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With the official cash rate expected to steadily increase over the coming months, more homebuyers are looking to purchase properties in affordable suburbs, according to Australian Property Monitors (APM).
According to a list compiled by APM, the nation’s most affordable suburbs are Coonamble in NSW, which has an average home value of $77,500, Coober Pedy and Fisherman Bay in South Australia, which average $81,500 and $92,000 respectively, St Arnaud, Morwell and Red Cliffs in Victoria and Hughenden in Queensland, which has an average property price of $99,000.
Research manager for APM, Yvonne Chan said investors and first home buyers obviously need to stick with affordable properties to enter the market - but the key to long term price growth is purchasing within 5km of the capital city's CBD where rental demand will always be strong.
"First home buyers can turn their first home into an investment property later on if they buy well in the first place," Ms Chan said.
"If you can't afford close to the city, then stay close to universities or train stations where rental demand will always be strong and help values grow."
When it comes to choosing the best states to live in, Tasmania is the cheapest for homeowners.
In Tasmania the average mortgage of $191,700 is 3.2 times the average male income of $59,872.
Cheapest suburbs:
Coonamble NSW $77,500
Coober Pedy SA $81,500
Fisherman Bay SA $92,000
Rosebery TAS $92,000
Hughenden QLD $99,000
Fern Bay NSW $110,000
Kandos NSW $110,000
St Arnaud VIC $115,000
Morwell VIC $118,500
Red Cliffs VIC $119,000
Most expensive suburbs:
Toorak VIC $6,250,000
Bellevue Hill NSW $5,000,000
Bayview NSW $4,425,000
Vaucluse NSW $4,350,000
Dalkeith WA $3,846,500
Mosman NSW $3,750,000
Clontarf NSW $3,725,000
Brighton VIC $3,250,000
Paradise Point QLD $3,200,000
Killara NSW $2,850,000
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