Tasmania: Cheapest State to Buy Property in Australia

April 16, 2024

Key takeaways:

  • Tasmania is the most affordable state to buy property in Australia, offering a variety of serene and unique suburban environments with median house prices significantly below the national average.
  • Suburbs like Mayfield, Queenstown, and Rosebery highlight Tasmania’s appeal, blending natural beauty with affordability and distinct local characters.
  • Beyond Tasmania, South Australia and the Northern Territory also provide budget-friendly housing options with median prices lower than most other Australian states.

In 2024, the quest to find the cheapest state to buy property doesn’t necessarily mean breaking the bank.

While cities like Sydney and Melbourne continue to captivate with their metropolitan allure, it’s the lesser-known pockets of the country that offer a blend of affordability and charm.

Tasmania, an island state often overshadowed by its larger counterparts, is emerging as a haven for prospective homebuyers. With its rich history, unparalleled natural beauty, and surprisingly affordable housing options, it’s fast becoming a hotspot in the Australian property landscape.

Why Tasmania Tops the List of Cheapest Places to Buy a Home

Tasmania is not just the cheapest state to buy property in Australia—it’s also a region rich in natural beauty and serene living environments.

With median house prices significantly below the national average, places like Mayfield, Queenstown, and Rosebery offer unique living experiences without the hefty price tag associated with larger Australian cities.

Dive in as we uncover 6 Tasmanian suburbs where your dream home doesn’t come with a nightmarish price tag.

Here’s a closer look at some of Tasmania’s most affordable suburbs, each offering a distinct character:

SuburbMedian House Price (as of April 2024)Unique Character
Mayfield$357,500Tranquil escape on the outskirts of Launceston, offering rural charm and easy city access.
Queenstown$187,000Picturesque winter wonderland ideal for skiers, with stunning alpine views and a rich mining history. Price may be slightly higher due to its tourist appeal.
Ravenswood $332,000Serene residential area steeped in mining heritage, boasting proximity to Burnie’s amenities. Slight increase from previous data.
Rosebery$190,000 Nature lover’s paradise surrounded by wilderness areas and prime fishing spots, close to Cradle Mountain and Tarkine. Prices might have risen slightly.
St Marys$352,000Family-friendly suburban haven in Hobart’s south, featuring schools, parks, and a strong community vibe. Slight increase possible.
Zeehan$211,250Adventure hub for wanderlust souls, with untamed wilderness, popular fishing zones, and a rich past as a mining town. Price adjusted based on current listings.

Affordable Alternatives Beyond Tasmania

While Tasmania remains an attractive option, here’s a look at other affordable states in Australia.

StateMedian House Price (as of April 2024)Notes
South Australia$600,000 A blend of city convenience and natural beauty, South Australia provides opportunities for budget-conscious buyers. Adelaide, the capital, offers a vibrant cultural scene.
Northern Territory$560,000Unique territory lifestyle with a lower median house price compared to most states.
Darwin, the capital, boasts a tropical vibe and proximity to national parks. Prices might have risen slightly.

Housing Options in Cheapest States to Buy Property in Australia


House for sale in 95 Camms Road, Kayena, TAS, 7270, Australia
  • Median House Price:  $455,000
  • Median Unit Price: $487,500

Ranked as the top cheapest places to live in Australia, Tasmania’s property market is significantly below the national average.

This island state offers a variety of affordable suburbs, with Risdon Vale, Claremont, Elizabeth North, New Norfolk, and Kingston leading the pack.

South Australia:

House for sale in Evanston Park, SA, 5116, Australia
  • Median House Price: $600,000 
  • Median Unit Price: $552,500

South Australia follows closely, providing potential homebuyers with opportunities that are hard to resist.

Dive into Tasmania’s Cheapest Suburbs


House for sale in Mayfield

Nestled in the outskirts of Launceston, Mayfield offers the perfect blend of rural tranquillity with the convenience of city life.

With a median house price standing at a $357,500, it’s a gem for potential homebuyers interested in the cheapest houses in Australia.

Beyond its affordability, the suburb is enriched with lush greenery, dotted with farms and orchards that add to its charm. Residents enjoy the peace of a countryside setting while benefiting from a short drive to Launceston’s bustling city centre.

It’s ideal for those valuing both work and relaxation, seeking an affordable, yet accessible place to call home.

Check out more properties in Mayfield TAS 7248.


House for sale in Queenstown

Queenstown, with its $187,000 median house price, is not just a pocket-friendly option but also a picturesque one. Known for its breathtaking alpine views, it is a winter wonderland for skiing enthusiasts.

While its remoteness might be a challenge for those craving city vibes, the isolation offers unparalleled serenity. Moreover, the town’s rich mining history adds a cultural depth, making it more than just a tourist spot.

Check out more real estate in Queenstown TAS 7467.


House for sale in Ravenswood

With a history steeped in mining, Ravenswood has evolved into a serene residential area, making it a notable consideration for homebuyers. The median house price stands at $332,000, offering affordability in the north-west of Tasmania.

Its history is still palpable in its landscapes and architecture, lending the town a nostalgic charm. Furthermore, its closeness to Burnie ensures residents are never too far from urban amenities.

Check out more properties for sale in Ravenswood TAS 7250


House for sale in Rosebery, TAS

A nature enthusiast’s dream, Rosebery, priced at a median of $190,000, is a sanctuary of natural beauty. Flanked by wild areas and prime fishing spots, it also boasts proximity to iconic sites like Cradle Mountain and the Tarkine.

While it carries its mining town legacy, today’s Rosebery is more about connecting with nature, making it an idyllic location for those seeking retreat from urban hustle.

Check out more real estate in Rosebery TAS 7470.

St Mary’s:

Land for sale in St Marys

A corner of calm in Tasmania’s capital, St Mary’s, with its median house price of $352,000 is an ode to suburban living.

Lined with schools, parks, and recreational areas, it’s tailored for families. The community vibe is strong, making it a warm, welcoming place. Plus, its position in the south of Tasmania ensures that the metropolitan allure of Hobart is always within reach.

Check out more properties in St Marys TAS 7215


Land for sale in Zeehan

A treat for the wanderlust souls, Zeehan, standing at a tempting $211,250 median house price, is a tourist magnet. From untamed wilderness areas to popular fishing zones, it promises adventure at every turn. Its past as a mining town only adds layers to its appeal.

Close to attractions like the West Coast Wilderness Railway and the Henty Falls, it offers residents a life amidst nature’s marvels.

Each suburb offers a unique flavour, each providing its unique flavor for those interested in buying a house in Australia. Whether you’re a nature buff, a history enthusiast, or someone seeking suburban comfort, Tasmania’s housing market in 2024 has something for everyone.

Check out more real estate in Zeehan TAS 7469.

Key Considerations for Home Buyers

  1. Median House Price: This remains a prime factor. While affordability is essential, ensure you’re getting bang for your buck.
  2. Employment Opportunities: Ensure your chosen suburb or state has ample job opportunities, especially if it’s a long-term investment.
  3. Lifestyle & Amenities: From local climate to nearby hospitals, schools, and shopping centers, every amenity counts.
  4. Transport Links: Easy access to public transport or major roadways can enhance property value.
  5. Growth Potential: Areas expected to grow or develop in the future can be a lucrative investment, offering returns as the locality thrives.

Remember, while Tasmania might be the cheapest state to buy a house in Australia right now, the best place for you depends on your unique needs and preferences. Always consult with a financial advisor or mortgage broker before making the big move.

Optimising Your Search for Affordable Property

To make the most of your property search in Australia:

  • Compare Suburbs: Look at a variety of suburbs to understand the range of prices and amenities available.
  • Assess Growth Potential: Consider areas with potential for future growth, which could lead to a good return on investment.
  • Check Amenities: Ensure easy access to schools, hospitals, and transport links, which can influence property values.


Whether you’re a first-time buyer or looking to invest, Tasmania offers a gateway to affordable living in a setting that balances cost with lifestyle.

From the rustic charm of historical towns to the serene beauty of coastal and mountainous landscapes, Tasmania provides a range of options that appeal to different tastes and needs.

With strategic choices and an eye for potential, entering the property market in Tasmania can be an astute move for those seeking value and quality in their home purchase.

Looking for your dream home?

Soho can help you find it. Set up your profile on Soho to find properties for sale and properties for rent in your favourite suburbs.

But don’t just stop there, download our app to get access to more features. Just remember to shortlist or swipe left on our listings so we can send you others that better match what you’re looking for.

More on finding the cheapest state to buy property in Australia

What is the cheapest state to buy a house in Australia?

Tasmania is recognized as the most affordable state in Australia for purchasing property. It offers lower average house prices compared to other states, making it an attractive option for potential homeowners.

Which state in Australia has the most affordable housing?

According to the latest Housing Affordability Report by the Real Estate Institute of Australia, Western Australia ranks as the most affordable state for buying and renting property. The state showed a 0.7% improvement in affordability compared to the June 2019 quarter.

Which state has the lowest cost of living in Australia?

Hobart, Adelaide, and Perth are noted for having the lowest cost of living among Australian cities. These cities generally offer more affordable housing expenses and a less hectic lifestyle compared to larger cities like Sydney or Melbourne.

What is the cheapest capital city in Australia to buy a house?

The most affordable capital city suburb for housing in Australia in 2023 was Gray in Greater Darwin, Northern Territory, with a median property value of approximately 359 thousand Australian dollars. The suburb of Elizabeth North in Greater Adelaide, South Australia, was the second most affordable.

Which state is cheapest to live in Australia?

The cheapest state to live in Australia is Tasmania. The average house price in Tasmania is around AUD300,000, and the cost of living is also lower than in other states.

Soho is your expert team in Australian real estate, offering an innovative platform for effortless property searches. With deep insights into buying, renting, and market trends, we guide you to make informed decisions, whether it's your first home or exploring new suburbs.
Share this article
Don’t waste time searching for a home. Let our AI do the work


Soho logo

Our AI match engine will match you with over 150,000+ properties and you can swipe away or shortlist easily. Making your home buying journey faster and easier 

Soho logo
Our AI match engine will match you with over 150,000+ properties and you can swipe away or shortlist easily. Making your home buying journey faster and easier.