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Best suburbs where you can jump in with less than $60K
04 July 2023
It is possible to get your foot on the property ladder with less than $60,000 saved. Here are 59 top picks around Australia.
Australian house values have increased by 64% in the past 10 years – 22% in the past five years alone, according to data by CoreLogic. Just 10 years ago the median house price nationally was sitting at $472,638. It is now $775,887. Unit prices have also shown strong growth over the past decade increasing by 40.2% from $433,328 to $607,452.
Add in 12 rate hikes since May 2022 (with possibly more to come) and the fact that the cost of living has soared but wages haven’t kept up and it may feel like the door has shut on the great Aussie dream of buying your own home.
But the good news is that is not necessarily the case. There are plenty of suburbs and towns around Australia with an affordable edge and Canstar has teamed up with property expert Terry Ryder from Hotspotting to help you find them.
Bright Stars, Canstar’s Best Affordable Suburbs Report powered by Hotspotting, unveils 110 ‘Bright Star’ suburbs and towns across the country that are not only affordable but also offer lifestyle benefits and good prospects for growth.
“There remain opportunities to buy well at relatively affordable prices in most capital cities and good regional centres,” explained Mr Ryder. “In the biggest cities, buying affordable houses means heading to the outer-ring areas. But there’s an alternative now being seized by many – buying apartments in better locations for prices similar to houses on the city fringes. Well-located apartments can be both a more attainable option and an appealing lifestyle choice.”
Top 59 suburbs to buy a property with less than $60,000 upfront
Saving enough money for a deposit is one of the key obstacles for budding home buyers but it’s possible to get on the property ladder with less than $60,000 in 37 ‘Bright Star’ locations. This includes a 10% deposit, stamp duty, mortgage registration, transfer fees and paying Lenders Mortgage Insurance (LMI).
If you’re eligible for a first home buyer stamp duty concession, there are 59 ‘Bright Star’ locations to choose from. You can check out those 59 locations in the table below.
Top 59 suburbs to buy a property with less than $60,000 upfront
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| Jurisdiction | Suburb | Median price | 10% Deposit | |
|---|---|---|---|---|
| Initial outlay* | Monthly repayment+ | |||
| With FHB concession | ||||
| Brisbane | Annerley (U) | $465,000 | $56,127 | $2,429 |
| Brisbane | Goodna | $465,000 | $56,127 | $2,429 |
| Brisbane | Raceview | $480,000 | $57,927 | $2,507 |
| Regional Qld | Berserker | $265,000 | $30,893 | $1,384 |
| Regional Qld | Dalby | $295,000 | $34,421 | $1,541 |
| Regional Qld | Kin Kora | $335,000 | $40,361 | $1,750 |
| Regional Qld | Thabeban | $355,000 | $42,786 | $1,854 |
| Regional Qld | Kirwan | $380,000 | $45,799 | $1,985 |
| Regional Qld | Lowood | $380,000 | $45,799 | $1,985 |
| Regional Qld | Wilsonton | $415,000 | $50,063 | $2,168 |
| Regional Qld | North Toowoomba | $420,000 | $50,650 | $2,194 |
| Regional Qld | Boyne Island | $425,000 | $51,276 | $2,220 |
| Regional Qld | Bucasia | $430,000 | $51,863 | $2,246 |
| Regional NSW | Inverell | $360,000 | $42,558 | $1,880 |
| Regional NSW | Cootamundra | $365,000 | $43,145 | $1,907 |
| Regional NSW | Mount Austin | $370,000 | $43,732 | $1,933 |
| Regional NSW | Leeton | $375,000 | $44,318 | $1,959 |
| Regional NSW | Narrabri | $405,000 | $47,839 | $2,116 |
| Regional NSW | Young | $415,000 | $49,013 | $2,168 |
| Regional NSW | Oxley Vale | $430,000 | $50,773 | $2,246 |
| Canberra | Bruce (U) | $460,000 | $54,575 | $2,403 |
| Canberra | Belconnen (U) | $495,000 | $58,682 | $2,586 |
| Melbourne | Melbourne (U) | $430,000 | $51,678 | $2,246 |
| Regional Vic | Stawell | $350,000 | $42,102 | $1,828 |
| Regional Vic | Rushworth | $360,000 | $43,299 | $1,880 |
| Regional Vic | Churchill | $365,000 | $43,897 | $1,907 |
| Regional Vic | Moe | $365,000 | $43,897 | $1,907 |
| Regional Vic | Maryborough | $385,000 | $46,291 | $2,011 |
| Regional Vic | Cobram | $390,000 | $46,890 | $2,037 |
| Regional Vic | Mildura | $415,000 | $49,882 | $2,168 |
| Regional Vic | Long Gully | $435,000 | $52,276 | $2,272 |
| Regional Vic | Tatura | $440,000 | $52,875 | $2,298 |
| Regional Vic | Portland | $445,000 | $53,473 | $2,325 |
| Regional Tas | Ravenswood | $350,000 | $47,412 | $1,828 |
| Regional Tas | George Town | $360,000 | $48,786 | $1,880 |
| Regional Tas | Shorewell Park | $365,000 | $49,472 | $1,907 |
| Regional Tas | Mayfield | $375,000 | $50,846 | $1,959 |
| Regional Tas | Upper Burnie | $390,000 | $52,924 | $2,037 |
| Adelaide | Davoren Park | $295,000 | $47,401 | $1,541 |
| Regional SA | Whyalla Norrie | $170,000 | $26,540 | $888 |
| Regional SA | Port Augusta | $190,000 | $29,796 | $992 |
| Regional SA | Port Pirie | $235,000 | $37,257 | $1,228 |
| Regional SA | Mount Gambier (U) | $240,000 | $38,037 | $1,254 |
| Regional SA | Renmark | $280,000 | $44,800 | $1,463 |
| Perth | Armadale | $300,000 | $34,526 | $1,567 |
| Perth | Parmelia | $340,000 | $40,348 | $1,776 |
| Perth | Midland | $360,000 | $42,695 | $1,880 |
| Perth | Kelmscott | $370,000 | $43,868 | $1,933 |
| Perth | Westminster | $410,000 | $48,583 | $2,142 |
| Perth | Warnbro | $420,000 | $49,756 | $2,194 |
| Perth | Merriwa | $425,000 | $50,343 | $2,220 |
| Perth | Golden Bay | $430,000 | $50,930 | $2,246 |
| Perth | Cannington | $435,000 | $52,477 | $2,272 |
| Perth | Nollamara | $435,000 | $52,477 | $2,272 |
| Regional WA | Cable Beach (U) | $292,000 | $33,617 | $1,525 |
| Regional WA | Carey Park | $295,000 | $33,958 | $1,541 |
| Regional WA | Mandurah (U) | $310,000 | $35,683 | $1,619 |
| Regional WA | Kalgoorlie | $315,000 | $36,251 | $1,645 |
| Regional WA | Geraldton | $325,000 | $37,388 | $1,698 |
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%.
It’s probably no surprise that there are a lot more options in regional areas than there are in the capital cities. Regional Queensland and Regional Victoria each have 10 on the list, Regional NSW has seven and the remaining regional areas have five each.
Perth has the biggest selection amongst the capital cities with 10 locations featured on the list followed by Brisbane with three, Canberra with two and Adelaide and Melbourne with one each.
None of the Sydney, Hobart and Darwin ‘Bright Star’ locations, however, make the cut. Hobart and Darwin aren’t too far off the mark. Both have options where you can jump in with about $62,000 to $66,000. Sydney, on the other hand, is a much tougher market to crack and you’re looking at an initial outlay upwards of $90,000.
The table below features the three ‘Bright Star’ suburbs from Sydney, Hobart and Darwin with the lowest initial outlay required. This includes a 10% deposit, stamp duty, mortgage registration, transfer fees and paying Lenders Mortgage Insurance (LMI).
Sydney, Hobart and Darwin ‘Bright Star’ suburbs with the lowest initial outlay required
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| Jurisdiction | Suburb | Median price | 10% Deposit | |
|---|---|---|---|---|
| Initial outlay* | Monthly repayment+ | |||
| With FHB concession | ||||
| Sydney | Bradbury | $765,000 | $93,746 | $3,996 |
| Sydney | Rosemeadow | $775,000 | $94,967 | $4,048 |
| Sydney | Gymea (U) | $820,000 | $104,474 | $4,283 |
| Sydney | Stanmore (U) | $820,000 | $104,474 | $4,283 |
| Hobart | Risdon Vale | $460,000 | $62,628 | $2,403 |
| Hobart | New Norfolk | $470,000 | $64,013 | $2,455 |
| Hobart | Bridgewater | $485,000 | $66,093 | $2,533 |
| Darwin | Moulden | $390,000 | $61,927 | $2,037 |
| Darwin | Gray | $410,000 | $65,627 | $2,142 |
| Darwin | Larrakeyah (U) | $420,000 | $67,495 | $2,194 |
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%.
→ Check out Bright Stars 2023: Canstar’s Best Affordable Suburbs Report powered by Hotspotting
Compare Home Loans (Refinance with variable rate only) with Canstar
If you’re currently considering a home loan, the comparison table below displays some of the variable rate home loans on our database with links to lenders’ websites that are available for homeowners looking to refinance. This table is sorted by Star Rating (highest to lowest), followed by comparison rate (lowest to highest). Products shown are principal and interest home loans available for a loan amount of $500,000 in NSW with an LVR of 80% of the property value. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. Use Canstar’s home loans comparison selector to view a wider range of home loan products. Canstar may earn a fee for referrals.
Owner occupied
20% min deposit
Redraw facility
Owner occupied
20% min deposit
Redraw facility
Owner occupied
10% min deposit
Redraw facility
Owner occupied
20% min deposit
Redraw facility
Owner occupied
10% min deposit
Redraw facility
Cover image source: Prostock-studio/Shutterstock.com
This article was reviewed by our Editor-at-Large Effie Zahos before it was updated, as part of our fact-checking process.
Owner occupied
40% min deposit
Redraw facility
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