Properties for sale in these suburbs are being swamped with enquiries from house hunters, but prices are still within reach for the average buyer.
Analysis of PropTrack data has revealed dozens of high-demand suburbs that are in a home price ‘sweet spot’, with cheaper houses than most of the country.
In these suburbs, demand from buyers is much higher than a year ago, but in most cases prices haven’t taken off just yet, giving buyers an opportunity to get in before increased interest pushes prices higher.
The data tracks how demand has changed in the past year in suburbs across the capitals and regions that have a median house price of less than $750,000.
Demand is measured by the number of enquiries per listing, which include high-intent actions such as emailing the agent, downloading documents or requesting an inspection.
Enquiries can be a leading indicator for price growth – if enquiries per listing are rising, it means more serious buyers are interested in purchasing properties in that suburb.
Jump ahead to see where demand has surged in:
The data shows there are plenty of suburbs where affordable properties are increasingly sought-after in both the capital cities and the regions.
Where these high-demand suburbs are located reflects a key trend driving price growth across Australia – investors are increasingly searching outside their home state for affordable homes with strong rental yields.
Affordable capital city suburbs where buyer demand is booming
About half of the suburbs with median prices under $750,000 where demand is surging were located in Melbourne.
The Victorian capital has experienced a resurgence in demand recently, with buyer interest rebounding after the lows of recent years.
In fact, Melbourne’s slower price growth in recent years — a result of interstate migration outflows during the pandemic, higher levels of home construction and property tax changes for investors — has actually led to the rebound in demand.
High-demand capital city suburbs – $500,000 to $600,000
| Suburb | State | 12-month demand growth | Median house price | 12-month price growth | |
| 1 | Dallas | VIC | 109% | $555,000 | 5% |
| 2 | Melton West | VIC | 88% | $560,000 | 3% |
| 3 | Coolaroo | VIC | 87% | $560,000 | 4% |
| 4 | Karama | NT | 83% | $517,500 | 16% |
| 5 | Wulagi | NT | 67% | $580,000 | 8% |
| 6 | Broadmeadows | VIC | 66% | $595,500 | 5% |
| 7 | Claremont | TAS | 56% | $553,500 | 4% |
| 8 | Glenorchy | TAS | 54% | $565,000 | 1% |
| 9 | Basin Pocket | QLD | 54% | $550,000 | 6% |
| 10 | Gunn | NT | 50% | $545,000 | 8% |
| 11 | Bakewell | NT | 47% | $525,000 | 9% |
| 12 | Kurunjang | VIC | 46% | $543,456 | 4% |
| 13 | Doveton | VIC | 46% | $600,000 | 1% |
| 14 | Zuccoli | NT | 40% | $600,000 | 18% |
| 15 | Laverton | VIC | 32% | $600,000 | 3% |
| 16 | Warrane | TAS | 29% | $551,000 | 0% |
| 17 | Laidley | QLD | 29% | $562,500 | 18% |
| 18 | Bacchus Marsh | VIC | 29% | $600,000 | -6% |
| 19 | Wyndham Vale | VIC | 26% | $585,000 | -1% |
| 20 | Melton South | VIC | 26% | $525,000 | 7% |
REA Group senior economist Eleanor Creagh said Melbourne’s slower price growth compared to the other capitals meant it had become a more appealing option for buyers with limited budgets.
“Melbourne has a very high proportion of suburbs recording increased demand, reflecting improved affordability relative to Sydney, Brisbane and other smaller capitals,” she said.
Buyer demand has surged in Broadmeadows, one of Melbourne’s most affordable suburbs. Picture: realestate.com.au/sold
Interest rate cuts have also boosted borrowing capacities, and with overseas migration supporting population growth, more buyers are keen to get into the Melbourne market, Ms Creagh said.
The data shows buyers searching for affordable properties are increasingly targeting Melbourne’s outer north and northwest suburbs.
High-demand capital city suburbs – $600,000 to $750,000
| Suburb | State | 12-month demand growth | Median house price | 12-month price growth | |
| 1 | Frankston North | VIC | 120% | $625,000 | 6% |
| 2 | Campbellfield | VIC | 111% | $642,500 | 5% |
| 3 | Bellamack | NT | 90% | $620,000 | 4% |
| 4 | Jacana | VIC | 85% | $620,000 | 8% |
| 5 | Carrum Downs | VIC | 79% | $728,250 | 4% |
| 6 | Badger Creek | VIC | 72% | $662,500 | -5% |
| 7 | Tullamarine | VIC | 72% | $745,000 | 3% |
| 8 | Johnston | NT | 68% | $675,000 | 12% |
| 9 | Maddingley | VIC | 66% | $616,250 | -1% |
| 10 | Sorell | TAS | 64% | $660,000 | -5% |
| 11 | Booval | QLD | 62% | $636,250 | 9% |
| 12 | Leanyer | NT | 61% | $610,000 | 2% |
| 13 | Deer Park | VIC | 60% | $667,500 | 3% |
| 14 | Muirhead | NT | 59% | $730,000 | 0% |
| 15 | Lalor | VIC | 57% | $718,000 | 3% |
| 16 | Regency Downs | QLD | 55% | $710,000 | -4% |
| 17 | Delahey | VIC | 54% | $660,000 | 3% |
| 18 | Hoppers Crossing | VIC | 52% | $638,000 | 3% |
| 19 | Sunshine West | VIC | 50% | $700,000 | 3% |
| 20 | Roxburgh Park | VIC | 50% | $660,000 | 2% |
Buyers searching under the $600,000 mark have their eyes on suburbs such as Broadmeadows and Coolaroo in the north and Melton West and Wyndham Vale in the west.
Buyers with a little more to spend have targeted Frankston North and Carrum Downs in the south.
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Real estate agent Mark Burke of OBrien Real Estate Frankston said Frankston North was in a ‘sweet spot’ for affordability that appealed to both investors and first-home buyers.
He said the area was undergoing gentrification, with many first-home buyers competing strongly to secure renovation-ready homes near the beach amid increased interest from interstate investors.
“There’s still a lot of first-home buyers winning which is good,” he said. “They’re quite often willing to pay a decent premium to do it.”
Real estate agent Mark Burke said a first-home buyer beat investors to secure this three-bedroom Frankston North house for $747,000 — a figure that was $147,000 above the reserve. Picture: realestate.com.au/sold
Affordable suburbs in Australia’s two smallest capitals, Darwin and Hobart, also ranked highly for increased levels of enquiry, with stronger demand in these cities potentially translating to higher prices in the near future, according to Ms Creagh.
“Almost all suburbs in Darwin and Hobart are recording stronger enquiries, which indicates demand is strengthening across those markets,” she said.
The Hobart suburbs of Claremont, Glenorchy and Warrane were most popular with buyers aiming to buy under the $600,000 price point.
Meanwhile, Karama and Wulagi in Darwin’s north and Gunn, Bakewell and Zuccoli in the Palmerston region were the sub-$600,000 suburbs where demand was rising quickest, while Muirhead was popular with buyers with up to $750,000 to spend.
Renovated homes on large blocks in Karama in Darwin’s north are selling quickly and achieving strong results. Picture: realestate.com.au/sold
Darwin real estate agent Derek Hart of Elders Top End said affordability was a major factor for both first-home buyers and investors buying in Karama, as was its location about 15 minutes from the Darwin CBD.
“The investors are offering much quicker than first-home buyers,” he said.
“First home buyers still want to have a look around and see what’s out there, but if they hesitate, the investors are buying homes up pretty quickly.”
“Investors have more urgency. With low interest rates they know in the next six months it’s going to be worth more.”
Affordable regional suburbs where demand is surging
The regional suburbs under the $750,000 mark with the strongest increases in demand were mostly found in smaller cities where homes are typically much cheaper than in the capitals.
“These regional centres tend to have good access to infrastructure, and attractive local economies,” Ms Creagh said.
High-demand regional suburbs – $500,000 to $600,000
| Suburb | State | 12-month demand growth | Median house price | 12-month price growth | |
| 1 | West Albury | NSW | 154% | $572,500 | -3% |
| 2 | Glenfield Park | NSW | 144% | $600,000 | 8% |
| 3 | Millars Well | WA | 126% | $545,000 | 12% |
| 4 | Kooringal | NSW | 118% | $572,000 | 6% |
| 5 | Thomson | VIC | 108% | $524,000 | 0% |
| 6 | Mount Pleasant | VIC | 106% | $505,000 | 14% |
| 7 | Golden Square | VIC | 105% | $540,200 | 4% |
| 8 | Lavington | NSW | 103% | $550,000 | 15% |
| 9 | Waggrakine | WA | 102% | $542,000 | 26% |
| 10 | Eaglehawk | VIC | 100% | $530,000 | 6% |
| 11 | Whittington | VIC | 99% | $537,500 | 6% |
| 12 | Forest Hill | NSW | 94% | $530,000 | 20% |
| 13 | Griffith | NSW | 94% | $597,500 | 6% |
| 14 | Kennington | VIC | 92% | $590,000 | 3% |
| 15 | Spring Gully | VIC | 84% | $591,250 | -17% |
| 16 | Newcomb | VIC | 75% | $550,000 | -3% |
| 17 | Kangaroo Flat | VIC | 74% | $550,000 | 5% |
| 18 | Wodonga | VIC | 73% | $585,000 | 8% |
| 19 | Lancelin | WA | 68% | $580,000 | 4% |
| 20 | Delacombe | VIC | 67% | $520,000 | -3% |
The NSW Riverina region has emerged as a hotspot for buyer demand for affordable homes, with enquiries jumping in suburbs of Wagga Wagga, Albury and Griffith.
Griffith real estate agent and Soul Property Agents director Nathan Thomas said out-of-area enquiries were rising.
Buyer demand has grown in Griffith in the NSW Riverina region, supported by the regional city’s diverse local economy. Picture: Getty
“We have a lot of the indicators that out-of-area buyers are looking for, at a price level that is achievable for most people,” he said.
“Griffith has proven itself to be affordable in comparison to the major metro markets, and our median price is well below the cutoff points for first-home buyer incentives. It also has a reasonable yield and a very low vacancy rate.”
Griffith’s diverse employment options, including agriculture, winemaking, food processing and healthcare, were also drawing buyers, Mr Thomas said.
High-demand regional suburbs – $600,000 to $750,000
| Suburb | State | 12-month demand growth | Median house price | 12-month price growth | |
| 1 | Lloyd | NSW | 134% | $749,000 | -5% |
| 2 | Marong | VIC | 98% | $650,000 | -1% |
| 3 | Shepparton North | VIC | 81% | $622,500 | -16% |
| 4 | Bell Post Hill | VIC | 75% | $660,000 | 2% |
| 5 | Jones Hill | QLD | 75% | $700,000 | 3% |
| 6 | Newington | VIC | 69% | $645,000 | 10% |
| 7 | Parkhurst | QLD | 69% | $665,000 | 3% |
| 8 | Scarness | QLD | 68% | $640,000 | 15% |
| 9 | Jurien Bay | WA | 67% | $707,500 | 18% |
| 10 | Cessnock | NSW | 66% | $630,000 | 4% |
| 11 | Bendigo | VIC | 66% | $620,000 | 3% |
| 12 | North Geelong | VIC | 66% | $610,000 | -3% |
| 13 | St Albans Park | VIC | 66% | $622,500 | 9% |
| 14 | Strathdale | VIC | 65% | $660,000 | 9% |
| 15 | Aberdare | NSW | 64% | $645,000 | 8% |
| 16 | Lake Albert | NSW | 64% | $735,000 | 20% |
| 17 | Strathfieldsaye | VIC | 64% | $732,500 | 6% |
| 18 | Legana | TAS | 63% | $730,000 | -2% |
| 19 | Gooburrum | QLD | 62% | $643,500 | -10% |
| 20 | Bourkelands | NSW | 59% | $720,000 | 4% |
Buyer activity is also increasing south of the border where regional buyers, with affordable suburbs in Victoria’s smaller cities attracting attention.
A typical house in regional Victoria is almost $400,000 cheaper than in Melbourne, according to the latest PropTrack Home Price Index.
That affordability gap has driven more buyers towards suburbs such as Golden Square, Eaglehawk and Kennington in Bendigo, Thomson and Whittington in Geelong, and Delacombe in Ballarat.
Affordable property prices have coaxed more buyers to suburbs of Bendigo such as Golden Square, where this three-bedroom house recently sold for $552,500. Picture: realestate.com.au/sold
Buyers have also targeted Wodonga and Shepparton North.
The latest Regional Movers Index shows elevated levels of migration out of Sydney and Melbourne and into regional NSW and Victoria, with Geelong topping the charts for net internal migration.
Ms Creagh said many of these areas were benefiting from ongoing post-pandemic migration trends, with affordability being the major motivator for many buyers.
With increased interest and investment in popular suburbs of these regional centres, higher competition among buyers amid ongoing population flows could support price growth into the future.
