Looking to get affordable houses in Australia? Affordability remains a challenge, particularly for first-time buyers in Sydney, Melbourne, and Canberra, where median house prices exceed $1 million.
The good news is that if you look off the usual path, there are rural villages with tons of pleasure that offer a lot for your hard-earned money. To get this article well-detailed, we searched Domain and realestate.com.au to see the affordable houses in Australia.
Many will undoubtedly require some maintenance, and they may be a little hidden, but when compared to state median house costs, they are just for your hard-earned money! Let’s look at the affordable houses in Australia and how to get them right now.
Are houses cheap in Australia?
According to global standards, houses in Australia are not inexpensive on average. The national median house price is roughly $750k; however, it can be much higher or lower depending on where you buy. Sydney and Melbourne have the most expensive housing markets in the country, with values comparable to London, Hong Kong, Vancouver, and New York.
How to get Affordable houses in Australia
1. Make use of government grants and schemes.
Generally, the Australian government, both at the federal and state levels, offers affordable housing, especially for first-timers and low-income earners. They make this possible through grants and schemes. These grants and schemes include:
● First Home Owner Grant (FHOG)
● First Home Loan Deposit Scheme (FHLDS)
● Stamp Duty Concessions
● Shared Equity Schemes
To get affordable houses in Australia, going through these processes is a sure way for you.
2. Try searching affordable Regions and Suburbs
While cities like Sydney and Melbourne are too expensive, regional and outer-suburban areas often provide more affordable options.
Regional Australia has less expensive real estate and rental rates. Affordable accommodation for individuals can be seen in cities like Newcastle, Ballarat, and Geelong.
3. Consider Alternative Housing Options
If conventional homes or apartments are out of your price range, you might explore alternative options, such as:
● Tiny Homes
● Shared Housing:
● Rent-to-Buy Schemes
Top 10 Affordable Housing Vacancies Australia
1. 69-71 HIGH STREET, Tambar Springs NSW 2381: $95,550
Want to escape from it all? Tambar Springs, located in New South Wales’ North West Slopes region, is the ideal location! With a population of just 187, you might come to know the entire town in a week or two.
If you do need to visit the big city, Sydney is 417 kilometers away, while Gunnedah is only 67 kilometers down the road. This three-bedroom, one-bathroom weatherboard house on a 2,023 m2 property falls just within our $100,000 budget. It appears to be a ‘detonate and renovate’ project, although you could build a McMansion with enough space for a four-car garage.
2. Lot 477 Flinders Street, Coober Pedy SA 5723: $85,000
Want to try your luck in Coober Pedy, Australia’s outback opal capital? If a town 846 kilometers north of Adelaide on the Stuart Highway sounds like your type of place, there are deals to be had.
While Coober Pedy is well-known for its underground residences, or dugouts, you’ll be relieved to know that this listing is above ground. The agent described it as a ‘well-loved basic one-bedroom ‘old miners’ shanty style above-ground home…available for close land value only’.
What do you get with $85 thousand? This property offers two bedrooms, the main one having a ceiling fan for extra comfort. The open-plan living area features split-system air conditioning, a combined kitchen and eating area with an electric stove and oven, and a bathroom and laundry room with a bath, shower, vanity, toilet, and laundry trough.
Outside, a double carport allows for single-file parking, while a shed with a vehicle pit offers additional storage and workspace.
3. 93 Blende Street, Broken Hill NSW 2880: $85,000
With a local median house price of $190,000, this property is far less expensive at $85K, as is our $100K budget. Make no mistake, you will need to spend money to make this livable, but the price is unbeatable! It features two bedrooms, a living room with a stone fireplace, a large kitchen and eating area, a bathroom, and a laundry room. The backyard also offers access for your vehicles via the rear lane.
The town has some decent local attractions, such as the renowned Palace Hotel, Living Desert State Park, Mad Max Museum, and Broken Hill Regional Art Gallery. If you are considering rental returns, the median rent in Broken Hill is $320 per week, with a very respectable annual rental yield of 9.0 percent!
4. 24 Lenneberg Street, Marvel Loch WA 6426: $80,000
Would you like to live in a historic Gold Rush town with less than 100 residents? Then add Marvel Loch, located 401 kilometers east of Perth on the Perth to Kalgoorlie Great Eastern Highway, to your selection. This listing is for an ‘approximately 1985 mobile home’ with three bedrooms and one bathroom on a 1,012 m2 plot, so you can presumably relocate it elsewhere if you please?! Because it is so distant, there is no rental market data, so skip this if you aren’t planning to relocate there.
5. 26 Hope Street, Bourke NSW 2840: $98,000
Want to live right on the magnificent Darling River? Then travel to Bourke, NSW, to view this property. Bourke is around 800 miles north-west of Sydney, on the south bank of the Darling River.
This three-bedroom, two-bathroom home on a 1,348 m² site is in need of renovations. You may become a landlord and rent it out for an impressive annual rental yield of 13.8%. The median sold price for houses in 2023 was $140,000, and the town has experienced an annual compound growth rate of 12% for houses.
6. 14 Mcintyre Street, Mount Isa QLD 4825: $59,000
What do you get for $59,000? Looking for a three-bedroom, two-bathroom home on a 673m² property in Mount Isa, Western Queensland? Look no further! It is dubbed the ‘heartbeat of North West Queensland’ and is located in the middle of the outback. This home will undoubtedly require some TLC, but once completed, you may expect a yearly rental income of 4.6%. That is, assuming you can find someone to rent it! We advise making the move; you might even run into Bob Katter, the local MP.
7. 8 Downing Street, Norseman WA 6443: $56,000
Yes, if you dig hard enough, you can find a property for less than $60,000. This ad in Norseman, WA, is proof! The town is located in the Goldfields-Esperance region of the state, along the Coolgardie-Esperance Highway, approximately 726 kilometers east of Perth.
The median property price is now $50,000, down 28.6 percent over the last year—but hey, life is short. The property features two bedrooms, a bathroom, and two parking spaces on 647m² of ground.
8. 201/51 Beach Road, Batehaven NSW 2536: $99,000
Want a property near Batemans Bay with a year-round holiday atmosphere for less than $100,000? We’re not kidding; this 2-bedroom holiday home in a well-managed park has everything you could want right on your doorstep. So close your eyes and envision yourself relaxing on the undercover deck, listening to the gentle murmur of waves. Inside, you’ll find a large living area ideal for lounging, a separate dining area for meals, and a kitchen with a gas burner and electric oven.
The master bedroom includes a built-in wardrobe, while the second bedroom can easily hold a washing machine. The private bathroom has a shower above the bath, and a carport provides covered parking.
9. 14 King Street, Queenstown TAS 7467: $90,000
Want to live the dream in Tasmania? Well, for less than $100,000, you can! The median house price in Queenstown, located on the island’s West Coast, is $190,750. If you’re looking for a passion project, this charming (read: modest) three-bedroom weatherboard cabin has plenty of possibilities.
With a closed wood heater, open-plan living, and a separate shower, there is possibility to create a stylish environment. This exceptional location, just a 5-minute walk from the town center, and big plot of 237 m² make it an appealing investment in a burgeoning regional tourism destination.
Houses here rent for $300 a week, with an annual rental yield of 7.0%.
10. 5 Devereux Street, Warracknabeal VIC 3393: $99,000
This weatherboard cottage is a renovator’s paradise. So, if you want to call Warracknabeal home, this offering in the Victorian wheatbelt may be of interest. The settlement is located on the banks of the Yarriambiack Creek, which is approximately 330 kilometers northwest of Melbourne.
It features two bedrooms, a lounge, a kitchen, and a bathroom with a shower, toilet, and vanity, providing a blank canvas for your creative imagination. A pergola, storage shed, rainwater tank, 21-panel solar system, and heat pump hot water system all add to the charm. But be ready to get your hands dirty with this one!
Realestate.com.au data shows that houses in Warracknabeal rent for $320 per week, with a 7.0% annual rental yield. Houses have seen an annual compound growth rate of 11.2%, which is reasonable.
Top 5 Australia’s cheapest houses for under $50,000
Here are five of the cheapest houses available in Australia right now.
1. 1 Bow St, Rainbow VIC – $50,000
The two-bedroom, one-bathroom house sits on a 1093sqm block in central Rainbow, a small town in northwest Victoria some 400 kilometers from Melbourne. The huge backyard is part of the home’s 1093 sq m lot.
The steel-clad bungalow requires some TLC but has solid bones and proportions. It has a slow combustion heater in the lounge, a carport, and a large shed. The large backyard gives ample space for relaxation and projects. The asking price for 1 Bow Street in Rainbow is $50,000.
2. A/16 Rogers St., Wongan Hills WA, $40,000
This three-bedroom duplex in a rural community in Western Australia’s Wheatbelt region is ready for renovations. This Wongan Hills duplex is located in the middle of the town.
The property requires some maintenance, but it is conveniently positioned in the heart of Wongan Hills, near schools, stores, athletic facilities, and other local amenities.
The semi-detached house is on a 545 sq m lot. A/16 Rogers St., Wongan Hills, is advertised for $40,000.
3. 162 Pell St, Broken Hill, NSW – $49,000.
This three-bedroom stone home on 873 square meters in the ancient mining town of Broken Hill is an excellent opportunity for a passionate renovator.
There’s a spacious central kitchen and dining space, as well as a separate parlor with a historic fireplace. t’s near schools, parks, and the town center.
4. 24 Wakoola St, Wakool NSW – $38,000
If you don’t mind living in a remote corner of Australia, this four-bedroom property provides good value for money. This property in distant NSW hamlet Wakool costs $38,000.
Located in the little hamlet of Wakool in NSW’s western Riverina region, more than 700 kilometers from Sydney, this is country life with plenty of possibilities.
The property is perfect for renovators, with two bedrooms, two sleep-outs, separate living areas, and plenty of green space.
24 Wakoola Street in Wakool is available for $38,000.
5. 93 Kitchener St., Petersborough SA – $48,000
This two-bedroom stone home in the ancient railway town of Petersborough, South Australia’s wheat heartland, is full of character.
The property is 1517 square meters and contains wonderful characteristics, including arched passageways, lofty ceilings, and a wood stove. It just needs some work to get it back. 93 Kitchener Street in Petersborough is advertised for $48,000.
Conclusion
Getting one of Australia’s affordable houses has numerous benefits. Lower prices require a smaller house loan, resulting in lower monthly mortgage obligations. It will also reduce other home-buying costs, such as stamp duty and transaction fees.
However, cheaper homes are not risk-free. The majority of them are located in rural areas, far from amenities, major cities, and resources. Prices are naturally lower in towns with dry to hot desert climates, indicating that living conditions are unpleasant.
But, before you start looking for the cheapest houses in Australia, develop a wish list of what you want in your perfect home and decide which features are essential. Then begin the house-hunting process, choosing a cheaper home only if it fulfills your requirements.
