The 10 best affordable suburbs in Regional Queensland 2024

There are plenty of great locations in Regional Queensland where you can buy a home for less than $450,000 according to our Rising Stars: Canstar’s Best Affordable Suburbs Report of 2024.

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.

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The 10 best affordable suburbs in Regional Queensland

• Bargara
  
• Berserker
  
• Blacks Beach
  
• East Toowoomba
  
• Golden Beach
  
• Kingaroy
  
• Merrimac
  
• Nambour
  
• Varsity Lakes
  
• West Gladstone
  

Bargara

Bundaberg is a key regional city in Central Queensland, with a growth economy and a popular lifestyle. The seaside enclave of Bargara, close to the renowned Mon Repos Turtle Centre, is attracting rising buyer demand. Both houses and units are selling quickly and growth rates, both short-term and long-term, are high. Dwellings are typically in the $500,000s and $600,000s, but sea frontage fetches well over $1 million.

Berserker

Rockhampton is another of Central Queensland’s key regional cities, with a strong and diverse economy supporting an affordable lifestyle. Berserker is one of the cheapest places to buy a house in Queensland (median price below $300,000, despite growth averaging 9% per year over the past decade) and dwellings sell within two to three weeks. Investors like it for the high rental yields and the possibility of buying cheap houses and renovating. It pays to check the flood Maps.

Blacks Beach

This location is all about affordable lifestyle. It has Mackay’s longest beach and is a popular residential suburb in a growing regional city. Price growth has been strong over the past decade, but the median house price remains in the low $400,000s. Houses sell typically in about three weeks. Blacks Beach is popular with renters, with vacancies just 0.7% and rental yields above 6%.

East Toowoomba

Toowoomba is one of Queensland’s most important regional cities, with a game-changing new airport, the Inland Rail Link and a $1 billion hospital on the way. East Toowoomba is a central location alongside Queens Park and the Botanic Gardens. The long-term capital growth rate is 11% per year and houses now typically fetch in the $800,000s. Units are half the price and sell within a fortnight.

Golden Beach

The Sunshine Coast economy has been transformed by $20 billion in infrastructure investment and property values have soared in the past five years. Southern suburbs like Golden Beach have growing demand because they offer lifestyle at prices well below those around Noosa in the north. The long-term capital growth rates are 11% per year for houses and even higher for apartments. Vacancies are well below 1%.

Kingaroy

This regional centre has growing importance as the headquarters of the South Burnett region – a key agricultural area with a growing tourism industry. There is significant investment being directed to this region, including large-scale alternative energy projects and a major new hospital. The long-term growth in house prices has been strong, but the median remains in the mid-$300,000s, with vacancies just 0.4% and yields above 6%; meaning that it is a cheap place to live in Queensland.

Merrimac

The Gold Coast is currently one of the nation’s strongest property markets and the inland suburb of Merrimac is delivering spectacular market data: long-term growth rates above 10% per year for both houses and units, homes selling in two to three weeks, vacancies below 1% and rental yields high. It has good access to the Pacific Motorway and the facilities of the Robina Town Centre.

Nambour

The Sunshine Coast has become an expensive market following big price growth in recent years. The inland rail town of Nambour provides one of the few affordable options, with median prices of $660,000 for houses and $450,000 for units (despite long-term capital growth rates above 10% for both). Nambour has good amenities and rail links to Brisbane (something the coastal suburbs lack). Vacancies are 0.4%.

Varsity Lakes

This is one of the Gold Coast’s most popular suburbs, with over 400 house and unit sales in the past year. Homes are typically selling within three weeks, with prices rising both in the short-term and longer-term (capital growth rates of 9% for houses and slightly less for apartments). Varsity Lakes has proximity to Bond University and Robina Town Centre, and rental vacancies are just 0.6%. The lake frontages help.

West Gladstone

The important industrial city of Gladstone has shrugged off its boom-bust image from the past and now presents as a safer investment option. It offers affordability, low vacancies and high rental yields. West Gladstone prices have recovered strongly in recent years but the median house price remains in the low $300,000s. West Gladstone is close to Gladstone Central and has lots of green space in its lifestyle.

The best affordable suburbs in Regional Queensland

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Source: www.canstar.com.au. Prepared on 22/01/2024. Based on a selection of suburbs’ median prices, growth and rent figures provided by Hotspotting by Ryder. Initial outlay figures include the deposit, stamp duty, mortgage registration and transfer fees; and lenders’ mortgage insurance (LMI) premium for the 10% deposit scenarios. 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 6.5% (20% deposit) and 6.8% (10% deposit) and a loan term of 30 years. Interest rates based on the average owner occupier, principal and interest variable rate for a loan of $600,000 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, 2020-21), adjusted by the ABS Wage Price Index (Sep-2023) for each state.

Cover image source: John Carnemolla/Shutterstock.com