Lexi Webster
Australia is known for its skyrocketing property prices, especially in cities like Sydney and Melbourne, where the median house price is $1 million or more. However, it is still possible to find cheap houses in Australia, especially in regional and rural areas. Tasmania is currently the cheapest state to buy a house, with South Australia and Western Australia also offering affordable options. For those seeking suburban living, Adelaide and Perth are good choices. To find the best deals, it's important to look beyond popular cities and explore rural towns and regional locations, which often provide the biggest bang for your buck.
| Characteristics | Values |
|---|---|
| Cheapest places to buy a house | Tasmania, South Australia, Western Australia, Queensland, and New South Wales |
| Median house price in Australia | $750,000 |
| Median house price in Sydney and Melbourne | $1 million or more |
| Median house price in Warwick Farm, Sydney | $389,307 |
| Median house price in Lavington, Murray region | $251,406 |
| Median house price in Muswellbrook, Hunter Valley | $276,387 |
| Median house price in Port Pirie West, South Australia | $116,000 |
| Average rent in Port Pirie West, South Australia | $250 per week |
| Median house price in Coober Pedy, South Australia | $72,000 |
| Average rent in Coober Pedy, South Australia | $180 per week |
| Median house price in Trayning, Western Australia | $100,000 |
| Median house price in Marvel Loch, Western Australia | $85,000 |
| Median house price in Tambar Springs, New South Wales | $100,000 |
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What You'll Learn
Look for rural towns
If you're looking for cheap houses in Australia, you're more likely to find them in rural towns and regional locations, especially in Western Australia, Queensland and South Australia.
For example, in Western Australia, you can find three-bedroom houses in Kambalda East and Norseman from around $100,000. Norseman is a small, sprawling town driven by mining and tourism, located 726 kilometres east of Perth.
In Queensland, you can find a three-bedroom house in Mount Isa for $59,000. Mount Isa is known as the "heartbeat of North West Queensland".
In South Australia, Wolseley, a town of 180 people located 285 kilometres southeast of Adelaide, offers a three-bedroom home on 5000 square metres for $75,000.
If you're looking for something even more remote, you might consider Coober Pedy, the opal capital of the world, located 846 kilometres north of Adelaide. Coober Pedy has a median house price of $78,000, although individual properties can be found for even less.
For those seeking a coastal lifestyle, Yamba in New South Wales is an up-and-coming town offering a more affordable alternative to Byron Bay.
For those who prefer the mountains, the town of Broken Hill in NSW, known as the quintessential outback Australian town, has a median house price of $130,000.
For nature lovers, Bombala in NSW is known as platypus country due to the relatively large number of platypuses found in the area.
These are just a few examples of rural towns in Australia where you may be able to find cheap houses. It's important to note that "cheap" properties may be located in areas with fewer employment opportunities and amenities, and it's always a good idea to research the area before making a purchase.
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Explore regional areas
If you are willing to move away from the cities, you will find much more affordable housing in regional and rural areas. The cheapest housing in NSW, for example, is in rural and regional locations such as Murray, New England, Far West and Orana, Central West, and some parts of the Hunter Valley.
Tasmania is the cheapest state to buy a house in Australia, but South Australia is also a good choice if you consider employment opportunities and income levels compared to home prices and the cost of living. In Port Pirie West, South Australia, the median house price is $116,000, and the average rent is $250 per week. In Coober Pedy, the median house price is $72,000, and the average rent is $180 per week.
In Western Australia, you can find three-bedroom houses in Norseman and Kambalda East for around $100,000. Trayning, Western Australia, is another regional area with a median house price far below the national average.
In Queensland, you can find cheap houses in Mount Morgan and Granville. A waterfront caravan park in Burrum Heads, just north of Hervey Bay, is a tranquil place to call home, with properties under $150,000.
In New South Wales, explore affordable regions like Broken Hill and Wellington for cheap homes under $100k. If you want to get away from it all, Tambar Springs in the North West Slopes region is a town with a population of just 187, where you can find a three-bedroom, one-bathroom house for under $100k.
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Consider Tasmania
If you're looking for cheap houses in Australia, it's worth considering Tasmania. While Sydney and Melbourne have the country's most expensive housing markets, with median house prices north of $1 million, Tasmania offers a more affordable alternative.
In Tasmania, you can find cheap houses in various regions, including Break O'Day Council, Waratah-Wynyard Council, Glenorchy City Council, Devonport City Council, and the City of Clarence. These areas often have properties available for under $500,000, which is a bargain compared to the median house prices in Sydney and Melbourne.
For example, in Waratah, Tasmania, you can find historic properties with character and charm, such as the former Mount Bischoff Mine Manager's Residence, built in the 1880s. Tasmania also offers rural properties with acreage, like the 54-acre property in South East Tasmania, perfect for those wanting to work from home or enjoy the natural surroundings.
Additionally, Tasmania provides opportunities for coastal living on a budget. For instance, you can find properties just a short drive from the beach and the heart of town, offering the perfect blend of nature and convenience.
So, if you're looking for cheap houses in Australia, don't overlook Tasmania. With its mix of rural, historic, and coastal properties, you can find your dream home without breaking the bank.
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Research mortgage lenders
When it comes to researching mortgage lenders, there are a few different types of institutions to consider in Australia. Traditional banks are a common choice, with many people opting for the bank they have been with for most of their lives. However, there are also plenty of non-bank lenders operating in Australia, including online lenders, that may be able to offer you a better deal. Fintech companies, for example, use technology to digitize the home loan process, making it faster and more convenient for customers.
Customer-owned banks, also known as credit unions, mutual or building societies, are another option. These institutions are designed to provide banking services to their members, and according to Roy Morgan research, they have higher customer satisfaction rates than major banks. Mortgage brokers can also assist you in the process and act as an intermediary between lenders and buyers.
- Adelaide Bank
- AFG Home Loans
- AMP Bank
- ANZ
- Arab Bank Australia
- Athena
- Aussie
- Austral Mortgage
- Australian Military Bank
- Australian Mutual Bank
- Australian Unity
- Auswide Bank
- Bank Australia
- Bank First
- Bank of Melbourne
- Bank of Queensland
- Bank of Sydney
- BankSA
- BankVic
- Bankwest
- Bendigo Bank
- Beyond Bank
- Bluestone
- Heritage Isle
- Virgin Money
- Unity Bank
It's important to do your research and compare the different lenders' interest rates, fees, and loan terms to find the best option for your needs.
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Check government initiatives
When looking for cheap houses in Australia, it is worth considering the various government initiatives and schemes that could help you find affordable housing or receive financial assistance. Here are some key initiatives to keep in mind:
First Home Loan Deposit Scheme
The First Home Loan Deposit Scheme is a government initiative that allows first-time homeowners to purchase a property with as little as a 5% deposit, without needing to pay for lender's mortgage insurance (LMI). This scheme can help you get into the property market sooner and
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Frequently asked questions
The cheapest places to buy a house in Australia are in regional and rural locations, especially in Western Australia, Queensland, and South Australia. Tasmania is also known for being the cheapest state to buy a house. Some of the cheapest suburbs in Australia include Port Pirie West, Coober Pedy, and Trayning.
Tasmania is the cheapest state to buy a house in Australia. However, South Australia is another affordable option when considering employment opportunities and income levels compared to home prices and the cost of living.
Yes, the Australian Government has initiatives such as the Home Guarantee Scheme and Help to Buy to support first-time home buyers and Australians in achieving homeownership.
Here are some tips to find cheap houses in Australia:
- Look for properties in regional and rural areas, which generally offer more affordable options.
- Consider the location and research the market to find the cheapest places to buy.
- Explore abandoned properties and investment opportunities in areas like Zeehan, Tasmania.
- Consider the cost of living and income levels in the desired state or region.
