The 10 best affordable suburbs in Regional NSW 2023
Find out which suburbs in Regional New South Wales made the top 10 list in Bright Stars: Canstar’s Best Affordable Suburbs Report powered by Hotspotting.
There are plenty of great locations in Regional New South Wales where you can buy a home for less than $560,936. This was the cut-off price we used for our ‘Bright Star’ suburbs in the region. (For more on why we chose this see our full report.)
Of course, price isn’t the only consideration when selecting a location to buy property. Lifestyle benefits and prospects for growth should also be on the checklist. In Canstar’s Best Affordable Suburbs Report we used five key metrics – sales volumes, price growth, vacancy rates, infrastructure and proximity to work and amenities – to identify the affordable suburbs that are desirable and likely to grow in value over time. Check out our list below.
The 10 best affordable suburbs in Regional New South Wales
- Cootamundra
- Griffith
- Hillvue
- Inverell
- Leeton
- Mount Austin
- Narrabri
- Oxley Vale
- West Albury
- Young
Cootamundra
As a place with an historic fabric (and the birthplace of Sir Donald Bradman), Cootamundra in the Riverina region has a major tourism economy as well as agriculture. It’s on the Main Southern Line connecting Sydney to Melbourne. The median price has increased 11.1% in the past year – and the long-term capital growth rate is 10.4% per year – but the area remains affordable with a median of $365,000.
Griffith
This key regional city is in the Murrumbidgee Irrigation Area in the north-western part of the Riverina region, known commonly as the food bowl of Australia. It’s also a noted wine district. Buyer demand is rising and prices are responding, with the median house price now above $500,000. The vacancy rate is just 0.3% and rents have surged recently.
Hillvue
Tamworth is one of the busiest markets in Regional NSW, boosted by a strong local economy and the city’s emerging role as a transport hub and centre for renewable energy projects. Demand from affordable lifestyle buyers is growing and prices are responding, with the median house price for Hillvue rising almost 20% in the past year. The vacancy rate is 1.2% and rents have risen 12% in the past year.
Inverell
This historic regional town of 12,000 people is a centre of agriculture and is noted for its gemstones, but it’s also part of a major renewable energy zone which is attracting big developments. It’s on the Macintyre River in the Northern Tablelands region. The affordable hill change lifestyle is helping to lift buyer demand and prices are rising. The vacancy rate is 0.8% and rents are up 20%-plus in 12 months.
Leeton
This town sits at the heart of one of the nation’s key agricultural regions and is also an emerging centre for alternative energy projects. Some of the nation’s largest agricultural businesses are active here. The median price has risen 25.3% in the past year. The last time vacancies were as high as 1.5% was in 2016. They’re now 0.3% and rents have soared in recent years.
Mount Austin
When we included the Wagga Wagga suburb of Tolland in this report a year ago, local media was incredulous because Tolland was considered downmarket. Since then, the median house price has risen 36%. The neighbouring suburb, with a lower median price, is Mount Austin and there are signs of similar outcomes here, with the median house price rising 25.8% in the past year. The vacancy rate is 0.8%.
Narrabri
The Inland Rail Link from Melbourne to Brisbane via NSW is a game-changer for the towns along the route, including Narrabri. A 300km section of new track from Narromine to Narrabri is under construction, creating economic activity and jobs. The median price for Narrabri, a key regional centre for agriculture and resources, jumped almost 20% in the past year. The vacancy rate is 0.3%.
Oxley Vale
As the strategic importance of the Tamworth economy grows beyond its country music reputation, buyer demand is rising in suburbs such as Oxley Vale, with the median price up 21.1% in the past year. Houses typically take less than a month to sell. The vacancy rate is 1.2%. and rents are up 12% in 12 months. Oxley Vale is close to Tamworth Hospital and Coles Tamworth North shopping centre.
West Albury
The twin cities of Albury and Wodonga on opposite sides of the NSW-Victoria border comprise a powerful and important regional centre which has attracted big buyer demand over the past three to four years. Sales activity and prices continue to rise in suburbs like West Albury – and rental demand is also strong. West Albury includes Albury Wodonga Private Hospital and extensive green spaces.
Young
The largest town in the Hilltops Region is 150km north-west of Canberra. It’s marketed as the “cherry capital” of Australia and hosts the National Cherry Festival each year. Its median house price has increased 22.8% in the past year but remains in the low $400,000s. The vacancy rate is 0.7% and rental growth has averaged 11.5% per year over three years.
The best affordable suburbs in Regional New South Wales
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Suburb | Median price | 10% Deposit | |||
---|---|---|---|---|---|
Initial outlay* | Monthly repayment+ | Repayments as a percentage of dual income^ |
|||
With FHB concession | No FHB concession | ||||
Cootamundra | $365,000 | $43,145 | $55,364 | $1,907 | 18.40% |
Griffith | $515,000 | $60,749 | $80,007 | $2,690 | 26.00% |
Hillvue | $525,000 | $61,922 | $81,650 | $2,742 | 26.50% |
Inverell | $360,000 | $42,558 | $54,542 | $1,880 | 18.10% |
Leeton | $375,000 | $44,318 | $57,007 | $1,959 | 18.90% |
Mount Austin | $370,000 | $43,732 | $56,185 | $1,933 | 18.70% |
Narrabri | $405,000 | $47,839 | $61,935 | $2,116 | 20.40% |
Oxley Vale | $430,000 | $50,773 | $66,043 | $2,246 | 21.70% |
West Albury | $525,000 | $61,922 | $81,650 | $2,742 | 26.50% |
Young | $415,000 | $49,013 | $63,578 | $2,168 | 20.90% |
Sources: Median price: CoreLogic as at February 2023. Initial outlay and repayment data: canstar.com.au prepared on 26 June 2023. (U) stands for units. *Initial outlay figures include the deposit, stamp duty, mortgage registration and transfer fees; and lenders’ mortgage insurance (LMI) premium. Stamp duty calculated based on an owner occupier purchase of an established dwelling. LMI premium based on Helia LMI Premium Calculator for an owner occupier borrower and a loan term of 30 years. +Monthly repayments calculated based on the average variable interest rates of 5.7% and a loan term of 30 years. Interest rates based on the average owner occupier, principal and interest variable rate for a loan of $500,000 over the past year, rounded to the nearest 0.1%. ^Percentage of income based on the average total income by Greater Capital City Statistical Area (ABS Personal Income, 2019-20), adjusted by the ABS Wage Price Index (Dec-2022) for each state. A dual income assumes two people with the average income. For estimates on initial outlay, monthly repayments and repayments as a percentage of income based on a 20% deposit see full report.
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