Could a tree change be your ticket to home ownership? With the rising cost of housing across the country, it’s getting harder and harder for Australians to save up for their own mortgage – but with the ability to work from home, maybe a tree change is the ticket to affordable housing?
New research by Compare the Market examined average prices in selected cities across to see which cities were more affordable than the state capitals.
The most affordable locations in New South Wales – in contrast to the capital Sydney – were Taree, Tamworth and Dubbo. Taree was 133% cheaper on average, while Tamworth was 129% cheaper, followed by Dubbo with an average 123% price drop on housing.
In Victoria the price differences weren’t as dramatic, but there were still some sizable drops, the biggest being in Traralgon, with an average price that’s 91% less than Melbourne. Mildura had the next biggest drop at 89% and Shepparton was 68% less on average.
Queensland had the regional cities with the biggest price increases over the capital. The Sunshine Coast prices were 18% more expensive than Brisbane, while the Gold Coast was 15% more than Brisbane. The only other city with as big an increase over the capital was Busselton in Western Australia, which was 15% more expensive than Perth’s average price.
Compare the Market’s Stephen Zeller notes that there are plenty of affordable options are out there, if you’re willing to move from the big cities.
“There are pros and cons to buying in a small country town. It’s a lot more affordable, but what will you do for work? Will you have family or friends close by?” Asks Mr Zeller.
“Working from home has made it easier to move further away from big cities to places that are more affordable. The lifestyle won’t be for everyone, but it could be your chance to finally get your foot in the door when it comes to owning a home.”
The chart below shows the cities we examined, their average price, and the percentage difference against their state capital.
| City | State | Average house price | Percentage difference to capital |
| Ballina | New South Wales | $977,151 | -12% |
| Bateman’s Bay | New South Wales | $748,148 | -46% |
| Bathurst | New South Wales | $633,021 | -73% |
| Bowral – Mittagong | New South Wales | $1,121,896 | 2% |
| Coffs Harbour | New South Wales | $767,064 | -43% |
| Dubbo | New South Wales | $492,088 | -123% |
| Forster – Tuncurry | New South Wales | $756,757 | -45% |
| Goulburn | New South Wales | $559,009 | -96% |
| Lismore | New South Wales | $505,182 | -117% |
| Morisset – Cooranbong | New South Wales | $885,621 | -24% |
| Nelson Bay | New South Wales | $951,438 | -15% |
| Newcastle – Maitland | New South Wales | $827,276 | -32% |
| Nowra – Bomaderry | New South Wales | $696,732 | -57% |
| Orange | New South Wales | $615,504 | -78% |
| Port Macquarie | New South Wales | $823,516 | -33% |
| St George’s Basin – Sanctuary Point | New South Wales | $752,652 | -45% |
| Tamworth | New South Wales | $477,735 | -129% |
| Taree | New South Wales | $469,081 | -133% |
| Wagga Wagga | New South Wales | $518,829 | -111% |
| Wollongong | New South Wales | $960,068 | -14% |
| Sydney | New South Wales | $1,095,000 | – |
| Albury – Wodonga | New South Wales/Victoria | $537,839 | -104% |
| Brisbane | Queensland | $854,000 | – |
| Bundaberg | Queensland | $509,131 | -68% |
| Cairns | Queensland | $566,600 | -51% |
| Gladstone | Queensland | $460,503 | -85% |
| Hervey Bay | Queensland | $644,468 | -33% |
| Mackay | Queensland | $494,822 | -73% |
| Maryborough | Queensland | $410,642 | -108% |
| Rockhampton | Queensland | $470,919 | -81% |
| Sunshine Coast | Queensland | $1,044,462 | 18% |
| Toowoomba | Queensland | $621,713 | -37% |
| Townsville | Queensland | $484,059 | -76% |
| Gold Coast – Tweed Heads | Queensland/New South Wales | $1,007,029 | 15% |
| Hobart | Tasmania | $683,000 | – |
| Burnie – Somerset | Tasmania | $420,859 | -62% |
| Devonport | Tasmania | $469,060 | -46% |
| Launceston | Tasmania | $542,114 | -26% |
| Melbourne | Victoria | $797,000 | – |
| Ballarat | Victoria | $526,956 | -51% |
| Bendigo | Victoria | $549,893 | -45% |
| Geelong | Victoria | $717,930 | -11% |
| Mildura – Buronga | Victoria | $420,723 | -89% |
| Shepparton – Mooroopna | Victoria | $474,279 | -68% |
| Traralgon – Morwell | Victoria | $417,363 | -91% |
| Warragul – Drouin | Victoria | $647,074 | -23% |
| Warrnambool | Victoria | $591,562 | -35% |
| Perth | Western Australia | $751,000 | – |
| Albany | Western Australia | $549,617 | -37% |
| Bunbury | Western Australia | $618,181 | -21% |
| Busselton | Western Australia | $878,829 | 15% |
| Geraldton | Western Australia | $428,823 | -75% |
| Kalgoorlie – Boulder | Western Australia | $353,156 | -113% |
To learn more about the data, and see findings for other countries including Canada, Mexico, and Australia, visit: https://www.comparethemarket.com.au/home-loans/features/big-city-prices/
-END-
For interviews and more information, please contact:
James McCay | +61 450 930 374 | [email protected]
Compare the Market is a comparison service that takes the hard work out of shopping around. We make it Simples for Australians to quickly and easily compare and buy insurance, energy, and home loans products from a range of providers. Our easy-to-use comparison tool helps you look for a range of products that may suit your needs and benefit your back pocket.
