Australian property prices: 24 most affordable and liveable suburbs to buy in now revealed

Some of the country’s most affordable and liveable suburbs have been revealed in a new report detailing where the best deals are for both houses and units.

Suburbs that offer houses at below the overall capital city median, and also offer benefits such as being in an area that is set for growth are detailed in the report by real estate group PRD.

“We are not saying these are the cheapest suburbs but they are affordable in that they come under the current median house price for the city,” explained report author and PRD chief economist Dr Diaswati Mardiasmo.

“They are also livable in that we ensured things like each suburb has good public transport around it, there are amenities within five kilometres, it doesn’t have a high crime rate and there is green space around.”

She said factors such as a steady pipeline of further housing, commercial development and infrastructure including all important transport infrastructure put suburbs on the PRD Real Estate’s Affordable & Liveable Property Guide.

“There is a good chance of being able to buy something there as there are new project coming on such as new town houses or new dwellings,” she said.

They are also suburbs that offer amenities such as places to eat out.

“There’s some sort of eatery be it a restaurant or cafe,” she said.

The suburbs that made the list in capital cities are also picked for their predicted growth.

“One of the criteria that we put into place was the suburb’s price growth or at the very least that the properties will break even,” Dr Mardiasmo said.

She said many of the suburbs that made the list nationally had seen capital growth in the past 12 months.

Along with price growth, rental growth and vacancy rates were taken into consideration, for buyers who were looking for an investment.

Sydney deals

In Sydney, the south-western suburbs of Merrylands, Bankstown and Granville were named as the top affordable and liveable suburbs.

Bankstown agent Mai Le of Richard Matthews Real Estate said prices have been on the rise in the area, with transport infrastructure as well as education facilities attracting buyers.

“Price have moved a lot since the new Metro station has been announced,” Ms Le said.

“Where two years ago you could get a house for around $1.2 million now a house on a 500sqm lot is closer to $1.4 million to $1.5 million.”

She said she expects prices to rise further as the completion date for Sydney’s metro rail extension comes around next year.

Education facilities including Western Sydney University, which opened a high-rise campus in 2023 in Bankstown, was also a drawcard for buyers.

“Bankstown is attracting a lot of new buyers and attracts a lot of Asian buyers,” she said.

While many were looking to buy houses to live in, investors were also looking at R4 zoned blocks close to the station that would allow apartments.

Melbourne unit picks

In Melbourne, the inner-city suburb of Prahran was named as one of the top suburbs affordable and liveable suburbs for apartments.

Abercrombys director Jock Langley said Prahran had always been highly regarded and units there offered a good entry point into the eastern suburbs.

The agency currently has a three-bedroom warehouse style apartment for sale in the suburb that is attracting attention.

“It is in the inner-city and you are able to enjoy the facilities and infrastructure that are on offer,” Mr Langley said.

“There is the vibrancy of Chapel Street and the High Street shops all nearby and they are drawcards for young buyers.

He said older units in smaller sized apartment blocks also appealed to regional buyers looking for a well-placed Melbourne bolthole along with downsizers from suburbs such as Windsor, Armadale and Caulfield.

“It’s a pretty secure area and stable sort of environment and that is what attracts buyers.

Marshall White agent, Jack Martin, who is currently selling a two-bedroom garden apartment in an art deco block in the suburb said the area offered a good entry point for first home buyers.

“We are seeing a lot of young professionals who are wanting to get out of the rental market,” he said.

He said the accessibility of transport, green spaces along with bars and restaurants made it a good buy.

“It is so walkable, there are parks around and Chapel Street is close by,” he said.

Units also offered a good affordable price point, well below what houses sell for in the area.

Prahran’s accessibility of transport, green spaces along with bars and restaurants made it a good buy.

The Ellesmere Road apartment, which goes to auction on December 7, has a price guide of $650,000 to $690,000.

His two most recent auctions saw hot competition too, with six bidders vying at each property.

Most affordable and liveable suburbs in the Queensland capital included Inala, Darra and Zillmere for houses and Spring Hill, South Brisbane and Mitchellton for units.

In Hobart Berriedale, Glenorchy and Rokeby were named as most affordable and liveable for houses, while Glenorchy also made the list for units along with New Town and Moonah.