Australia’s housing upswing has already pushed many popular markets beyond reach for first-home buyers and property investors. But new research suggests several sub-$1 million regions still have room to run – if buyers know where to look.
Propell Property has identified five markets where median house prices remain below $1 million but fundamentals point to further gains: Queensland’s Moreton Bay, Townsville and Ipswich, the Mid North Coast of NSW, and Greater Geelong in Victoria.
“Affordability is tightening, but opportunity hasn’t disappeared,” managing director Michael Pell (pictured) told The Courier Mail and realestate.com.au, arguing that investors who focus on renovation potential and small-scale development sites are best placed to outperform.
Across Queensland, Moreton Bay is seeing demand outpace supply, yet well-located houses with scope for a secondary dwelling or cosmetic upgrade are still trading under $1 million.
Townsville is benefiting from spending on defence, health, education, and infrastructure, with Pell calling it “one of the most undervalued markets in the country” thanks to strong yields and tight vacancy.
In Ipswich, fast population growth and intense competition between owner-occupiers mean buyers who get in early can ride new communities and transport links as they come online.
In NSW, the Mid North Coast stands out as a lifestyle market with a solid owner-occupier base, offering both stability and capital growth prospects. Greater Geelong is described as Victoria’s most resilient market, combining coastal-city lifestyle appeal with a diversified local economy.
“Geelong offers the lifestyle buyers want with the economic depth investors need,” Pell said, noting there is still scope to buy quality homes with clear value-add angles.
Fresh realestate.com.au enquiry data back this value-hunting trend, with senior economist Angus Moore noting that “more affordable areas… dominate among the areas seeing the biggest increases in enquiries per listing, as well as regional areas,” as buyers respond to stretched affordability.
For brokers, the message is that buying well in this phase means more than just chasing capital growth.
“Buying well is only half the equation,” Pell said. “The real advantage comes from choosing markets where you can positively influence the value of the asset from day one.”
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