Bargain hunters have snapped up ultra-cheap homes across our capital cities over the past 12 months, with capital city home sales as low as $89,000.
Affordable homes in our major cities are hard to come by, with the median home price across the combined capital cities climbing to $855,000 in June, according to PropTrack.
But some savvy buyers have secured homes for a song compared to average prices in their areas.
PropTrack economic analyst Megan Lieu said home buyers were drawn to more affordable homes, especially in Brisbane, Adelaide and Perth.
“Securing a home has become increasingly difficult in recent years as prices continue to peak and borrowing capacities have reduced,” she said.
Most affordable capital city house and unit sales over the 2023-24 financial year
| Address | Sale price | Region | Property type |
| 13/14 Sandpiper Place, Frankston | $89,000 | Greater Melbourne | Unit |
| 8 St John Place, Melton West | $260,000 | Greater Melbourne | House |
| 3066/185 Broadway, Ultimo | $110,000 | Greater Sydney | Unit |
| 21 Mooga Avenue, Spencer | $400,000 | Greater Sydney | House |
| 19/97-111 Routley Drive, Kooralbyn | $99,000 | Greater Brisbane | Unit |
| 16/3 Snedden Street, Bethania | $123,000 | Greater Brisbane | House |
| 428/304 Waymouth Street, Adelaide | $110,000 | Greater Adelaide | Unit |
| 29 Crabb Road, Smithfield Plains | $251,000 | Greater Adelaide | House |
| 2/2148 Albany Highway, Gosnells | $165,000 | Greater Perth | Unit |
| 13B Osmunda Place, Pinjarra | $155,000 | Greater Perth | House |
| 1/586 Main Road, Rosetta | $195,000 | Greater Hobart | Unit |
| 105 Mockridge Road, Clarendon Vale | $201,000 | Greater Hobart | House |
| 16/45 Eggleston Crescent, Chifley | $195,000 | ACT | Unit |
| 38 Armstrong Crescent, Holt | $432,000 | ACT | House |
| 48/52 Gregory Street, Parap | $105,000 | Greater Darwin | Unit |
| 35 Corrick Court, Moulden | $280,000 | Greater Darwin | House |
“Record growth in home prices during the pandemic coupled with rapid interest rate hikes from mid-2022 are key contributors to the challenging market conditions.
“Recent analysis indicates that people may be opting for more affordable properties as a result.”
The cheapest home sale during the 2023-24 financial year was 13/14 Sandpiper Place, Frankston in greater Melbourne, which sold for a jaw-dropping $89,000.
The unit at 13/14 Sandpiper Place, Frankston in greater Melbourne sold for $89,000. Picture: realestate.com.au/sold
The one-bedroom, one-bathroom unit was purchased in December last year, trading well below the suburb’s median unit price of $505,000.
The cheapest Melbourne house sale was the four-bedroom residence at 8 St John Place, Melton West that changed hands for just $260,000 in April this year.
It had two bathrooms and two parking spaces on a 592sqm plot, selling for much less than the area’s median house price of $550,000.
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The four-bedroom house at 8 St John Place, Melton West in greater Melbourne sold for $260,000. Picture: realestate.com.au/sold
The most affordable house sale across the capital cities was the one-bedroom house at 16/3 Snedden Street in the greater Brisbane suburb of Bethania, which sold for $123,000 last August.
The cheapest apartment deal in the greater Brisbane area was the studio apartment at 19/97-111 Routley Drive in Kooralbyn, fetching $99,000 in September last year.
Adelaide’s cheapest house sale at 29 Crabb Road, Smithfield Plains sold for $251,000. Picture: realestate.com.au/sold
In greater Sydney, the cheapest apartment sale was a one-bedroom unit at 3066/185-211 Broadway in Ultimo that sold for $110,000.
The most affordable house sale in the greater Sydney area was the one-bedroom, one-bathroom house at 21 Mooga Avenue in Spencer that sold for $400,000 in February this year.
In greater Adelaide, the most affordable house sale was 29 Crabb Road, Smithfield Plains that sold for $251,000 last December.
Selling for just $110,000 in January, the one-bedroom apartment at 428/304 Waymouth Street, Adelaide was the cheapest apartment deal in South Australia’s capital.
The two-bedroom house at 13B Osmunda Place, Pinjarra in greater Perth traded for $155,000. Picture: realestate.com.au/sold
The two-bedroom house at 13B Osmunda Place, Pinjarra was the most affordable house sale in greater Perth over the past financial year, trading for $155,000 last December.
In Perth, the one-bedroom unit at 2/2148 Albany Highway, Gosnells sold for $165,000 in July last year, representing the city’s cheapest apartment sale.