Revealed: The suburbs and towns where weekly mortgage bills for three-bedroom houses are less than $250 – here’s where should you be buying your dream home or getting your foot on the property ladder
- Home buyers can score cheap mortgages by moving out of the city to suburbs
- Regional and rural towns are becoming more popular due to work flexibility
- Covid work from home requirements encouraged people to move from the city
- Home buyers can pay less than $250 a week for a mortgage in some towns
Families can get their foot on the property ladder by buying up cheap housing across Australia – as long as they’re willing to move from the city and into regional and rural towns.
Three bedroom houses are selling for under $300,000 in every state and territory, with many suburbs offering mortgage payments of just $250 a week.
The Covid crisis has forced white collar workers out of offices and allowed more flexible work-from-home arrangements, allowing families to reconsider their priorities and needs.
In particular, people are realising they no longer need to live closer to the city – and their offices – to maintain a healthy work/life balance.
Instead they are increasingly turning to small rural towns like Albury in New South Wales and Horsham in Victoria to save some money on mortgage repayments.
North Albury’s median house price is $250,000 according to Domain, which means a weekly mortgage repayment is as little as $192
New South Wales
North Albury’s median house price is $250,000 according to Domain, which means a weekly mortgage repayment is as little as $192.
This is based on a 20 per cent deposit and a 2.9 per cent interest rate.
The town is about 460km southwest of Sydney, and was largely out of reach for Sydneysiders prior to the pandemic.
According to James Seymour from PJ Murphy Real Estate, the area has attracted plenty of people from the city.
‘The main industry in the region is health – it used to be manufacturing – and education is the next. Also the Australian Tax Office is in Albury. That’s a big employer,’ Mr Seymour said.
Buyer inquiries from Sydney and Melbourne had increased by up to 40 per cent since the pandemic hit.
Meanwhile in South Tamworth, the average house price is $256,250 – or $193 per week on the example mortgage.
The region is a five hour drive from Sydney and has been gentrified of late, bringing in tourists as the country music capital of Australia.
Inside the city, Sydney’s median house price is the highest in the country, upwards of $1.14million.
Horsham, about 300km west of Melbourne, has a median house price of $285,000 – which costs a weekly repayment of about $219 under the example mortgage rate of 2.9 per cent.
The region has a particular appeal for people who enjoy the outdoors, with the Grampians and Little Desert National Park just a stones throw away.
‘It’s a real mecca for people who love the outdoors and want to get outside … the driver at the moment is the ability to work remotely. You can enjoy all those things and essentially work remotely,’ Coller Rathgeber Property Group selling agent Tim Coller said.
Investors from Melbourne in particular had shown interest in the region during the pandemic, in part due to its low vacancy rate.
Meanwhile in Mildura, the median house price is $225,000, and is about four-and-a-half hours’ drive from Adelaide, even though it is technically in Victoria. The weekly house repayment is $173.
The median house price in St Kilda in 2020 is $1.42million for a three bedroom home.
Horsham, about 300km west of Melbourne, has a median house price of $285,000 – which costs a weekly repayment of about $219 with a 20 per cent deposit and 2.9 interest rate
Home owners can snap up a three bedroom property in Warwick, southeast Queensland, for $243,500.
Gympie, just a one hour drive from Mooloolaba on the Sunshine Coast, also has reasonably cheap house prices and 104 properties on the market.
A three-bedroom home costs about $280,000, requiring a mortgage repayment of about $220 each week.
Mooloolaba’s median house price is about $920,000, despite being just over an hour away from Gympie.
South Australians won’t have to travel so far if they’re looking for a cheap mortgage.
In Elizabeth Park, a northern suburb in Adelaide, homebuyers can score a bargain for as little as $216,000 – or $184 a week.
The suburb has several parks and a shopping centre within walking distance and the market in 2020 has been ‘pretty tight’.
LJ Hooker Greenwith selling agent Bruno Caporella said there was definitely increased interest in the area.
‘At the moment the market is pretty tight. Elizabeth Park is an area where rental returns are really good but there’s still affordable homes where you can buy a decent block of land,’ Mr Caporella said.
Meanwhile in the north east, the median house price in Renmark is $267,500 or $206 per week.
The median house price in Adelaide sits comfortably around the $698,750 mark.
In Elizabeth Park, a northern suburb in Adelaide, homebuyers can score a bargain for as little as $216,000 – or $184 a week
Newman in the West Australian Pilbara mining region has houses on the market for as little as $240,000.
Weekly repayments for a $240,000 mortgage are as low as $184 per week.
Meanwhile, a move to Geraldton could save homebuyers big time, with weekly mortgage repayments averaging to be about $201 each week.
In Tennant Creek in the Northern Territory, it is cheaper to buy a house than it is to rent.
The median house price is $282,500, while tenants pay upwards of $420 a week in the area.
Meanwhile in Tasmania, there are limited options for weekly mortgage repayments below $250.
George Town, on the Tamar River north of Launceston, has a median house price of $207,500.
Home owners pay an average of just $160 a week for mortgage repayments.
George Town, on the Tamar River north of Launceston, has a median house price of $207,500