Homebuyers on a budget can find bargain suburbs around the country where house and unit prices have been on the rise despite their affordable price tag.
Housing affordability has become a major factor for homebuyers in Australia, dictating the suburbs where people look and the type of home they end up buying.
Home prices sit at record highs, with the latest PropTrack Home Price Index showing the Australian median home price rising 3.9% year-on-year (YoY) to $794,000 in February.
Many buyers have watched home prices continue to climb, in addition to the rising cost of living and higher interest rate environment, while their take home pay has failed to keep pace.
It’s pushed many buyers, especially first-home buyers, to expand their searches further out from their dream neighbourhoods and consider cheaper housing options such as apartments over more expensive houses.
But there are plenty of budget suburbs delivering enviable home-price gains across Australia if you know where to look.
Take a look at the suburbs in each capital city with house and unit prices below median values that have seen the strongest price growth in the past year.
| Suburb | Type | Price | Price growth |
| Fairfield | House | $1,155,000.00 | 22.9% |
| Mardi | House | $1,058,500.00 | 22.1% |
| Tallawong | House | $1,295,000.00 | 21.2% |
| Green Valley | House | $1,127,500.00 | 20.5% |
| Rosemeadow | House | $897,500.00 | 19.7% |
| Punchbowl | Unit | $532,500 | 19.0% |
| Jamisontown | Unit | $505,000 | 18.1% |
| Belmore | Unit | $622,500 | 17.2% |
| Greenacre | Unit | $770,000 | 16.7% |
| Richmond | Unit | $632,500 | 16.6% |
As Australia’s most expensive capital city, Sydney’s median house price was $1.425 million and had a median unit price of $815,000 as of February.
Fairfield, located 30 kilometres west of the CBD, had strong house-price growth in Sydney, its median increasing by 22.9% YoY to $1.155 million.
House prices in Mardi, Tallawong and Green Valley also increased by more than 20% in the past year.
Unit prices in Punchbowl, about 17km southwest of the CBD, also made significant gains in the past 12 months, increasing by 19% to $532,500.
| Suburb | Type | Price | Price growth |
| Cranbourne South | House | $828,500 | 10.5% |
| Eynesbury | House | $722,500 | 8.6% |
| Launching Place | House | $722,000 | 7.8% |
| Bayswater North | House | $892,000 | 7.5% |
| Dallas | House | $552,000 | 7.2% |
| West Footscray | Unit | $547,500 | 24.4% |
| St Kilda West | Unit | $569,000 | 14.9% |
| Kingsbury | Unit | $530,000 | 12.8% |
| Kingsville | Unit | $430,000 | 12.4% |
| Carlton | Unit | $428,000 | 10.4% |
In Melbourne, the median house and unit prices were $892,000 and $583,000 respectively, in the 12 months to February.
Cranbourne South took the crown for the largest gains among Melbourne’s more affordable suburbs, with its median house price increasing by 10.5% YoY to $828,500.
Suburbs offering affordable units have performed relatively well in Melbourne in the past 12 months led by West Footscray, where the median unit price increased by 24.4% YoY to $547,500.
Unit prices also jumped by more than 10% in St Kilda West, Kingsbury, Kingsville and Carlton in the past year.
| Suburb | Type | Price | Price growth |
| Tivoli | House | $628,300 | 36.6% |
| East Ipswich | House | $602,500 | 33.1% |
| North Ipswich | House | $652,000 | 30.4% |
| Brendale | House | $580,000 | 28.9% |
| Goodna | House | $638,275 | 27.3% |
| Dakabin | Unit | $667,500 | 51.7% |
| Woodridge | Unit | $410,000 | 39.0% |
| Waterford West | Unit | $431,000 | 36.2% |
| Bundamba | Unit | $490,000 | 36.1% |
| Slacks Creek | Unit | $463,000 | 36.1% |
For Brisbane, median house and unit prices have surged up to $977,000 and $675,000, respectively.
Tivoli, in the Ipswich region, saw its median house price soar by 36.6% YoY to $628,300.
Nearby East Ipswich and North Ipswich also saw their median house prices jump by 33.1% and 30.4%, respectively.
Unit prices in Dakabin, in Brisbane's northern suburbs, increased by a staggering 51.7% to $667,500 in the past year.
| Suburb | Type | Price | Price growth |
| Elizabeth South | House | $477,500 | 32.6% |
| Elizabeth Grove | House | $510,000 | 32.3% |
| Davoren Park | House | $500,000 | 30.7% |
| Elizabeth Downs | House | $513,000 | 29.9% |
| Woodside | House | $801,000 | 29.0% |
| Salisbury East | Unit | $465,000 | 55.0% |
| Hope Valley | Unit | $565,000 | 32.2% |
| Morphett Vale | Unit | $547,000 | 27.8% |
| Mitchell Park | Unit | $547,750 | 26.8% |
| Ascot Park | Unit | $594,000 | 26.1% |
Adelaide also posted strong home-price gains, with its median house and unit prices rising to $849,000 and $594,000, respectively.
The median house price in Elizabeth South, in Adelaide’s northern suburbs, increased by 32.6% to $477,500 in the past year.
Nearby Elizabeth Grove and Davoren Park – both located in the city’s north – had house-price gains of 32.3% and 30.7%, respectively.
Salisbury East stood out among the top suburbs for unit prices, with its median unit price soaring by 55% to $465,000 in the past 12 months.
| Suburb | Type | Price | Price growth |
| Medina | House | $545,000 | 47.3% |
| Calista | House | $573,000 | 43.3% |
| Middle Swan | House | $600,000 | 40.2% |
| Midland | House | $600,000 | 37.9% |
| Bellevue | House | $620,000 | 37.8% |
| Orelia | Unit | $315,000 | 50.0% |
| Kelmscott | Unit | $500,000 | 48.1% |
| Hamilton Hill | Unit | $510,000 | 45.7% |
| Coolbellup | Unit | $530,000 | 41.3% |
| Armadale | Unit | $465,000 | 41.1% |
Perth has seen the strongest home-price growth in the country in recent times, with a median house price of $826,000 and $566,000 for units.
Located 32km south from central Perth, Medina’s median house price has shot up 47.3% to $545,000 in the past year alone.
Calista in the southwest and Middle Swan in the city’s northeast, have both seen house prices leap by more than 40% YoY.
On the unit front, the southwestern suburb of Orelia saw the median unit price rise by 50% YoY to $315,000.
| Suburb | Type | Price | Price growth |
| Dodges Ferry | House | $665,000 | 13.2% |
| Rokeby | House | $615,000 | 5.1% |
| Risdon Vale | House | $466,000 | 4.1% |
| Moonah | House | $615,000 | 1.7% |
| West Moonah | House | $636,000 | 1.2% |
| Moonah | Unit | $465,000 | 11.2% |
| New Town | Unit | $499,500 | 7.4% |
| Glenorchy | Unit | $446,250 | 3.8% |
| Oakdowns | Unit | $545,000 | 3.4% |
| Brighton | Unit | $470,000 | 0.0% |
The Hobart housing market has been relatively subdued for a while, with median house and unit prices sitting at $708,000 and $551,000, respectively.
But there have been green shoots across the city in suburbs such as Dodges Ferry, where the median house price has increased by 13.2% YoY to $665,000 .
Moonah, which is located 5km north of central Hobart, has seen unit prices climb by 11.2% to $465,000 in the past year.
| Suburb | Type | Price | Price growth |
| Scullin | House | $900,000 | 12.5% |
| Isabella Plains | House | $850,000 | 9.8% |
| Calwell | House | $853,500 | 8.4% |
| Holt | House | $801,000 | 8.2% |
| Latham | House | $807,000 | 7.3% |
| Reid | Unit | $551,000 | 18.5% |
| Coombs | Unit | $591,174 | 12.2% |
| Wright | Unit | $500,000 | 11.1% |
| Braddon | Unit | $567,000 | 9.9% |
| Watson | Unit | $537,625 | 6.5% |
In Canberra, the median house price was $956,000 while units were $603,000.
Homeowners in the suburb of Scullin have seen the median house price increase 12.5% to $900,000 in the past 12 months.
Unit prices in Reid have jumped by 18.5% to $551,000, outperforming its affordable rivals.
| Suburb | Type | Price | Price growth |
| Moulden | House | $427,500 | 14.0% |
| Wagaman | House | $522,500 | 10.0% |
| Driver | House | $455,000 | 8.3% |
| Gray | House | $410,000 | 7.9% |
| Zuccoli | House | $555,000 | 6.7% |
| Millner | Unit | $332,500 | 12.7% |
| Gray | Unit | $270,000 | 4.9% |
| Johnston | Unit | $346,000 | 2.5% |
| Leanyer | Unit | $331,000 | 0.3% |
| Nightcliff | Unit | $373,500 | 0.1% |
For Darwin, there has been some home-price growth during the year, with median house and unit prices sitting at $581,000 and $381,000, respectively.
Moulden led the way out of Darwin’s more affordable suburbs, its median house price growing by 14% YoY to $427,500.
In the city’s northern suburbs, Millner has recorded a 12.7% rise in the median unit price to $332,500.
