Secure property in these suburbs with a deposit under $100,000

For first-time home buyers, entering the property market sometimes seems like a pipe dream. Prices keep going up and it can take years to save for that initial deposit. 

The savings needed for a 20 per cent deposit could vastly change depending on the location of your dream property. If you’re thinking of nestling in a capital city, the median deposit can range between $120,000 to $290,000.

The average Australian between the ages of 25-34 takes about five years to save up for a house and about three-and-a-half years to save up for a unit, according to the Domain First Home Buyer Report.

If savings over $200,000 seems like an impossible feat, never fear. The latest data from the Domain House Price Report has revealed over 300 suburbs within capital cities have properties with more affordable 20 per cent deposits under $100,000.

Some of the most affordable places in Australia – Osborne Park, Westerrn Australia, and Woodridge in Queensland – have a median 20 per cent deposit of $44,000 for units.

Osborne Park, just seven kilometres from the Perth CBD, has a median unit price of $220,000. It offers plenty of bus options for commuting and is connected by the Mitchell Freeway to the city, for easy access.

Meanwhile, Woodridge is about 19 kilometres south of the Brisbane CBD and has affordable units (median price $220,500) and houses (median price $394,250) within walking distance of the train station.

Local Ray White agent Savana McKenzie said that you can get good bang for your buck, with six out of 10 listings priced under $500,000.

“The area is getting more home owners than investors coming in. While Woodridge is an older area without many new developments, we are seeing first-home buyers entering the market,” she says.

“Despite prices and interest rates affecting everyone, [Woodridge] is still affordable. And people know it; we’re even seeing people from northern Gold Coast purchasing here.”

SOLD - $240,000

73/176-184 Ewing Road, Woodridge QLD 4114

2

1

1

View property

Despite rising property prices in the Greater Sydney region, suburbs like Harris Park and Blacktown (median unit price of $430,000) have become the entry point for Sydneysiders looking to enter the market. Not only do these suburbs have a train line that takes you into the city in less than an hour but you can also purchase property for a median 20 per cent deposit of $86,000.

Vikram Jeet of Ray White Parramatta says while houses are very expensive the units market is relatively cheap. The majority of units sell for between $430,000 and $450,000.

“The buyers we are seeing are first-home buyers and lots of investors looking to get good rental yields,” he says. 

“We are seeing inner-city people from Summer Hill and Ashfield flocking to the area to enter the property market.”

SOLD - $375,000

9/13-19 Devitt St, Blacktown NSW 2148

2

1

1

View property

Joel Hollings from McGrath Blacktown real estate agent, shares the same sentiment. “It’s quite achievable finding a property with a $100k deposit.” 

Despite 12 cash rate hikes and low supply, demand remains strong, Hollings says.

It’s easy to feel defeated when listening to property news but if you know where to look, becoming a property owner becomes an achievable dream.