Home buyers chasing a house and backyard can still find a bargain in nearly 200 suburbs around Australia, however you may have to look outside the capital cities to secure a cheaper place to live.
New realestate.com.au data has revealed there were 193 suburbs with median house prices of $500,000 or less across Australia in September.
The prospect of buying a house for less than $500,000 will appeal to many home buyers given Australia's latest median house price sits at an eye-watering $974,000 despite national home prices falling over the past six months.
Home purchasers are also facing mounting household budget pressures after recent living cost rises and the Reserve Bank's latest interest rate hike, driving mortgage costs even higher for borrowers.
There are plenty of locations around the country for budget-focused buyers to choose from as long as they are happy to live in a regional area rather than a capital city.
Realestate.com.au senior economist Anne Flaherty said the locations with affordable house prices were mostly situated in regional Australia.
NSW leads the way
New South Wales was home to the most locations with house prices under $500,000, offering 55 suburbs for budget buyers to choose from.
Most of the 55 suburbs were located throughout the New England and North West, Far West and Orana, Central West, and Riverina regions of the state.
One location that stood out was the town of Forbes in the Central West region, where more than 200 homes have been sold over the past 12 months, and the median house price has increased 6.6% to $477,500.
Ray White Rural Central West real estate agent Brendon Allegri said Forbes appealed to families, with sought-after schools and mining jobs nearby.
"When I speak to people from outside of the area, especially families, schooling is often one of the reasons why they buy in Forbes," he said.
"Red Bend Catholic College is a popular agricultural school, and I’d say it’s one of the most attractive and sizeable schools in the Central West."
"A lot of people also buy in Forbes because they can drive to Parkes or West Wyalong to work at the mines."
Mr Allegri said affordability also played a role for buyers, with homes in need of work available from as little as the mid-$300,000 price point.
Source: https://www.realestate.com
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