This means that if that property owner decides to sell the house after 10 years (the median holding period), they have paid a total of $26,110 in annual tax, which is way lower than the upfront stamp duty fee. This is equivalent to a savings of $24,640! It will take 19 years for the annual tax to breakeven with the stamp duty cost.
Top 5 most affordable suburbs in 2023
1. Peak Hill, NSW
Peak Hill is a quiet, peaceful town with a relaxed lifestyle and easy access to nature and outdoor activities, located 400km west of Sydney. It may be a good choice for those seeking a rural lifestyle, although it may not be suitable for those who require access to large city amenities and services.
Peak Hill has several outdoor recreational opportunities available to residents, including nearby nature reserves and national parks. Goobang National Park, which is approximately 30 kilometres away, offers scenic walking trails, camping facilities, and picnic areas, making it ideal for couples and families.
As of April 2023, the median house price of a Peak Hill home is currently just $200,000. Peak Hill is also a regional suburb and part of the Regional First Home Buyer Guarantee (RFHBG).
2. Hopetoun, VIC
Hopetoun is located 100km southeast of Mildua and is the cheapest suburb in VIC due to its rural location. Despite this, Hopetoun has various services and amenities, including a supermarket, post office, medical centre, along with several shops and cafes.
For families, Hopetoun has a primary school and college, as well as several parks. Lake Lascelles, located nearby, is a very popular destination in the local community, with fishing, camping, and boating opportunities.
Hopetoun is part of the RFHBG, and the median house price as of April 2023 is just $185,000, making it one of the cheapest suburbs in Australia.
3. Tara, QLD
Tara is a small, friendly town located 300 kilometres from Brisbane and 50 kilometres from Dalby. It offers a relaxed lifestyle with easy access to outdoor activities and scenic attractions.
Tara is known for its agricultural industry and has a range of services and amenities to support its residents, including a supermarket, post office, medical centre, and several shops and cafes. The town also has a primary school, a high school, and several parks and sports facilities, making it perfect for young families.
Tara is also part of the RFHBG, with the median house price currently $150,000.
4. Willmot, NSW
One of the most affordable suburbs in Syndey, Willmot is just 49 kilometres west of the central business district.
Willmot offers close proximity to city living in central Sydney while still having a suburban feel that makes it perfect for young families. Unlike other inner city suburbs, Willmot is home to two primary schools, an abundance of parks, and Mount Druitt – a major shopping centre that will satisfy all your retail needs.
This suburb also has several reserves, including Whalan Reserve and Minchinbury Reserve.
The median house price in Willmot is currently $640,000 for houses, making it one of the cheapest suburbs in close proximity to Sydney.
5. Mount Druitt, NSW
Mount Druitt is a Sydney suburb located 43 kilometres west of the capital. One of the cheapest suburbs in Sydney, Mount Druitt has plenty of amenities, including a shopping centre, library, and post office. It’s also a multicultural hub with plenty of restaurants and cafes.
Despite being one of the cheapest inner city suburbs, Mount Druitt has several parks and recreational areas, including the Swimming Centre and the Nurragingy Reserve, making it popular amongst families and outdoor enthusiasts.
The suburb is well-connected to other parts of Sydney, with several train and bus services running through Mount Druitt Station. The Western Sydney University also has a campus located in the suburb.
The median house price of a Mount Druitt home is currently $885,000.
Ready to find your dream first home? Consider Lendstreet.
Our expert mortgage brokers are ready to advise you on the best suburbs for your first home. We can help you secure a home loan that best suits your needs, and we’ll guide you through the ever-changing property market. Book a free consultation with our the best home loan brokers in Sydney.