Would-be homeowners can still buy a home without breaking the bank, even during times of high living costs.
New research has revealed Australia’s best locations for budget buyers, from picturesque coastal towns to thriving regional cities.
Canstar and Hotspotting have selected the best places for buyers with a deposit of just $50,000 based on factors including average price growth, affordability, vacancy rates, rent increases and access to transport and schools.
Buyers looking for the big Australian dream of a home with a backyard should consider leaving the city, according to Hotspotting Director Terry Ryder.
“Thanks to technology and the ability to work remotely, there are many regional areas that have become strong players in the real estate sector,” Mr Ryder said. 7News.
He said Australians looking for change were driving the popularity of regional areas.
“There are many people moving to regional areas to escape the hustle, bustle and costs of city life,” he said.
Mr Ryder said regional areas have outperformed urban centres in terms of capital growth over the past five or six years, but investors need to choose carefully.
New research has revealed Australia’s best locations for budget buyers; from coastal resorts to thriving regional cities (stock image)
Long Gully in Bendigo in north-central Victoria is the most affordable home in the state with an average house price of $445,000. This renovated three-bedroom home has a guide price of $390,000-$420,000.
His advice is to select a regional area that offers affordability, growth opportunities and a strong economy.
“Regional cities with strong economies and high infrastructure investment can perform well for investors and also be affordable options,” the expert said.
Daily Mail Australia reveals here which states Australians can buy their first home with a deposit of just $50,000 or less.
New South Wales
The research found that buyers should consider Lavington in Albury on the New South Wales-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. Annual price growth is 10 percent.
In second place for affordability are Narrabri, with an average house price of $440,000, Lavington ($489,000), Oxley Vale ($494,000) and Muswellbrook ($500,000), where capital growth has increased by several percentage points 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 NSW with an average house price of $415,000 and has experienced 10 percent annual price growth. This home is priced at $480,000
Victoria
Bargains for first-time buyers can be found in some of the largest cities in the Victoria region, with prices falling slightly over the past year.
There are many properties for sale for less than $500,000. Travel time to Melbourne CBD is less than two hours.
Long Gully in Bendigo in north-central Victoria is the most affordable, with an average 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 found that in Shepparton, just two hours north of Melbourne, the average house price is $455,000, and in Mildura in the north-west the average house price is $437,000.
Queensland
With an average house price of $222,500, Rockhampton in Central Queensland is the most affordable area for people looking to buy a home.
The city has experienced 15 percent capital growth over the past 12 months.
Other options include Bundaberg on the Coral Coast, where the average house price has risen 20 per cent in 12 months to $420,000, and Townsville on the north-east coast, where the average house price is $410,560.
Toowoomba, Australia’s second-largest inland city after Canberra, has seen median house price growth of 12 percent in the past year. The city is expected to grow even further with the completion of the Inland Rail Link.