Which suburbs you should invest in now across Australia

Finding affordable housing across Australian metro areas may not be such an impossible task, especially in Perth where the property boom is lagging behind other States.

According to real estate data across Australia, there are still many options, whether you are a first-home buyer, family, investor or downsizer.

Depending on your capital city, some properties are priced as low as $290,000 but others will set you back up to $2.5m.

Sydney-based buyers agent Lucy Bulla told NCA NewsWire that it was a good time to purchase a home.

“I think if anybody is ready to buy at the moment, now’s the time to buy,” she said.

“You’ve got less competition out there and you can really pick up some I wouldn’t say good deals, great deals, but really fair prices for property.”

Sydney eastern suburbs agent Kiki Bermudez agreed buyers were in a much better position now than they were last year.

“Last year, we all know it was a bull market where it was just crazy in terms of its momentum upwards,” she told NCA Newswire.

“Now what we’re seeing is that downward transition, or correction in the market.”

Ms Bulla noted interest rates affected the amount people could borrow and therefore the amount they offered on a property.

But she said there were other factors too.

“It’s a whole lot of things like the fact that the cost of living has gone up is also impacting on prices,” she said.

“Yes, interest rates are going up, but we’ve had higher interest rates for many years (before), it’s only now that we’ve had these really low interest rates.

“So I think once people get used to the new interest rates, it’ll be the new normal.”

Here is how some of the states compare across Australia:

WESTERN AUSTRALIA

Perth is experiencing a property boom, but it has lagged behind other capital cities.

It means there are still bargains to be found in suburbs relatively close to the CBD.

According to the Real Estate Institute of WA, the cheapest suburb is Armadale, which is priced at a median of just $290,000.

Other affordable suburbs include Camillo ($307,500), Brookdale ($319,250), Middle Swan ($340,000), Gosnells ($350,000), Lockridge ($350,000), Stratton ($352,500), Midland ($358,500), Balga ($360,000) and Maddington ($360,000).

NSW

In Sydney, prices remain high, but Ms Bulla said the city was cyclic with its house prices.

“Right now we’re in the low. As soon as everyone gets confident again with the interest rates, it will start to increase again,” she said.

“Whenever we go through a low period, it’s always far less than the growth period.”

Ms Bulla said the most affordable suburbs within 30km of the CBD would still set you back up to $2.5m.

“I wouldn’t necessarily say ‘these’ suburbs are affordable,” Ms Bermudez added.

“But what I’m seeing a lot of are people who got priced out last year, they are now finding things within reach.”

VICTORIA

Melbourne is one of the main markets that still has relatively high prices.

But there are opportunities in some suburbs within 20km of the CBD.

According to the Real Estate Institute of Victoria, the cheapest is Dallas, where the median price is $540,000.

Other suburbs include Meadow Heights ($568,250), Broadmeadows ($608,000), Laverton ($615,000), Kings Park ($645,000) and Albanvale ($648,888).

Rounding out the top 10 is Westmeadows, which could set you back about $735,000.

SOUTH AUSTRALIA

Adelaide is still a very affordable capital city, according to data provided by the Real Estate Institute of SA.

Elizabeth North and Davoren Park both have a median price of just $325,000.

Other affordable suburbs include Smithfield and Andrews Farm for under $400,000.

Rounding out the top 10 is Newport, which still has a reasonable median price of $437,000.