NSW’s cheapest suburbs and towns: where you can pay off a house for $250 a week or less

Sydney property prices may have ballooned to record highs but in regional NSW it’s possible to own a home for less than $250 a week.

Tamworth, Wagga Wagga, Dubbo and Wellington were among the towns with the state’s lowest mortgage repayments, with the average weekly costs of house ownership in some of their suburbs falling well below $250 at current rates.

Other areas offering similar ownership costs for houses or units were Orange, Albury, Forbes and Singleton.

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And in Coonamble in the northwest of NSW, the cheapest place to own a home in the state, paying down a mortgage on a typical house was just $90 per week, according to Aussie Home Loans and CoreLogic data.

In Broken Hill, in the far west, paying down a house cost about $96 per week.

The analysis examined median prices across the state and compared them to what mortgage repayments would cost at current loan rates.

Albury Railway Station in Albury, NSW. Pic Tourism NSW.

Albury Railway Station in Albury – one of the NSW’s cheapest major towns. Picture: Tourism NSW

The average loan rate is 3.5 per cent, according to the Australian Bureau of Statistics, but some loan products offer rates as low as 1.88 per cent. Rates have never been this low.

Home ownership costs were by the far the highest in Sydney, with mortgage repayments well above $1000 per week in many suburbs.

This may explain a recent spike in demand for cheaper real estate in NSW.

Realestate.com.au chief economist Nerida Conisbee said regional NSW property was one of the strongest performers in the second half of last year.

The demand surge was largely due to more Sydneysiders seeking homes in regional areas to capitalise on work from arrangements, she said.

The Central Coast remains the cheapest housing market in the Greater Sydney region.

Aussie Home Loans chief executive James Symond said the shift to regional areas would likely continue.

“As many Australians continue to work from home, there is expected to be further shift from metropolitan areas to cheaper outer-lying areas as they decide they no longer need to live close to their workplace,” Mr Symond said.

The cheapest location to pay down a mortgage in the Greater Sydney area was San Remo on the Central Coast. Typical repayments, based on local prices, were $473 per week.

It comes as data published this week revealed Sydney property values have hit a new record high.

Broken Hill is NSW’s second cheapest town. This home sold for just $23,000.

Prices surged 5.7 per cent in the months since October, which pushed the city’s median price beyond the previous market peak in 2017. A typical Harbour City property, based on sales of townhouses, units and houses, is now about $900,000.

There are also 39 suburbs where the median price is over $3m and the number of suburbs in that category is expected to hit 60 by the end of the year.

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CoreLogic head of research Tim Lawless said it raised new housing affordability concerns.

“It highlights the challenges for non-home owners looking to participate in the housing market as values rise faster than incomes,” Mr Lawless said.

The skyrocketing prices have also sounded alarm bells for the Reserve Bank of Australia, with governor Philip Lowe recently revealing his biggest concern during the boom was whether Aussies were continuing to borrow responsibly.


(on a variable rate)

Coonamble $90

Broken Hill $96

Cobar $127

Werris Creek $137

Moree $158

Wellington $159

Narrandera $162

Glen Innes $191

Narrabri $199

Leeton $227

West Tamworth $228

Corowa $228

Cowra $229

Wagga Wagga (units) $232

Junee $233

Tenterfield $241

Forbes $243

Singelton (units) $245

North Albury 249

Parkes $256

Muswellbrook $257

Albury (units) $258

Armidale $317

Source: Aussie Home Loans, CoreLogic

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