Australia's cheapest and most expensive suburbs for buying a house

Cashed-up home-buyers looking for the most expensive suburb in Australia should be heading to Vaucluse in Sydney, while those looking for the ultimate bargain should head to Elizabeth Downs near Adelaide.

These are the suburbs with the most expensive and most affordable house price medians close to a capital city, new Domain data shows.

Sydney’s uber-exclusive suburb of Vaucluse sits atop the list with a median house price of $6,042,500, the analysis of house price data, which takes in suburbs that have 50 home sales or more in a year, has revealed.

It’s no surprise then that the suburb has been home to some of the biggest names in business including billionaire investor James Packer who sold his $70 million spread in 2015. The Block host Scott Cam also calls the suburb home, buying there in 2012.

If, as Barefoot Investor Scott Pape once said, you don’t want to be “mortgaged up to your Audi,” then San Remo on the NSW Central Coast could be the place to look for your first or next abode.

It is one of Sydney’s least expensive suburbs with a home there setting you back $429,000. The only drawback? There may be a long commute into the city for work if you need to be in the inner city as San Remo is an hour-and-a-half from the CBD.

In Victoria, Melbourne’s Toorak is the most expensive suburb with a house price median of $3.025 million. 

Like Vaucluse, Toorak is home to big names in business including Paul Little, the chairman of Little Group, and trucking magnate Lindsay Fox who both own impressive spreads worth many millions.

But if Toorak is a little (or a lot) above your price range, Melton is well and truly at the other end of the scale. As Melbourne’s cheapest suburb, Melton has a median of $387,000 and is a popular suburb with first-home buyers. 

Further north, sun, river views and multimillion-dollar price points all abound in Brisbane’s New Farm. It’s the most expensive suburb in the sunshine state, with a median house price of $1,462,500. 

Local famous faces including ex-Brisbane Lion Jamie Charman have called the suburb home and, with a mix of modern manses and classic Queenslanders, it’s a suburb that has grown in popularity.

By comparison, the cheapest suburb in Greater Brisbane is in Logan City: Woodridge has a median of $311,000. 

It has had a rough and tumble reputation, but Woodridge’s property prices have outperformed those of the wealthier suburbs over the past year, rising 5.1 per cent over the 12 months to September.

In the west, Dalkeith is Perth’s millionaires’ row and has the state’s highest median house price at $2.12 million.

The exclusive suburb, surrounded by water, is home to business luminaries including mining magnate Gina Rinehart, who bought three neighbouring homes there. 

Seven West Media chairman Kerry Stokes also owns property in the exclusive suburb.

About a 40-minute drive from the CBD, Armadale in the Perth Hills offers the cheapest near-the-city prices. The median there is a far more affordable $220,000.

Adelaide’s most expensive suburb, Somerton Park, won’t even cost you $1 million. Its median house price of $958,500 tops the local list.

Some of the most expensive homes in the area are found beachside, with part of the suburb boasting views of Somerton Park beach.

Meanwhile, Elizabeth Downs, 29 kilometres outside of Adelaide, has a median house price of $195,000, making it the cheapest place to buy a home in Australia near a capital city.

Tasmania not only offers a slower pace of life, but also offers the cheap near-city house prices. 

The suburb of Huonville, 30 minutes from Hobart, has homes with a median price of $355,000. 

The most expensive suburb is Sandy Bay, in also in Hobart’s south. It has a median of $890,000 and a plethora of homes with water views.