The Australian suburbs where buyers can secure a home with mortgage repayments on par with the nation’s average rent have been revealed in new data.
Australia’s median weekly rent was $570 last year, according to CoreLogic’s 2023 rental report.
An analysis of the market by PropTrack found more than 350 locations across the country where Australians can find a home with mortgage repayments less than $570 a week.
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The cheapest homes on the list were found in South Australia, Queensland and Western Australia — with plenty coming in far below $570.
Queensland
Queensland had the most suburbs on the list, with 120 spots across the state.
Of these, the lowest average repayments were in Collinsville, Charleville, Tara, Mont, Dysart and Depot Hill.
- Collinsville — in Queensland’s Whitsunday Region — has a median house price of $160,000. With an 80 per cent Loan to Value Ratio (LVR), buyers are looking at an average weekly repayment of $196.82.
- Charleville — located about 750 kilometres west of Brisbane — also has a median house price of $160,000 and would see buyers making weekly mortgage repayments of $196.82.
- Tara — in the state’s Western Downs — has a median house price of $180,000 and prospective buyers would make weekly mortgage repayments of $221.42.
- Monto — in the North Burnett region — has a median house price of $187,000 and would see buyers making weekly mortgage repayments of $230.04.
- Dysart — located between Townsville and Mackay — has a median house price of $195,000 and buyers are looking at an average weekly repayment of $239.88.
- Depot Hill — a suburb in Rockhampton — has a median price of $205,000 and prospective buyers would make weekly mortgage repayments of $252.18.
South Australia
South Australia came in second with 95 spots on the list.
- Coober Pedy has a median house price of $110,000 and would see buyers make average weekly mortgage repayments of $135.31.
- Peterborough has a median house price $148,500 and buyers are looking at an average weekly repayment of $182.67.
- Port Pirie West has a median price $172,500 and prospective buyers would make weekly mortgage repayments of $212.20.
- Solomontown has a median price $187,500 and prospective buyers would make weekly mortgage repayments of $230.65.
- Quorn has a median house price of $195,000 and would see buyers make average weekly mortgage repayments of $239.88.
Western Australia
- Kambalda West has a median house price of $167,000 and buyers are looking at an average weekly repayment of $205.43.
- Merredin has a median house price $181,000 and prospective buyers would make weekly mortgage repayments of $222.65
- Rangeway has a median house price of $195,000 and would see buyers make average weekly mortgage repayments of $239.88.
- Moora has a median house price of $196,000 and buyers are looking at an average weekly repayment of $241.11.
- Wagin has a median house price of $210,000 and would see buyers make average weekly mortgage repayments of $258.33.
NSW’s Far West and Orana regions
NSW came in with just 55 spots on the list.
Of these, the majority of the lowest average repayments were in the Far West and Orana region.
- Cobar, Broken Hill, Coonamble and Nyngan all came in with average weekly mortgage repayments of under $300.
Also on the list were houses in New England, Northern Rivers and Riverina regions.
- Wee Waa — in New England — has a median house price of $220,000 and average weekly mortgage repayments of $270.63.
- South Lismore — in the Northern Rivers — has a median house price of $247,000 and would see buyers make average weekly mortgage repayments of $303.84.
- Hay — in the Riverina region— has a median house price of $250,000 and prospective buyers would make average weekly mortgage repayments of $307.53.
- Werris Creek — in New England — has a median house price of $250,000 and average weekly mortgage repayments of $307.53.
Victoria
Victoria had 36 spots on the list.
- Nhill — in the Wimmera region — has a median house price of $205,000 and average weekly mortgage repayments of $252.18.
- Warracknabeal — also in the Wimmera region — has a median house price of $240,000 and would see buyers make average weekly mortgage repayments of $295.23.
- Rochester — near Shepparton — has a median house price of $267,500 and prospective buyers would make average weekly mortgage repayments of $329.06.
- Kerang — located on the Loddon River — has a median house price of $285,000 and average weekly mortgage repayments of $350.59.
- St Arnaud — in the Wimmera region — has a median house price of $290,000 and would see buyers make average weekly mortgage repayments of $356.74.
Tasmania
Tasmania had 30 spots on the list, with only two spots offerings average weekly mortgage repayments under $300.
- Rosebery — on the state’s west coast — has a median house price of $187,000 and average weekly mortgage repayments of $230.04.
- Queenstown — also on the state’s west coast — has a median house price of $190,000 and prospective buyers would make average weekly mortgage repayments of $233.73.
Northern Territory
The Northern Territory had just five spots on the list, with only one falling under $300 for average weekly mortgage repayments.
- Dundee Beach has a median house price of $240,000 and average weekly mortgage repayments of $295.23.
- Moulden and Gray both have median house prices of $382,500 and would see buyers make average weekly mortgage repayments of $470.53.
- Woodroffe and Driver both have a median house price of $435,000 and prospective buyers would make average weekly mortgage repayments of $535.11.
The ACT did not make an appearance on the list.
