Most affordable suburbs across Australia in 2024: Top five suburbs across the capital cities

The Australian property market often grabs headlines for its skyrocketing prices, but for those on a budget, there’s still hope.

According to CoreLogic, these suburbs represent opportunities for house buyers who value affordability but also seek solid infrastructure, proximity to amenities, and a sense of community.

While affordability has been squeezed in recent years and the cost of living has increased, these areas remain accessible for those entering the property market.

Here’s a closer look at where you can find value without compromising on lifestyle.

Sydney: Charm in the Central Coast

Most Affordable Suburb: San Remo

While Sydney’s prestige suburbs dominate price records, affordable blocks with stunning lake views and sea breezes have sun seekers heading north to the Central Coast’s San Remo.

This suburb offers a family-friendly atmosphere with scenic waterways and great proximity to beaches. With a median value well under $700,000, it’s an attractive entry point into the NSW market.

San Remo — Median value: $692,302

Gorokan — Median value: $698,598

Mount Victoria — Median value: $719,364

Charmhaven — Median value: $727,767

Budgewoi — Median value: $729,150

Melbourne: North West growth corridor

Most Affordable Suburb: Melton West

The western corridor of Melbourne continues to be a magnet for first-home buyers and investors alike.

Suburbs like Melton West and Melton South provide the convenience of transport links to the CBD without breaking the bank. They still have a country feel all within a half hour drive of Melbourne city centre.

Melton West — Median value: $474,970

Melton South — Median value: $499,956

Coolaroo — Median value: $539,203

Campbellfield — Median value: $542,010

Kurunjang — Median value: $545,438

Brisbane: Island life

Most Affordable Suburb: Lamb Island

Lamb Island (Ngudooroo), located 21km east of Brisbane, is a hidden gem in Moreton Bay. The second smallest of the Southern Moreton Bay Islands, this beautiful 1km x 2km oasis offers natural beauty and a peaceful lifestyle.

Life on Lamb Island is simple. Many of the 500 residents forego cars entirely, opting for bikes, scooters, or walking to get around. For longer journeys, there’s the community-run Lamb Van, a public transport service adding to the island’s tight-knit vibe. A quick 20-minute ferry ride connects Lamb Island to Redland Bay, keeping Brisbane within easy reach while maintaining the feeling of being a world away.

Lamb Island — Median value: $416,295

Russell Island — Median value: $423,067

Kooralbyn — Median value: $294,273

Woodridge — Median value: $438,623

Kingston — Median value: $445,000

Adelaide: Steady gentrification

Most Affordable Suburb: Elizabeth North

Adelaide’s north consistently ranks as one of the most affordable places to buy in any Australian capital city.

Elizabeth North previously had a rough reputation, but a focus of urban renewal and development projects in Adelaide’s north will drive future growth and infrastructure improvements, enhancing property values over time.

Cold Chisel singer and Aussie legend Jimmy Barnes is probably Elizabeth’s most famous former resident and he reflects on his time in the suburb in his biography Working Class Boy.

Elizabeth North — Median value: $280,000

Davoren Park — Median value: $300,000

Smithfield Plains — Median value: $320,000

Munno Para — Median value: $330,000

Salisbury North — Median value: $379,000

Perth: Value with lifestyle

Most Affordable Suburb: Orelia

Perth’s southern suburbs lead the charge for affordability. Orelia, located near Kwinana, offers access to beaches, public transport, and shopping centers. Its growing popularity as a commuter hub keeps property values competitive without sacrificing convenience.

Orelia — Median value: $309,576

Medina — Median value: $319,893

Parmelia — Median value: $323,500

Camillo — Median value: $345,000

Brookdale — Median value: $350,000

Canberra: Affordable in the capital

Most Affordable Suburb: Belconnen Median Value: $457,727

While Canberra’s property market tends to be more stable than other capitals, affordability can still be found in Belconnen. Known for its mix of apartments and houses, the area is a hub of activity with great shopping, dining, and recreational options.

Belconnen — Median value: $457,727

Kambah — Median value: $560,000

Charnwood — Median value: $570,000

Ngunnawal — Median value: $575,000

Tuggeranong — Median value: $580,000

Hobart: Budget-friendly living

Most Affordable Suburb: Gagebrook

Tasmania’s housing market has seen highs and lows over the years, but Gagebrook remains one of the most affordable areas in Hobart. With a family-oriented vibe and a strong sense of community, it’s ideal for those looking to enter the property market on a budget.

Gagebrook — Median value: $450,557

Bridgewater — Median value: $460,000

Risdon Vale — Median value: $470,000

Claremont — Median value: $480,000

Glenorchy — Median value: $490,000

CoreLogic’s market outlook suggests these suburbs will continue to attract first-home buyers and investors, especially as affordability pressures grow in other parts of the market.

With expected stabilisation in interest rates, there may be opportunities for growth in these regions in the medium to long term.