The ‘hidden gem’ suburbs in Australia where you can still get on the property ladder with just $50,000 are revealed

There are still dozens of attractive suburbs in Australia where first-time buyers can purchase a home with a 10 percent deposit of $50,000 or less.

New research from Canstar and Hotspotting has mapped out the most affordable suburbs in Sydney, Melbourne, Brisbane, Adelaide and Hobart.

For those who can afford a $50,000 deposit, family homes in areas close to major cities, with good transport links and local amenities, are still attainable.

Terry Ryder, founder of Hotspotting, said there are also several government programs available to help first home buyers in their home search.

“You’re better off getting into the market now if you can start with a 5 or 10 percent down payment and mortgage insurance,” he said. realestate.com.au.

‘If you wait and keep saving until you have a 20 percent return, the market can move during that time. You are then constantly catching up.’

Daily Mail Australia provides a rundown of the places where you can still get a house or apartment with a deposit of $50,000 or less and still live relatively close to the city.

Sydney

As Sydney is the second most expensive city in the world to buy property, it is considered unaffordable for most people.

But good homes in growing suburbs are still available for those willing to travel further from the CBD, to the west and south-west.

And if you get in now, it could lead to wealth creation, because prices in those suburbs will continue to rise due to the continued influx of job-seeking migrants.

In Sydney’s south-west, people who can afford a $50,000 deposit can buy a home in Liverpool and Wiley Park.

In the west of the city, Jamisontown, Regents Park and Harris Park are all still affordable.

Average prices in all five suburbs are under $500,000, which is approximately 39 to 46 percent lower than the average price in Greater Sydney.

And at that price, first-home buyers are eligible for government support schemes, such as full exemption from transfer tax.

Melbourne

In Melton South, 53km northwest of Melbourne’s CBD, the average house costs $489,000, which is affordable for many families.

Even in suburbs close to the city, such as leafy Parkville and Brunswick West, apartments can be found for less than $500,000.

“Units typically represent a much more affordable entry point into the market and the sad fact is that house prices are rising compared to units, so units offer value,” said Effie Zahos, money expert at Canstar realestate.com.au.

‘In some suburbs it is astonishing how high the premium for (detached) houses is compared to apartments.

‘In the most extreme cases, the premium can rise to 70 percent.’

Brisbane

The Canstar report highlighted 10 markets in Brisbane and 15 regional markets in Queensland, with median property prices ranging from $225,500 in Depot Hill in Rockhampton to $768,000 in Petrie in Moreton Bay.

Apartments in central Brisbane and houses in Ipswich and Logan attract home seekers on a budget.

Apartments in the Brisbane suburbs of Bowen Hills, Woodridge and Kippa-Ring, and houses in East Ipswich or Brendale can be purchased with a 10 percent deposit, or $50,000.

Adelaide

In South Australia’s capital city, Adelaide’s northern suburbs offer the best options for an aspiring homeowner on a budget.

According to the report, people with $50,000 in savings can buy a home in Evanston, 40km from the CBD, where the average house price is $480,000.

Even cheaper options include homes in Elizabeth South with an average price of $450,000, homes in Smithfield Plains ($456,000) and apartments in Mawson Lakes ($438,000) and the southeastern suburb of Plympton ($418,000).

Hobart

Research by Canstar and Hotspotting has found that all of the best value suburbs in Tasmania’s capital city are within a 17.5km drive of Hobart’s CBD.

While the average house price in Hobart is over $700,000, those who look further afield can find a home in Clarendon Vale where the average price is $390,000.

The average house price in Risdon Vale is $460,000, while house prices 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.

“They are great suburbs with improved infrastructure and a bright future,” she said.

The research was published days after it emerged that all Australian states were lagging behind nationally agreed housing market targets, and the federal government was criticised for being too slow in addressing the crisis.

The country is unlikely to meet its target of building an additional 1.2 million homes by July 2029, according to Master Builders Australia.

Australia is on track to build 1.03 million homes in that period, a shortfall of 166,000 homes, according to modelling published on Monday.