

395,000

3

Brisbane

460,000

4

Melbourne

489,000

5

Perth

490,000

6

Darwin

515,000

7

Canberra

545,000

8

Sydney

572,000

The 5 most affordable capital city suburbs for houses are as follows:

Suburb

LGA

City

# sold

Median price $

12-month change %

Avrge 10-year growth %

Dist CBD

Gagebrook Brighton Hobart 26 153,000 7.7 15.9 16
Clarendon Vale Clarence Hobart 27 155,500 -4.9 14.5 10
Primrose Sands Sorell Hobart 51 180,000 5.9 14.3 28
Bridgewater Brighton Hobart 50 180,500 6.2 14.6 19
Rokeby Clarence Hobart 58 190,250 0.9 13.3 9
Elizabeth South Playford Adelaide 39 200,000 4.2 13.6 21
Smithfield Plains Playford Adelaide 42 200,000 8.1 15.7 28
Elizabeth North Playford Adelaide 56 200,500 -1.2 13.8 26
Davoren Park Playford Adelaide 125 202,000 2.5 14.4 27
Elizabeth Playford Adelaide 13 210,000 -6.3 12.7 24
Lamb Island Redland Brisbane 15 205,000 -3.5 n.a 39
Russell Island Redland Brisbane 87 220,000 -6.8 14.9 42
Macleay Island Redland Brisbane 94 240,000 -7.0 13.2 37
One Mile Ipswich Brisbane 53 245,000 -3.9 13.3 34
Leichhardt Ipswich Brisbane 91 249,000 0.0 14.1 34
Millgrove Yarra Ranges Melbourne 48 218,500 1.2 11.9 61
Melton South Melton Melbourne 206 222,000 10.9 9.4 35
Melton Melton Melbourne 236 225,000 3.9 9.5 35
Frankston North Frankston Melbourne 123 237,500 4.3 12.1 39
Diggers Rest Melton Melbourne 29 240,000 6.0 8.8 32
Hillman Rockingham Perth 51 280,000 2.0 12.7 38
Armadale Armadale Perth 219 284,000 2.2 14.2 26
Parmelia Kwinana Perth 141 288,000 2.1 13.8 33
Camillo Armadale Perth 109 290,000 -1.7 13.5 23
Brookdale Armadale Perth 48 297,250 2.5 14.8 27
Moulden Palmerston Darwin 75 392,000 17.9 11.7 15
Gray Palmerston Darwin 53 409,000 14.2 11.9 15
Humpty Doo Litchfield Darwin 113 419,000 -1.9 11.2 33
Karama Darwin Darwin 72 420,500 8.7 9.8 11
Driver Palmerston Darwin 62 437,500 19.9 10.9 15
Chamwood ACT Canberra 44 351,000 3.2 13.4 13
Macgregor ACT Canberra 227 370,000 9.0 10.6 14
Ngunnawai ACT Canberra 98 380,750 5.8 10.1 12
Holt ACT Canberra 72 392,500 5.9 12.0 13
Casey ACT Canberra 47 395,000 n.a n.a 13
Wilmot Blacktown Sydney 34 219,500 9.8 9.2 41
Tregar Blacktown Sydney 63 220,000 8.9 9.6 40
Lethbridge Park Blacktown Sydney 68 225,750 9.6 9.6 40
Whalan Blacktown Sydney 72 229,975 6.7 9.0 39
Blackett Blacktown Sydney 51 230,000 9.5 10.6 38

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