The surprising suburbs where wannabe homeowners can buy a house with a deposit of $50,000

Hopeful homeowners can still get on the property ladder without breaking the bank – even in the thick of a cost-of-living crunch. 

New research has revealed the best locations in Australia for buyers on a budget; from picturesque coastal towns to thriving regional cities. 

Canstar and Hotspotting have picked the top spots for buyers with only a $50,000 deposit using factors such as median price growth, affordability, vacancy rates, house rent increases and access to transport and schools.

Hotspotting managing director Terry Ryder said buyers wanting the great Aussie dream of a home with a backyard should consider ditching the city. 

‘Enabled by technology and the ability to work remotely, there are many regional areas that have become a strong force in real estate,’ Mr Ryder told 7News. 

He said Aussie looking for a sea-change are driving the popularity of regional areas.

‘There are many people who are moving to regional areas to escape the congestion and noise and expense of city life,’ he said.

Mr Ryder said regional areas have been outperforming urban centres on capital growth for the last five or six years – but investors need to choose carefully.

Long Gully in Bendigo in north-central Victoria is the most affordable in the state with a median house price of $445,000, This renovated three-bedroom house has a price guide of $390,000-$420,00

His advice is to select a regional area that offers affordability, growth prospects and strong economics.

‘Regional cities with strong economies and lots of infrastructure spending happening can be very good performers for investors as well as proving to be affordable options,’ the expert said. 

Here, Daily Mail Australia reveals where in which states Aussies can purchase their first home with a deposit of just $50,000 or less. 

New South Wales

The research suggests buyers should consider Lavington in Albury on the NSW- Victoria border, Mount Austin in Wagga Wagga in the Riverina region, Narrabri in the north west, Oxley Vale in Tamworth in the northeast of the state and Muswellbrook in the Upper Hunter region.

Mount Austin is the most affordable suburb, with a median house price of $415,000. It has experienced annual price growth of 10 per cent.

Second for affordability is Narrabri, with a median house price of $440,000, Lavington ($489,000) Oxley Vale ($494,000) and Muswellbrook ($500,000) which has had a severn per cent capital growth over the last 12 months.

Regional areas can offer buyers affordability, growth prospects and strong economics

Mount Austin is the most affordable suburb in NSW with a median house price of $415,000 and has experienced annual price growth of 10 per cent. This home is priced at $480,000

Victoria

Some of Victoria’s largest regional cities offer first homeowner bargains, with prices dropping slightly in the past year.

There are many properties for less than $500,000 with a commute of under two hours to Melbourne’s CBD.

Long Gully in Bendigo in north-central Victoria is the most affordable with a median house price of $445,000, followed by Redan in Ballarat in in the Central Highlands ($460,000) and Seymour in the Goulburn Valley ($480,000).

The research recommends Shepparton only two hours north of Melbourne has a median house price of $455,000 as well as Mildura in the north west, which has a median house price of $437,000.

Queensland

With a median house price of $222,500, Rockhampton in Central Queensland is the most affordable area for people keen to get on the property ladder. 

The city has experienced capital growth of 15 per cent in the last 12 months. 

Other choices include Bundaberg on the Coral Coast where the median house price has jumped 20 per cent in 12 months to $420,000 and Townsville on the northeast coast which as a median house price of $410,560.

Toowoomba, Australia’s second largest inland city after Canberra, has seen median house price growth of 12 per cent over the past year. The city is expected to boom even further with the completion of the Inland Rail Link.