When it comes to finding the cheapest places to buy a house in Australia, recent data points towards a variety of suburbs like Kambalda East, WA, and Tara, QLD, where the property market is not only accessible but also promising in terms of lifestyle and community.
But 3 out of 9 of our most affordable places to buy a home in Australia can be found in South Australia. Towns like Coober Pedy, Peterborough, and Port Pirie West offer median house prices ranging from $72,000 to $116,000, which are among the lowest in the country
In this article, we dive into six of the cheapest suburbs, from Western Australia to Tasmania, each with its unique appeal. We will utilize median house prices, market trends, demographics, and local amenities as our primary metrics to unravel the affordability of these locales.
1. Coober Pedy, SA: Quaint Mining Town
- Median House Price: $100,000
- Median Rent Price For Houses: $200 per week for houses
- Median Rent Price For Units: $150 per week for units
- Median Gross Yield: 10.4% for houses
Coober Pedy, known for its unique underground residences and opal mining, presents a distinctive real estate market in South Australia. While detailed data on unit prices is not readily available, the housing market shows a promising annual growth of 5.1%.
The high rental yield of over 10% for houses indicates a potentially lucrative market for investors. Coober Pedy’s distinct appeal, combined with its affordability, marks it as an interesting choice for those looking to enter the housing market or invest in a unique property landscape.
Check out more real estate for sale in Coober Pedy SA.
2. Kambalda East, WA: A Goldfields Gem
- Median House Price: $118,525
- 2-bedroom homes around $90,000
- 4-bedroom homes at $135,000
- Median Rent Price: $170 per week
- Median Gross Yield: 14.18%
Kambalda East is a beacon of affordability in the heart of the Goldfields-Esperance region. Its rock-bottom median house price is far from a deterrent. Instead, it offers a thriving community complete with educational facilities like Kambalda Primary School, making it suitable for families.
It’s a community with educational facilities like Kambalda Primary School, making it a viable option for families. With rental prices averaging $290 per week and homes spending an average of 56 days on the market, this suburb strikes a balance between affordability and living standards.
The moderate online views per property suggest a growing interest in this economically priced locale.
Check out more properties for sale in Kambalda East WA 6442.
3. Peterborough, SA: Quiet Charm in Wine Country
- Median House Price for a Three-Bedroom House: $150,000
- Median Rent Price: $245 – $250 per week
- Median Gross Yield: 7.19% – 9.29%
Peterborough, nestled in the Clare Valley & Mid North region, combines scenic beauty with affordability. Its slower-paced market can benefit buyers who have done their research on how to buy a house with no money in Australia, as properties tend to stay on the market longer, giving ample time to plan and purchase.
A majority homeowner population signals a stable community, albeit with a significant portion over 60 years of age, shaping the town’s quiet charm. Education is well catered for, with schools available for all ages, adding to the appeal for families looking for an affordable and peaceful place to settle.
Check out more properties for sale in Peterborough SA 5422.
4. Port Pirie West
- Median House Price: $160,000 to $185,000
- Median Unit Price: $146,250
- Median Rent Price: $277 per week for houses
- Median Gross Yield: 5.76% for houses
Port Pirie West has experienced significant growth, with house prices rising 18.5% over the past year, suggesting a robust and dynamic market. The median property price for a house reflects an annual capital growth of 34.47%, positioning it as a competitive yet accessible option for homebuyers and investors.
Rental properties in the area are also performing well, with houses fetching a median rent of $277 per week, indicating a healthy demand for rental accommodations. The yield for house rentals is substantial, though the market for units seems less active, with no annual growth or rental yield data available.
Port Pirie West’s strong market performance, combined with its lifestyle offerings, such as proximity to coastal areas and regional city amenities, makes it a potentially attractive location for those looking to enter the housing market or seeking investment opportunities.
Discover more real estate for sale in Port Pirie West.
5. Tara, QLD: Rural Serenity Meets Affordability
- Median House Price: $165,000
Tara embodies the quintessence of rural Queensland living with a median property price that makes it an attractive prospect for house hunters. The Western Downs Region town, with a population of just over 1,980, offers more than just affordable housing; it’s a community rich in amenities like schools, medical services, and an Olympic-sized pool.
Despite a year-on-year growth of 22.22%, the town retains its small-community charm and provides a tranquil setting for those looking to escape the bustle of city life. Tara’s housing market is active, with properties spending an average of 97 days on the market, offering a reasonable window for buyers to make their move.
Check out more properties for sale in Tara QLD 4421.
More of a beach person? Explore our round up of the cheapest coastal towns in QLD.
6. Rosebery, TAS: Eco-Friendly Living on a Budget
- Median House Price: $170,000
Nestled on the west coast of Tasmania, Rosebery is a small town that punches well above its weight in terms of value for money. With an annual capital growth of 15.25% and houses selling after an average of 34 days on the market, this community is gaining traction amongst buyers looking for a green lifestyle on a budget.
Rosebery’s environmental appeal, combined with its neighbourly spirit and outdoor recreation options, makes it an ideal spot for families, singles, and professionals. Its historical significance adds a layer of charm to the affordable living options available here.
Check out more properties for sale in Rosebery TAS 7470.
7. Hopetoun, VIC: A Hidden Gem in the Mallee
- Median House Price: $187,000
Hopetoun serves as the gateway to the Southern Mallee of Victoria and offers an appealing mix of affordability and lifestyle. Although small with a population of 739, the suburb’s real estate market is buzzing, and the median house price reflects a community that is accessible yet on the rise with an annual capital growth of 10%.
The local parks and childcare facilities highlight the family-friendly nature of Hopetoun, while the sense of community is palpable. Potential homeowners will find this town not just affordable but also inviting, with a vibrant community spirit and essential amenities that make living here comfortable and enjoyable.
Check out more properties for sale in Hopetoun VIC 3396.
8. Tennant Creek, NT: Outback Living at Outback Prices
- Median House Price: Ranges from $260,000 to $344,250
Tennant Creek offers a unique proposition for those seeking the true outback experience without the typically associated price tag. With median house prices showing an upward trend, this Northern Territory town is making its mark on the property map.
Residents enjoy a neighborly environment, good rental returns, and essential services like childcare, although some amenities such as medical facilities may be limited.
Tennant Creek embodies the vast land, brilliant blue skies, and boundless horizons typical of the Australian outback, yet remains within reach for buyers looking to claim a piece of Australia’s heartland.
Check out more properties for sale in Tennant Creek NT 0860.
9. Elizabeth North, SA: Affordable With Potential
- Median House Price: $291,526
- Median Unit Price: $202,500 [97]
- Median Rent Price: $370 per week for houses, $360 per week for 3-bedroom houses
- Median Gross Yield: 6.2% – 7.1%
Elizabeth North, part of the Greater Adelaide region, has seen a substantial increase in house prices over the last few years. Yet, it remains an area where the living cost in Australia is reflected in the property values, presenting an accessible opportunity for many.
Connected by the Gawler railway line, accessibility is a key feature here. Elizabeth North’s potential for growth, coupled with its current affordability, renders it a suburb to watch for those wanting to enter the housing market at a reasonable cost.
Check out more properties for sale in Elizabeth North SA 5113.
Thoughts on the Cheapest Places to Buy a House in Australia
Across the states and territories, from coastal to inland regions, Australia offers a range of suburbs where buying a home doesn’t necessitate a fortune.
These seven locales demonstrate that affordable property markets still exist and are thriving, each with its own unique lifestyle and community benefits.
Whether you’re a first-time buyer or looking to invest, these suburbs offer a chance to step onto the property ladder in areas that promise more than just a low price tag—they offer a place to call home.
FAQ: Cheapest Places to Buy a House in Australia
Q: Which state in Australia currently offers the most affordable options for buying and renting homes?
A: South Australia appears to be a particularly affordable state when considering housing prices in relation to income levels and employment opportunities. However, when looking at the cheapest suburbs across Australia, locations in New South Wales, Western Australia, South Australia, Queensland, and Victoria come up as the top five, indicating that there are affordable options in various states.
Q: What is the most affordable capital city to buy a house in Australia?
A: Perth has been identified as the most economical capital city for buying houses and units, significantly leading in affordability according to the Real Estate Institute of Australia’s national Real Estate Market Facts for the June 2022 quarter. [Source: Real Estate Institute of Australia]
Q: In which regions of Australia would buying a property potentially cost less than renting?
A: In terms of purchasing being more viable than renting, Queensland, Western Australia, and the Northern Territory each have over half of their dwellings considered more economical to buy rather than rent. Conversely, less than 10% of homes in New South Wales, Victoria, and the Australian Capital Territory are cheaper to buy than to rent at present prices.
Q: What are some of the least expensive places to retire in Australia?
A: For retirees seeking affordability, Tasmania is notable for its scenic beauty, lower housing costs, and reduced living expenses. Another worthy option is Adelaide, recognized for its gentle climate and comparatively lower cost of living than other major Australian cities.
