Cheapest and most expensive suburbs revealed across Australia

Home buyers looking to enter the property market may be able to save hundreds of thousands of dollars simply by knowing where to look.

The latest data from PropTrack revealed the most affordable and most expensive suburbs in every part of Australia, giving property hunters a snapshot of where they can get the best value — and where they’ll pay top dollar.

Where property is cheapest in Australia’s priciest regions

The data used PropTrack’s automated valuation model (AVM) to compare median house and unit values in every suburb against the broader SA4 region average, as defined by the ABS.

The findings showed that even within the country’s most expensive areas, buyers can save hundreds of thousands by choosing wisely.

• In Sydney’s eastern suburbs (Australia’s priciest region), the median house value is $3.465 million. But in Matraville, houses are typically $850,000 cheaper at $2.61m.
• For unit buyers in the same region, Edgecliff offers a discount of $343,000 compared to the regional median of $1.21m.
• In Melbourne’s inner east, Blackburn North houses are almost $300,000 cheaper than the region’s $1.56m average.
• In Brisbane’s inner city, houses in Albion cost $376,000 less than the $1.57m regional median.
• West Perth offers buyers in inner Perth a $782,000 discount off the region’s $1.765m average.

Why some suburbs are cheaper than their neighbours

REA Group senior economist Eleanor Creagh (pictured left) said many of the cheapest suburbs shared common traits.

“Limited access to quality schools, transport, retail, parks or hospitals can correlate with lower values,” Creagh said. “Housing stock may be dated, smaller in size, or in poorer condition. Suburbs with higher density, lower-quality developments often have reduced desirability.”

In Melbourne’s Blackburn North, agent Wen Yu Huang said distance from the CBD made the suburb more affordable.

“If you’re looking at inner suburbs, the further you are from the city will make it a little bit more affordable in general,” Huang said.

“You have more potential for people to buy something a bit cheaper, a bit older, and put their own touch on it or build something themselves.”

In Matraville, agent Simon Nolan attributed the suburb’s affordability to its working-class history.

“But that’s been changing year on year for the past 15 to 20 years as older single houses have made way for modern bespoke duplexes,” Nolan said. “The proliferation of this type of product… has attracted a younger white-collar buyer… where a comparable property is 100 to 200% more in many cases.”

What drives the premium in Australia’s most expensive suburbs?

Top-tier suburbs regularly showed median values more than double the average for their SA4 region.

Creagh said the price gap often comes down to prestige, exclusivity, and limited supply.

“Top-tier suburbs often record median prices more than double their SA4 median, and the reasons are multi-dimensional,” she said.

“Suburbs like Bellevue Hill, Toorak or Peppermint Grove are synonymous with status… These suburbs often feature larger blocks, heritage homes, or tightly held properties — limiting supply and pushing up prices.”

In Toorak, Melbourne’s most expensive suburb, the median house price is $4.63m, more than three times the inner Melbourne median. In Peppermint Grove, Perth’s priciest suburb, the median sits at $4.52m — $2.75m above the region’s average.

Local agent Jody Fewster described Peppermint Grove as: “Located on the edge of the Swan River within five minutes of beautiful Cottesloe beach… the most aspirational suburb… because it sits in the middle of all the best private schools with access to good public schools too.”

Where to find “value buys” within each region

Creagh said that knowing where a suburb sits within its region can help buyers balance cost, amenity, and long-term value.

“Buyers can identify the most accessible entry points into a region that offer a significant discount… and may offer long-term growth potential,” she said. “Mid-tier suburbs might represent ‘value buys.’ Not the cheapest, but more affordable than prestige postcodes while offering decent access to amenities.”

Rental trends: Where rents are falling despite national increases

PropTrack also reported that national median rent rose by 5% over the past 12 months to $630 per week, with Brisbane and Adelaide recording 8%+ increases.

Yet despite the upward trend, there are hundreds of suburbs where rents are actually cheaper than a year ago.

“The speed at which rents are rising has picked up over the first three months of 2025… but rent growth remains well below the peak levels seen over 2022 and 2023,” said Anne Flaherty (pictured right), REA Group senior economist.

The biggest rent drops for houses include:

• Forresters Beach (NSW): down 13% to $693/week
• Wooloowin (QLD): down 12% to $750/week
• Hunters Hill (NSW): down 11.6% to $1300/week

For units:

• North Hobart (TAS): down 15.5% to $493/week
• Enmore (NSW): down 13.3% to $520/week
• Red Hill (ACT): down $155 to $520/week

A $50 weekly rent drop equals $2600 annually, and $100 equals $5200 — savings that could significantly impact affordability.

Most rent increases still concentrated in big city suburbs

Despite pockets of relief, rent hikes remain the dominant trend:

• 395 suburbs saw house rents rise 10%+
• 211 suburbs saw unit rents rise 10%+
• The majority of increases were concentrated in Perth, Sydney, and Melbourne

Flaherty noted that while the pace of growth has eased, pressure remains.

“Looking ahead, the more modest pace of rent growth seen over the past 12 months is expected to continue throughout the rest of this year,” she said.