Home Insights Areas where more than half of properties for sale cost less than $600,000

Areas where more than half of properties for sale cost less than $600,000

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After last year’s record-high home price surge, buying a home has become affordable in most of the country, but in some areas, property prices are below the national average.

Since the pandemic began, most regions have seen a decline in the share of new listings priced below $600,000.

This follows an extraordinary house price rise in 2021, the third highest annual growth rate in Australia’s history.

The region has seen a significant drop in the share of properties listed under $600,000. This is because price growth has outpaced most capital cities.

This was most evident with the share of new listings below $600,000 falling by 32 percentage points in New South Wales and Victoria, and by 31 percentage points in Tasmania.

A regional boom accelerated by the pandemic has forced many Australians to move to coastal suburbs and closer to nature, boosting demand and driving home prices soaring.

The region saw a significant drop in share of properties under $600,000.Photo: Getty

Even in the capital, where housing was more affordable than in Sydney and Melbourne, the impact of intense interstate migration has significantly reduced the share of properties under $600,000.

Hobart, Brisbane and Adelaide fell by 34, 27 and 26 percentage points respectively.

While affordability remains a challenge for many Australians, there are still many areas where the majority of listed homes are priced below $600,000, especially as rapidly rising interest rates make mortgage payments more expensive. I have.

Among our capital cities, Perth and Darwin had the largest share of listings in that price range, with 57% and 59% of residences below the threshold.

In-depth insights from PropTrack’s team of experts:

The proportion of listings under $600,000 was typically higher in rural areas, with 79% of homes in South Australia, 70% in Western Australia and 80% in Northern Territory.

Potential buyers in Tasmania were also given many options under $600,000, with 56% of homes listed below that price range.

More than half of Perth’s homes are still below $600,000.Photo: Getty

Home prices are expected to fall further as mortgage rates rise. This will improve the supply of housing under $600,000.

But for those looking now, there is still a significant supply of these more affordable homes, especially in South Australia, Western Australia and the Northern Territory.

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