The 79 Aussie suburbs and towns with a median house price under $300,000

Australia may be experiencing its deepest property downturn in history, but the fact remains that house prices across the nation are still substantially higher – in most places by hundreds of thousands of dollars – than they were pre-pandemic.

The national median price for a house in a capital city is still just over $1 million. Last week, a 55-square-metre garage in St Kilda in Melbourne sold at auction for $391,000.

Canberra’s median is a whopping $319,565 more than it was pre-pandemic, and Brisbane’s $205,297.

But there are still opportunities that won’t leave you drowning in debt. The latest data from Domain shows there are 79 towns or suburbs across the nation with a median house price of less than $300,000.

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No, most of them are not located in capital city suburbs. But to get some perspective, here’s what it currently costs to service a mortgage of $600,000 on a basic variable rate of 4.38 per cent over 30 years: $3,362 a month.

On a mortgage of $1 million, it’s a whopping $5603 a month.

Home loan repayments on a mortgage of $250,000? $1401 a month. The median price to rent a house is $2815 a month in Sydney, $2080 a month in Melbourne and $2383 a month in Brisbane.

With borrowing power significantly reduced thanks to nine consecutive interest rate hikes since May last year, finding property with a more affordable price tag – which equates to a smaller mortgage – may mean looking outside of the capital cities.

In some states, that might mean buying 80 kilometres from the CBD. In other states that may be as far as 1200 kilometres out, but the town is located on a beach. It may mean buying a cottage in the outback to rent out while you remain in a capital city and rent closer to work or it could mean buying in a small tourist town that you didn’t even know existed and working remotely.

There are options if you know where to look. Here are the postcodes across the nation where you can crack the market for less.

New South Wales

The closest town to Sydney with a median house price under $300,000 is Wellington, a 30-minute drive from Dubbo, and a five-hour drive from the capital.

Local agent Rebecca Harding of Peter Milling & Company describes Wellington as a “beautiful town” and says “Wellington is the place to be”.

“No one thinks Wellington is affordable these days … but compared to Sydney prices then, yes, I suppose we’re very affordable,” she says.

“Before COVID, we had properties at the $180,000 mark. Then the market went ballistic – I’ve never seen sales anything like it in Wellington – and those properties went from $180,000 to $380,000.

“Now, with the interest rate rises people are definitely more cautious when they buy, but prices are holding here.”

Wellington is now part of Dubbo council and has a new aquatic centre and tourist centre and is considered to be the “hub” between Orange, Dubbo, Mudgee and Parkes.

A new solar and wind farm is bringing in new workers and the rental market has boomed. Houses are being rented out for up to $1000 a week, she says.

SOLD - $259,000

61 Arthur Street, Wellington NSW 2820

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Victoria

Only three towns fall below the $300,000 threshold in Victoria now, thanks to the massive price rises its regional towns experienced during the pandemic property boom.

Kerang is the closest to Melbourne and a three-hour drive north west of the capital. Local agent Graeme Hayes says it’s previously flown under buyers’ radars but that’s changed as prices have soared across the state.

“You’ll still get an exceptionally good home in Kerang for $300,000,” he says. “We’ve sold anything above and below $300,000 recently and they’re all good, clean, tidy houses with three bedrooms and one or even two bathrooms, all with excellent shedding and a lot now have solar.

“Kerang is basically a rural-dependant town. There’s wheat and sheep and cattle and Brown Brothers have a huge vineyard up here. You’ve got a lot of piggeries and an extensive emu farm. The town provides a lot of employment for the rural sector and it’s a good local community – tight-knit.”

$180,000

65 Marne Street., Kerang VIC 3579

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Tasmania

Affordable property was once the norm in Tasmania but massive price gains over the past five years mean there is now only one town in the state with a median house price of less than $300,000.

Queenstown, located in the west coast region and known for its mining history and mountainous surrounds, has more recently become a tourist attraction and renowned for its world-class mountain bike trails and local arts scene.

Rock bottom prices are an actual thing here – there are a few properties for sale for $80,000 – but more liveable dwellings are likely to cost upwards of $250,000.

Local Harcourts agent Rodney Triffett says the town became quiet after the mine shut around 2014 but has since expanded into tourism and new residents have tree-changed into the area in recent years.

“COVID really put it into perspective, that you don’t have to live in the middle of a city to work in a city job. Technology is a big part of how people are living and working here,” he says.

“I’m probably a bit biased but we love the peace and quiet. That’s what people move here for – and the cooler weather.

“In the end we are a rural area. We’ve had pretty big increases to our median prices. For example, in 2017, the average three-bed house was $60,000. A four-bed with a shed was $100,0000. With all the expansion, we still have our mining history but we have our tourism and arts community and prices have gone up by a lot.”

SOLD - $280,000

4 Darling Street, Queenstown TAS 7467

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Northern Territory

Like Tasmania, the Northern Territory has just one town with a median house price under $300,000, except that it’s not a town – it’s a suburb.

Located just 9.3 kilometres from Darwin’s CBD, Berrimah lies east of the capital. Pockets of the suburb formerly used for industrial purposes are now being subdivided into new housing estates.

SOLD - Price Withheld

43 Garner street, Berrimah NT 0828

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Queensland

The list of affordable towns in Queensland is long. Once a buyer starts looking outside of the south-east corner, property prices drop immediately. They drop even more the further you get from the coastline.

The closest town to Brisbane is Nanango, about a two-hour-and-40-minute drive away, whilst the cheapest is Charleville, a proper outback town and tight knit community 679 kilometres from the capital city with a median house price of $142,500.

Among the mining towns, outback regions and sleepy country towns there are also suburbs within regional cities. Rockhampton City, located in the literal centre of Rockhampton – famous for its beef, bovine statues and heritage-listed buildings – is perched on the Fitzroy Riverbank and dotted with cafes, shops and local attractions.

SOLD - $135,000

256 George Street, Rockhampton City QLD 4700

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North of Townsville, the tiny oceanfront locality of Forrest Beach may be nearly 1200 kilometres from Brisbane but it also has beautiful swimming beaches on tap and a median house price of $285,000.

Townsville airport is about an hour and 40 minutes away by road.

$495,000

19 Acacia Street, Forrest Beach QLD 4850

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South Australia

Coober Pedy, in the middle of South Australia, is famous for a few reasons – opal mining among them – but there are two other stand-outs: it’s the cheapest place in which to buy a house in Australia, with a median house price of just $75,000, and the other is its underground “cave” homes.

If the prospect of buying an underground cave to live in is one compromise too many, some good news: South Australia is actually home to possibly the best value suburb in the nation.

Elizabeth North, a suburb within half an hour’s drive of Adelaide, falls under the $300,000 threshold.

SOLD - $251,000

26 Sedgehill Road, Elizabeth North SA 5113

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Western Australia

Western Australia has a number of options under $300,000, although some are relatively remote. Others are within a more reasonable distance of the city – Northam, to the north east of Perth, is an hour-and-20-minute drive away.

Situated in the picturesque Avon Valley, Northam is a town known for its historic buildings and tourism attractions like hot air ballooning, horse racing, and nature trails.

SOLD - $239,000

66 Hutt Street, Northam WA 6401

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