New data shows buying an affordable home is getting harder, but there are still hundreds of places with a median home price below $500,000.
PropTrack data revealed 402 suburbs across the country where buyers can still pick up a house or unit for less than $500,000, and you don’t have to go too far from the city center to find it.
With the median home price now sitting at $996,000 nationally, and $730,000 for the median unit according to the latest PropTrack Home Price Index, many buyers are being forced to look away or downsize if they want to enter the real estate market, especially as rising interest rates take thousands away from a typical buyer’s borrowing capacity.
That doesn’t mean those with budgets under $500,000 will be left out in the cold, though. Buyers need only search far and wide.
Finally, places as far away as Coober Pedy offer freehold homes under $100,000.
But for many buyers looking for a home in the capital or a different regional base, there are still options in every state and territory.
Jump ahead to see:
Victoria
Weak price growth in recent years has seen Melbourne drop down the rankings from the second most expensive capital city, to sixth, and for buyers, that means there are still plenty of options for buyers looking for a place to live within easy reach of the CBD for under $500,000.
Suburbs including Kensington, Fairfield and Footscray offer great proximity to the CBD, amenities and lifestyle benefits, with an average unit price of around $450,000-$500,000. A little further afield, buyers can look at Box Hill, Sunshine and Broadmeadows.
112 Wilson Street in Colac is on the market for $445,000 – $475,000. Photo: realestate.com.au
Buyers will need to look outside the capital to find a detached home. In Colac you can secure a well-furnished three-bedroom home for less than $475,000, while in the mountainous area of Icy Creek, 25 minutes from Mt Baw Baw, skiers can find a spectacular weekend getaway for less than $500,000.
For something a little different, Vince di Grazia of Chenz Realty has listings priced between $460,000 – $500,000 within Timboon Mill, a group of homes on 144 acres. This property is set at 729sqm.
![](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 800 450"%3E%3C/svg%3E)
Known as the ‘Hidden Hamlet’, buyers can take a villa within 144 hectares of natural forest and clear open green pastures. Photo: realestate.com.au
“Collection Title” includes 15 titles with eight homes, excluding the phone. Buyers who want to buy are protecting their blocks, “The other farm is theirs to use but it is under the management of the company,” he said.
43 Manns Beach Road is on the market for $450,000. Photo: realestate.com.au
Looking for something affordable on the water? Try Gippsland’s Manns Beach, where you’ll find a renovated two-bedroom apartment with a stunning kitchen for $450,000.
New South Wales
Homes under $500,000 are rare in NSW, but they can be found. In fact, according to PropTrack there are still 77 suburbs across the state with a median home or unit price of less than half a million dollars.
Within Greater Sydney, units in the western suburbs of Mount Druitt and Fairfield still sell for around $450,000.
Buyers can find affordable units in Sydney suburbs such as Fairfield or Mount Druitt. Photo: realestate.com.au
Apartments can be had in major regional centers including Wagga Wagga, Bathurst and Nowra for around $450,000-$500,000.
For a detached home, try Cowra, Young or Cootamundra. This semi-detached house in Gunnedah is listed for just $345,000, or this two-storey house in Wingham is fully rented.
28 Tempest Street, Gunnedah is on the market for $345,000. Photo: realestate.com.au
Tamworth has just been named in the realestate.com.au Hot 100 for 2026, and there are suburbs in the region with a median house price of less than $500,000, including detached houses in West Tamworth, and units in East and South Tamworth – but buyers may need to be quick, with local agents catering to demand.
Take this property in Larnook, just over an hour inland from Byron Bay. The rural shack is part of the village of Billen Cliffs, a community consisting of 115 acres of land.
This strata titled shack sits just over an hour from Byron Bay. Photo: realestate.com.au
This is 9636m2, built within a common area and home to a community center and hall. It won’t be for everyone, but its remote location and $399,000 price tag will likely draw those with money in other cities, looking for an alternative lifestyle.
Queensland
The sunshine state is now home to Australia’s second most expensive housing market, with the average home costing $1,046,000 in Brisbane and $810,000 in regional Queensland.
But there are still plenty of great options out there, with 92 properties still priced under $500,000.
Take Russell Island, a beautiful place near North Stradbroke Island. It is accessible by boat and motor boat. It has a median house price of $475,000, and for just $389,950, you can secure 900sqm of waterfront living.
This waterfront property on Russell Island is listed for just $389,950. Photo: realestate.com.au
Agent Chris McGregor of Bay Island Property said buyers in Melbourne, Sydney and Brisbane were selling their multi-million dollar homes and getting the properties for cash.
“They live here without a loan,” he said, adding that they were drawn to the convenience of being 40 minutes from Brisbane and the mainland.
There are many local amenities on the islands as well, including supermarkets, medical facilities and restaurants. You can also find properties with established homes for under $500,000 on Russell Island as well.
South Australia
Although prices in and around Adelaide have been on the rise in recent years, regional areas are offering buyers some hope.
Millicent, 30 minutes from Mount Gambier has a thriving community and easy access to beautiful beaches. Here, a well-renovated three-bedroom property on 1,403sqm is priced between $385,000 and $425,000.
24 Palmer Street, Port Pirie is on the market for $425,000. Photo: realestate.com.au
Over in Port Pirie, about 2.5 hours north of Adelaide, you can find a valuable four-bedroom sandstone home close to the historic city center for $425,000.
Tasmania
As one of the most affordable places in all the states and territories, Tasmania remains an attractive place to buy property for just a few thousand dollars.
According to PropTrack, there are only 21 suburbs in Tasmania with a median house or unit price of less than $500,000. However, it is important to note that many small towns and cities record very few property sales per year, so they may not have been captured in the data.
Units in the city of Burnie can be purchased for less than $500,000. Photo: realestate.com.au
Detached houses in the historic mining town of Queenstown can be had for as little as $210,000, or Upper Burnie for $475,000.
The city of Devonport has a median unit price of $410,000, and while detached homes can be found for under $500,000, they often require more maintenance.
West Coast towns like Strahan offer shoppers the best bang for the buck. Rodney Triffett of Harcourts said the price was the biggest drawcard.
“People come to these areas because they are locked out of other areas,” he said.
Nothing to do: This beautifully renovated four-bedroom home at 1/7 Meredith Street, Strahan is on the market for $375,000. Photo: realestate.com.au
He is selling a renovated four-bedroom residence across the street from the water for $375,000. Ideal for owner occupiers or investors who can earn a rental income of $490 per week.
He said that despite the affordable prices, these properties are often reserved by mainland buyers who want to “escape the rat race” and therefore may take time to sell.
ACT
Apartments are your best bet if you’re looking for accommodation priced under $500,000 in Canberra, in fact, there are just five cities in total with a median unit price under half a million dollars.
According to PropTrack, Curtin (median unit price $350,000), Lyons ($364,000), Gungahlin ($425,000), Belconnen ($481,000) and Franklin ($490,000) are the most affordable suburbs in the nation’s capital.
For buyers in Canberra, a $500,000 budget won’t get you a detached house. Photo: realestate.com.au
But, that doesn’t mean there aren’t other options for shoppers on a tight budget. In the Phillip suburbs, you can secure a one-bedroom unit for $369,000.
In the heart of the city, $475,000 offers prospective buyers the opportunity to enter an apartment with views towards Lake Burley Griffin, a spacious residential area with a study area and access to universities and transport.
Western Australia
As prices have risen in Western Australia in recent years, affordable properties are rapidly disappearing.
But according to PropTrack, there are still 32 areas with a median home or unit price below $500,000.
17 Dugan Street, Kalgoorlie recently sold for $465,000. Photo: realestate.com.au/sold
Buyers can find units in regional hubs such as Geraldton or Cable beach in Broome, while detached houses are more limited in mining towns such as Kambalda and Kalgoorlie.
Northern Territory
The Northern Territory remains Australia’s most affordable region, although house prices in Darwin have risen by 16.2% in the past 12 months, forcing buyers to downsize to buy a home in the capital.
Rapid Creek in Darwin has been named in this year’s realestate.com.au Hot 100. Photo: realestate.com.au
One of the city’s most desirable areas, Fannie Bay, has a median unit price of $486,500, or buyers can look to nearby Darwin City, Coconut Grove, Nightcliff or Rapid Creek.
For a detached house, Berrimah has a median house price of $357,900, or buyers can look outside the capital in areas such as Katherine East or Gillen in Alice Springs.
