Most affordable cities to buy in
Purchasing your own home is likely to be the biggest financial commitment you will make in your lifetime, and with current market conditions, getting a foot on the property ladder is no easy feat.
Housing affordability is often the biggest barrier for first time buyers, and as property values are driven upwards, owning your own home may be a distant dream for some.
However, cost-conscious buyers can still enter the real estate market by carefully identifying affordable areas to buy into.
According to the latest results on median house prices, there are a number of suburbs in the country's capital cities where you can snap up a home for under $500,000.
Within the detached housing market, just under 48 per cent of postcodes boast an average home value under $500,000, with almost 28 per cent less than $400,000.
Average house prices in regional areas are a lot more affordable - 87.4 per cent of the residential property market is valued at under $500,000.
For those looking to buy in a capital city, Hobart has the most affordable real estate market, with 92.1 per cent of suburbs boasting home values less than $500,000.
This was followed by Adelaide at 63.2 per cent, Brisbane at 60.5 per cent and Melbourne with 44.9 per cent of postcodes averaging house prices under the half-million-dollar mark.
In comparison, Darwin revealed only 16.4 per cent of suburbs with average house prices under $500,000, trailed by Canberra with 24.5 per cent, Sydney at 37 per cent and Perth with 41.4 per cent.