66 ‘affordable’ Aussie suburbs where you can buy property for under $1 million

Despite escalating interest rates and a surge in living expenses, select Australian neighbourhoods still offer prospective buyers a chance to secure budget-friendly deals.

Canstar’s Report on Top Economical Suburbs has spotlighted the least expensive yet potential-rich areas for homebuyers and investors to purchase property in 2023.

The most affordable capital city suburbs

Here are the most affordable suburbs in the Aussie capitals and the median price for either a unit or a house.

Brisbane:

1. Annerley (unit) – $456,000
2. Bellmere (house) – $555,000
3. Bethania (house) – $510,000
4. Crestmead (house) – $515,000
5. East Brisbane (unit) – $515,000
6. Goodna (house) – $465,000
7. Raceview (house) – $480,000
8. Slacks Creek (house) – $535,000
9. West End (unit) – $580,000
10. Woolloongabba (unit) – $510,000

Sydney:

1. Bradbury (house) – $765,000
2. Burwood (unit) – $900,000
3. Gymea (unit) – $820,000
4. Lurnea (house) – $885,000
5. Mascot (unit) – $850,000
6. Minto (house) – $855,000
7. Mount Druitt (house) – $915,000
8. Rooty Hill (house) – $850,000
9. Rosemeadow (house) – $775,000
10. Stanmore (unit) – $820,000

Canberra:

1. Belconnen (house) – $595,000
2. Belconnen (unit) – $495,000
3. Bruce (unit) – $460,000
4. Canberra City (unit) – $715,000
5. Charnwood (house) – $610,000
6. Turner (unit) – $640,000

Melbourne:

1. Diggers Rest (house) – $645,000
2. Epping (house) – $680,000
3. Kalkallo (house) – $620,000
4. Kensington (unit) – $560,000
5. Meadow Heights (house) – $580,000
6. Melbourne CBD (unit) – $430,000
7. Mickleham (house) – $660,000
8. Richmond (unit) – $640,000
9. Sunbury (house) – $650,000
10. Tarneit (house) – $650,00

Hobart:

1. Bridgewater (house) – $485,000
2. Chigwell (house) – $530,000
3. New Norfolk (house) – $470,000
4. Risdon Vale (house) – $460,000
5. Rokeby (house) – $540,000

Adelaide:

1. Brahma Lodge (house) – $415,000
2. Davoren Park (house) – $295,000
3. Elizabeth Vale (house) – $390,000
4. Evanston Gardens (house) – $400,000
5. Hackham (house) – $460,000
6. Morphett Vale (house) – $505,000
7. Munno Para (house) – $370,000
8. Reynella (house) – $510,000
9. Rosewater (house) $525,000
10. Salisbury (house) – $460,000

Perth:

1. Armadale (house) – $300,000
2. Cannington (house) – $435,000
3. Golden Bay (house) – $430,000
4. Kelmscott (house) – $370,000
5. Merriwa (house) – $425,000
6. Midland (house) – $360,000
7. Nollamara (house) – $435,000
8. Parmelia (house) – $340,000
9. Warnbro (house) – $420,000
10. Westminster (house) – $410,000

Darwin:

1. Darwin City (unit) – $445,000
2. Gray (house) – $410,000
3. Larrakeyah (unit) – $420,000
4. Moulden (house) – $390,000
5. Woodroffe (house) – $440,000

Next steps

If you are looking to get into the property market, make your first step and obligation free chat with your broker at Broker Kit. Your Broker Kit mortgage broker will help you determine your borrowing power, sift through hundreds of loans to find you the most suitable options and guide you through the application process.