Cheapest Places to Buy House in AUSTRALIA Under $500000 - 10 Cheapest City to Buy Property in Australia

Australia's top 10 affordable regional areas, places, towns, cities to buy a house or property in 2022 ranking is based on PRD Real Estate report - median house price and average house rental yield. Cheapest regions to buy property under $500,000. 10 most affordable places to buy house in Australia. Central Highlands, Circular Head (Tasmania); Greater Hume, Upper Hunter, Wagga Wagga, Griffith City, Port Stephens (New South Wales); Northern Grampians, Wodonga City, Greater Bendigo, Greater Geelong (Victoria); Whitsunday, Mackay, Toowoomba (Queensland) 10 most promising affordable towns in Australia. Roaring regions, booming Australian towns with homes under $500,000. Australia's regional towns with affordable house prices. Fastest-growing regional towns.

10 Cheapest Places to Buy House in Australia

1. Central Highlands, Tasmania
2. Circular Head, Tasmania
3. Greater Hume, New South Wales
4. Northern Grampians, Victoria
5. Upper Hunter, New South Wales
6. Whitsunday, Queensland
7. Mackay, Queensland
8. Toowoomba, Queensland
9. Wagga Wagga, New South Wales
10. Wodonga City, Victoria

Australia’s property market has a proven record of stable prices and strong returns. So the question now is, where do we invest? In regional area or in a big capital city?

Besides affordability, property investment in a regional area may give you positive cash flows and higher rental returns. There are regional cities where median price is within reach of buyers with the average state loan and a 20 per cent deposit. Regional buying experienced a surge in 2021 as buyers capitalised on the lower median property prices and working from home became the norm. Let’s find out about these cities, towns or regions, which are 'very attractive' for first home buyers looking to get a foot on the property ladder.

1. Central Highlands, Tasmania

The Central Highlands or The Lake Country of Tasmania, enjoys a wonderful and relaxed lifestyle. Most people can afford to choose to live a short distance from their work, leaving time to do more important things than sit in peak hour traffic. The region is beautiful, safe and well-known for fresh seafood. Compare to Hobart’s median house price of $590,000; the median house price in Central Highlands region is $250,000 with average house rental yield of 4.2%. The median unit price is $180,000 with average house rental yield of 6.6%. Rental population is approximately 8.28%. The median house price is increased by 20.5% over past year.

2. Circular Head, Tasmania

Circular Head has some of Tasmania's most beautiful forest reserves, along with scenic waterfalls such as Dip Falls and Wes Beckett Falls. Circular Head is the largest dairying and prime beef producing area in Tasmania. The median house price in Circular Head region is $300,000 with average house rental yield of 4.7%. The median unit price is around $272,000. Rental population is approximately 22.25%. The median house price is increased by 20.3% over past year.

3. Greater Hume, New South Wales

Greater Hume residents enjoy the benefits of a rural lifestyle, space, fresh air and liveability – with the reassurance of higher levels services, airports, health, medical and professional services. There are numerous stunning views across the rolling hills landscape. The median house price in Greater Hume region is around $287,000 with average house rental yield of 4.5%. The median unit price is around $2, 85,000 with average house rental yield of 5.6%. Rental population is approximately 14.8%. The median house price is increased by 16% over past year.

4. Northern Grampians, Victoria

Set among the beautiful Grampians National Park, Northern Grampians is abundant with lifestyle and career opportunities. With a secure rural setting, enviable climate, realistic house prices and excellent health and community services, you can buy dream home in Northern Grampians. The strong local economy and many of the employment opportunities in the area revolve around agriculture, tourism, wine production, gold mining, brick manufacturing and meat production. The median house price in Northern Grampians region is around $288,000 with average house rental yield of 4.2%. The median unit price is around $286,000. Rental population is approximately 18.3%. The median house price is increased by 30% over past year.  

5. Upper Hunter, New South Wales

Stretching from the rugged mountain ranges in the north to Lake Glenbawn in the east, rolling hills in the south and golden plains in the west, the Upper Hunter Shire is a diverse and scenic region. The Upper Hunter boasts excellent infrastructure, quality health and community services, education and a variety of sporting and cultural activities. The Upper Hunter offers an affordable and relaxed place to live. The median house price in Upper Hunter region is around $373,000 with average house rental yield of 6.1%. The median unit price is around $231,000 with average house rental yield of 6.4%. Rental population is approximately 23.38%. The median house price is increased by 6.2% over past year.  

6. Whitsunday, Queensland

Halfway up Queensland’s eternal eastern coastline, 1000 kilometres from Brisbane, lies The Whitsundays Coast and 74 tropical islands. The Whitsundays is one of the best places on the planet for a holiday. It is home to nearly 20 000 people. The region is alive with ancient rainforests, exotic wildlife, laid-back towns and unspoiled nature. The median house price in Whitsundays region is around $400,000 with average house rental yield of 4.2%. The median unit price is around $300,000 with average house rental yield of 8.2%. Rental population is approximately 27%. The median house price is increased by 5% over past year.

7. Mackay, Queensland

The Mackay is home to a diverse and vibrant community with rural and coastal living opportunities with expanding employment, investment and development, buoyant economy and lifestyle.. Mackay contains a number of large shopping centres, sports clubs, cinemas, family-oriented facilities, modern nightclubs and social venues. Mackay itself is known for its Harbour Beach, marina and Bluewater Lagoon, a city water park. The median house price in Mackay region is around $412,000 with average house rental yield of 5.9% . The median unit price is around $310,000 with average house rental yield of 6.4%. Rental population is approximately 26%. The median house price is increased by 3% over past year.

8. Toowoomba, Queensland

Toowoomba offers an ideal balance between small city lifestyle and country living. Its strong economy, affordable housing, and plenty schools, parks, and playgrounds make it perfectly suited to families. Toowoomba is known as the “Garden City”. It has prioritised infrastructure, new development and public transport, so it's easy to get around and explore the city. With a wealth of national parks, wineries and hiking destinations at its doorstep, Toowoomba is also the gateway to the Granite Belt. The median house price in Toowoomba region is around $430,000 with average house rental yield of 4.8%. The median unit price is around $310,000 with average house rental yield of 5.8%.. Rental population is approximately 28%. The median house price is increased by 9% over past year.

9. Wagga Wagga, New South Wales

Wagga Wagga is one of the friendliest cities in the world with an amazing work-life balance, strong job market, affordable housing, great schools and incredible restaurants and cafes. The vast Botanic Gardens is home to native plants and a mini zoo. Compare to Melbourne’s median house price of $941,000, the median house price in Wagga Wagga region is $436,000 with average house rental yield of 4%.

The median unit price is about $260,000. Rental population is approximately 30%. The median house price is increased by 13% over past year.

10. Wodonga City, Victoria

Wodonga is Victoria's fastest growing regional city and can be found on the Victorian/New South Wales border, about 300 kilometres north-east of Melbourne. Wodonga offers high quality education, leading health care facilities, superb infrastructure and a wide range of tourism attractions. If you're after everything a city has to offer, with a relaxed country life at your door, Wodonga may be the ideal city for you. The median house price in Wodonga region is $450,000 with average house rental yield of 4.7%. The median unit price is about $288,000 with average house rental yield of 5%. Rental population is approximately 31%. The median house price is increased by 14% over past year.

If your budget is more than $500,000; Greater Bendigo and Greater Geelong in Victoria, Griffith City and Port Stephens in New South Wales are also better options to invest.

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