A recent report by Aussie Homes and CoreLogic reveals Australia’s most affordable suburbs – and there’s good news for downsizers.
It turns out that the cheapest suburb for housing across Australia is Mount Magnet in Western Australia. Unbelievably, it's possible to buy a house here and walk away with change from $37,500. However, the location – several hundreds of kilometres north of Perth, makes it a challenging spot for downsizers.
Happily, the report also lists the most affordable locations in regional areas, many of which are downsizing hot spots.
On the Queensland Gold Coast, the most affordable suburb for apartments is Oxenford, where the median unit value is $303,000. Further north on the Sunshine Coast, downsizers can pick up a house in Kenilworth for around $395,000, or for apartment buyers, the cheapest suburb is Yandina, where the median unit value is $256,000.
In the popular Lake Macquarie area of New South Wales, Edgeworth is the most affordable suburb for units, with a median value of $312,000.
If the Shoalhaven area south of Sydney is on your downsizing bucket list, Nowra is worth a look, where the median apartment value is $272,000.
In regional Victoria, Geelong is fast becoming a property hot spot, notching up significant price gains even though Melbourne has been experiencing falling values. The most affordable Geelong suburb for houses is Norlane with a median value of $365,000. Or head to Corio – the cheapest suburb for apartments, where the median unit value is $272,000.
One thing the report makes very clear is that the current market offers outstanding opportunities for value buying. The plus for downsizers is there is a clear-cut opportunity to enjoy some real bang for your buck.
For the full affordable suburbs report click here.
Greg Oddy is Director of Sales and Marketing at Downsizing.com.au