The cheapest places to buy property in Australia

Australian home prices have skyrocketed since the COVID period and while the national median price began slipping towards the end of 2024, many prospective buyers feel they've been priced out of the market.

The median house price in Australia’s capital cities is over the million-dollar mark – at $1,008,719 as of January 2025 – while units command a median price of $687,670. In regional areas, the median home price is $657,652.

But there are markets within markets, and you can buy a home well below $1 million in many places in Australia. In fact, there are spots you might find a suitable dwelling for less than $50,000! So where can you find a bargain buy?

Where are the cheapest places to buy a property in Australia?

It will come as no surprise that many of the lowest-priced homes in Australia are in remote locations, making them unlikely to be on the radar of many homebuyers.

Nevertheless, these 10 areas boast the lowest median house prices in the country, according to CoreLogic data as at January 2025.

Suburb	State	Property type	Median house price
Ungarie	NSW	H	$42,000
North Arm Cove	NSW	H	$45,000
Norseman	WA	H	$49,003
Collarenebri	NSW	H	$50,000
Morawa	WA	H	$52,500
Meekatharra	WA	H	$62,500
Andamooka	SA	H	$64,000
Kendenup	WA	H	$64,000
Paget	QLD	H	$77,500
Coober Pedy	SA	H	$85,000

Apart from being in far-flung locations, some homes going for five-figure amounts in Australia may come with inherent anomalies or issues.

For example, much of the land in North Arm Cove, in the New South Wales mid-north coast region, is zoned ‘non-urban’, meaning construction of dwellings is not permitted. While blocks can be bought and sold, many can’t be developed. Prices among existing pockets of homes vary widely, with some redeveloped homes selling for over $2 million and other more rustic homes on bush blocks priced in the tens of thousands.

Meantime, the idyllic-sounding South Stradbroke Island off Queensland’s Gold Coast, which just fell outside the top 10 with a median unit price of $90,000, has its own issues. Units on the island have been affected by a long-running dispute involving residents and the body corporates of a resort, ultimately leading to essential services being cut and property prices plunging. Many of the properties also come with unpaid body corporate levies that may drive potential buyers – and lenders - away. 

At the same time, privately owned homes on the other side of the island sell for considerably more. As with any purchase, buyers need to do their homework if a price seems too good to be true.

Capital city suburbs with the cheapest house prices 2025

Remote living isn’t for everyone – either is living without power and water. For people looking to stay close to their nearest capital city and the amenities it brings, buying a property in one of the locations above may not be realistic.

Your Mortgage market research identified suburbs within 25 kilometres of each capital city with the lowest median house prices for people looking for affordable metropolitan living.

These locations may be suitable for families and first homebuyers looking to strike a balance between housing costs and accessibility to work opportunities, community facilities, and other benefits of suburban living. However, as with many affordable suburbs, some may come with inbuilt downsides, like higher-than-average crime rates, overstretched services, or other issues.

It goes without saying research is essential for any property purchase, as is weighing up pros and cons.

A competitive home loan can also make a considerable difference to home affordability. The table below features some of the lowest rate home loans for owner occupiers available on the market.

Important Information and Comparison Rate Warning

Being at the affordable end of the market, many of the suburbs below have already experienced higher rates of growth than their city’s median and prices may continue to rise even as national property prices moderate. All figures are accurate as at January 2025.

Sydney’s most affordable suburb for real estate: Fairfield

Fairfield, NSW 2165

• Nearest capital city: Sydney

• Distance to CBD: 25 km

• Median house price: $1,048,750 (Fairfield East)

• Median unit price: $440,000 (Fairfield)

Sydney remains Australia’s most expensive capital city for home prices, making it extremely difficult to find a suburb with a median house value under $1 million.

Fairfield, in Sydney’s west, is one of Australia’s most multicultural localities with more than two-thirds of its residents born overseas, largely in Iraq, Vietnam, and Syria. Around 40% of Fairfield’s dwelling stock is standalone houses with the rest medium-density apartments or townhouses, which help contribute to the affordability of units in the suburb. Fairfield is a major transport hub, well connected to the Sydney CBD and Parramatta, with access to major motorways.

Melbourne's most affordable suburb for real estate: Dallas

Dallas, VIC 3047

• Nearest capital city: Melbourne

• Distance to CBD: 11 km

• Median home price: $538,250

Property prices in Melbourne have been dropping for some time – down 3% over 2024 – with the median home price in Melbourne having fallen below those in Sydney, Brisbane, Canberra, Adelaide, and Perth. This presents some affordable opportunities in good proximity to the CBD.

The suburb of Dallas, north of Melbourne, has a large Turkish and Lebanese community and accommodates the Broadmeadows Mosque. The suburb consists of mainly houses and is serviced by the nearest railway stations Coolaroo and Broadmeadows. Unlike some Melbourne suburbs, the median house price in Dallas has risen 7% over the last 12 months.

Brisbane’s most affordable suburb for real estate: Goodna

Goodna, QLD 4300

• Nearest capital city: Brisbane

• Distance to CBD: 19 km

• Median house price: $584,5000

• Median unit price: $392,500

The suburb of Goodna, on the eastern edge of the City of Ipswich, is connected to Brisbane via a rail service with good access to major motorways. Parts of the suburb are flood-prone, which can be a reason some property prices are more affordable, but CoreLogic data shows house prices in Goodna have risen 26% in the past 12 months while unit prices have climbed 31%.

Goodna is home to a multicultural mix and has a range of established facilities and amenities. As with any property purchase, prospective buyers are advised to do their homework on what properties have been affected by floodwaters in the past.

Perth’s most affordable suburb for real estate: Midland

Midland, WA 6056

• Nearest capital city: Perth

• Distance to CBD: 15 km

• Median house price: $500,750

Again, it has been the more affordable end of the Perth market that’s seen the strongest price growth, with some Perth suburbs recording jumps of up to 36% in house prices and more than 40% in unit prices.

The suburb of Midland, 15km northwest of Perth, is an historic town that housed the main workshops for the WA Railways until 1994. Many of the old buildings remain, as does a dam used for water that was later extended to accommodate coal supplies. As you’d expect, Midland is serviced by a rail line, has a hospital, and is home to a Curtin University campus.

Adelaide’s most affordable suburb for real estate: Elizabeth South

Elizabeth South, SA 5113

• Nearest capital city: Adelaide

• Distance to CBD: 24 km

• Median house price: $458,500

Elizabeth South, in Adelaide’s north, has the distinction of recording the highest increase in median house price of all the Australia suburbs in 2024, jumping 57%. Despite this, Elizabeth South remains Adelaide’s cheapest suburb within 25 kilometres of the CBD, with other parts of the City of Elizabeth also providing affordable housing options.

The suburb was established in 1955 to accommodate the flux in post-War migrants. Part of the suburb is residential while the rest is industrial – once dominated by the large Holden car manufacturing facility that closed in 2017. With Adelaide’s median house price growing by 14% over 2024, Elizabeth South has seen many new homebuyers and families moving to the suburb after being priced out of other markets.

Hobart’s most affordable suburb for real estate: Clarendon Vale

Clarendon Vale, TAS 7019

• Nearest capital city: Hobart

• Distance to CBD: 16 km

• Median house price: $400,000

While home values in Hobart have slipped -0.6% over 2024, house prices in Clarendon Vale have dropped -5%. The suburb is a rural residential area, originally developed for public housing in the 1970s. Since that time, much of the public housing stock has been sold to private owners.

The suburb, like many public housing areas in Hobart’s outer-east, has a reputation for entrenched disadvantage and high crime rates. However, as housing affordability issues have gripped the city, Clarendon Vale has seen new homeowners move to the area. The housing stock is largely standalone houses, and the suburb is connected to Hobart by bus.

Canberra’s most affordable suburb for real estate: Belconnen

Belconnen, ACT 2617

• Nearest capital city: Canberra

• Distance to CBD: 7 km

• Median house price: $645,000

• Median unit price: $475,000

Canberra has the third highest median home value of the Australian capital cities (behind Sydney and Brisbane). However, home prices in the ACT slipped -0.4% during 2024.

The suburb of Belconnen has gone the other way, with house prices gaining a modest 4% while unit prices dropped -1%. That said, Belconnen is a unit-dense suburb with far more sales activity taking place in the apartment/townhouse sector than for standalone homes. Belconnen is home to a number of federal government department head offices, a Westfield shopping centre, and is connected to other parts of the city by road, bus services, and a bikeway.

Darwin’s most affordable suburb for real estate: Gray

Gray, NT 830

• Nearest capital city: Darwin

• Distance to CBD: 23 km

• Median house price: $399,000

• Median unit price: $252,500

Gray is located in the Palmerston area and is around 23 kilometres southeast of the Darwin CBD. While Darwin’s home prices have recorded a modest 0.8% growth in the 12 months to December 2024, Gray’s house prices have climbed by 7%, although unit values in the suburb have slipped by -6%.

Gray is connected to Darwin by bus and is around a 15-20 minute drive to the Darwin CBD. Like many of Greater Darwin’s more affordable suburbs, Gray may not enjoy the best reputation, but its home prices are considerably below the Darwin median of $496,871.

Also see: First Home Buyer Guides