Over the last quarter we’ve seen unemployment drop to a new low of 4.9%. While the Reserve Bank of Australia (RBA) has kept the cash rate on hold, some smaller lenders have trimmed their home loan rates, and several commentators are forecasting a rate cut from the RBA later this year.

It’s all good news, but the big story of the quarter is improved home affordability.

Nationally, home values have fallen 2.3% since the start of 2019, taking the total fall in values to 7.4% since the market peak of 2017. However, CoreLogic says the pace of value falls is slowing.

With this in mind, let’s take a look at where some of the cheapest property can be found across Australia.

CoreLogic research commissioned by Aussie identified the nation’s most affordable suburbs. Some of the values are nothing short of crazy. At the top of the leaderboard is Mount Magnet in Western Australia, where you can buy a house for around $38,000. The catch? The township is almost 600 kilometres north of Perth and was hard hit by the mining downturn, making some lenders a little cautious.

But you don’t have to head outback for a bargain. Here is what’s on offer across our state capitals.

Sydney

Home values in Sydney have dropped 10.4% over the past year, and it’s very much a buyer’s market.

Across the greater Sydney area, San Remo on the Central Coast takes the gong for the lowest median house value at $422,557. Closer to the city, several Blacktown suburbs make the city’s top 20 most affordable list including Tregear (median house value of $438,000), Shalvey ($450,000) and Emerton ($451,000).

If you’re an apartment buyer, outstanding value can be found in the south-western suburb of Carramar, where the median apartment value is just $334,000. Among suburbs within a 10 kilometre radius of the city centre, Turella in Rockdale has the lowest median house value of $1.032 million, while Eastlakes offers the lowest median unit value of $559,000.

Canberra

The nation’s capital is still seeing home values rise – up 3.4% over the past 12 months. Across Canberra, Taylor (median value $364,000) is the only suburb with a median house value below $400,000. The apartment market is more affordable however, and topping the list of cheapest suburbs for units is Chifley, with a median value of $327,506.

Melbourne

Melbourne housing values are down a total of 9.6% since late 2017, but the biggest value falls have been seen in the premium end of the market. A rise in first home buyer activity has pushed up values in some of the more affordable locations.

Melbourne’s cheapest suburb for houses is Melton, with a median value of $389,000. Apartment buyers can pick up a bargain in Junction Village, just under an hour’s drive from the CBD, where the median unit value is $303,000.

Brisbane

The Brisbane market has held relatively steady in recent years, and seven of Brisbane’s 20 cheapest suburbs for houses are found in the satellite city of Ipswich. Russell Island takes the title of most affordable suburb for housing with a median value of $215,000. For apartments, head to Kooralbyn, where a budget of just $120,000 could get you into the market.

Hobart

The last few years really have been Tassie’s time to shine. Hobart values have soared since 2015 with a 7.2% increase in the last 12 months alone.

Good buying can still be found in Gagebrook – Hobart’s most affordable suburb, though today’s median house value of $217,000 is up an amazing 21.3% over the last 12 months! Hobart doesn’t have a lot of apartments, but Bridgewater, located 20 kilometres north-west of Hobart, has the lowest unit values with a median of $227,000.

Adelaide

Adelaide has yet again proven to be a sure and steady market, with property values tracking 1% higher over the past 12 months. It’s still one of Australia’s cheapest capital cities to buy a home, with the outer northern suburbs offering particular value.

Check out Elizabeth North for the lowest median house value of $167,000. Across the unit sector, the lowest median apartment value – a tiny $189,000, can be found in Salisbury.

Perth

Perth’s housing market offers exceptional value, and while buyers are very much in the driver’s seat, CoreLogic say the city’s rental market has tightened, and population growth is improving.

As a guide to the value on offer, 19 of Perth’s 20 cheapest suburbs have median house values below $300,000. Topping the list is Medina with a median value of $232,639. In the apartment market, head to Armadale where the median unit value is just $173,679.

Darwin

Darwin has seen property values fall since 2014, but sales activity is on the rise, and selling times are falling.

The satellite city of Palmerston is still the best place for bargain buys. Moulden tops the list of most affordable suburbs for houses, with a median value of $304,000. Or, if you’re an apartment buyer, Bakewell – also in Palmerston, has a super-affordable median value of $230,317.

It goes to show that the property market really is offering some tremendous value. Talk to your local Aussie Broker to see how you could take advantage of today’s property market, whether to growth your wealth through investing or purchase your next home.

To download our Most Affordable Suburbs Report, click here.