The suburbs that first-home buyers can still afford
Want to buy your first home but think property is just too expensive?
First-home buyers, don't despair - Domain's First Home Buyers Report reveals the suburbs in our capital cities that are the most affordable to entry level buyers. The results might surprise you.
Looking to take advantage of the NSW government's new stamp duty concessions?
The most affordable houses in Greater Sydney are located on the Central Coast, which is just over an hour's drive from the Sydney CBD. Gosford came in as the most affordable suburb, with a median house price of $412,500.
Gosford was closely followed by its slightly more northern neighbours, San Remo ($415,000) and Charmhaven ($430,000).
If you want something a little closer to the city, two suburbs in the city of Blacktown (about 46km from the CBD) make the cut - Willmot ($440,000) and Tregear ($460,000).
The most affordable units in Greater Sydney are also located on the Central Coast, with waterside suburb Ettalong Beach the most affordable with a median unit price of $301,500.
Wyong ($314,000) and Berkeley Vale ($327,500) closely follow.
Less than 18km from the CBD there are affordable units in Wiley Park ($409,000) and nearby Lakemba ($418,500).
Earlier this year the Victorian state government also announced changes to stamp duty concessions.
The changes still have to be approved by the Victorian Parliament, which is likely to happen this month.
The changes will mean that from July 1 stamp duty will be abolished for first-home buyers buying a home under $600,000 and those who buy a home between $600,001 and $750,000 will also get stamp duty concessions.
Currently both new and established homes valued at $600,000 or less could be entitled to a duty reduction of up to 50%.
If you're looking for the most affordable Melbourne suburb you should try Millgrove in Melbourne's Outer East. It's about 70km from the CBD and has a median house price of $295,000.
The next few suburbs on the list are all a little closer to the city - ranging from 41km to 46 km from the CBD. There's Melton South ($296,250) an Melton ($300,000), Kurunjang ($330,000), Melton West ($355,000) and Brookfield ($365,000).
In Melbourne, some of the most affordable units are only a stone's throw away from the CBD.
Albion ($225,000) in Melbourne's west is only 15km from the CBD and Carlton, which is sixth on the list, is just 2km from the CBD and has a median unit price of $273,000. Melton ($227,000) and Melton South ($230,000), which also have some of the most affordable houses, are slightly further out.
Most affordable houses in Australia
"First home buyers who want to purchase a house or unit close to a CBD, for lifestyle or work choices, should look at Greater Hobart, where the most affordable suburbs are on average 19 kilometres and 7 kilometres to Hobart respectively - the closest for all capital cities," says Domain's Chief Data Scientist, Dr Nicola Powell.
Herdmans Cove, in the Brighton region of Hobart, is about 22km from the CBD and has the most affordable houses across all of the captial cities, with a median price of $130,000.
You can also snag a bargain in nearby Gagebrook ($145,000). Hurry, if you buy a new property in Tasmania before July 1, you'll still be eligible to claim the $20,000 first home owner grant. This will revert to $10,000 next financial year.
Most affordable units in Australia
You can find the most affordable units in Adelaide, and they're all a very comfortable 5km-25km from the CBD.
Rosewater in Adelaide's west, just 12km from the CBD, has the most affordable units for first-home buyers at a median price of $154,000. This is followed by Paralowie ($200,000) and Kilburn ($210,000).
In South Australia, there are also significant perks for buying new properties, including the $15,000 first home owner grant (for properties new and substantially renovated homes under $575,000) and stamp duty concessions for off-the-plan purchases.
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