Head south if you're after a bargain

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If you’re looking for a bargain priced house or unit then ignore New South Wales and look to Victoria, Tasmania and South Australia.

A combined effort from CoreLogic RP Data and the National Australia Bank, the Winter 2015 Australian Housing Market Report shows the five cheapest suburbs for houses in Australia are located in Victoria and Tasmania, while four of the five cheapest unit markets are located in Victoria and South Australia.

On the flip side, NSW is home to the five most expensive suburbs for both houses and units.

Victoria is home to the nation’s cheapest suburb, with the median price for a house in Jeparit sitting at $85,616 according to the report.

Tasmania takes out three next three sports in the top five, with median prices for Zeehan, Queenstown and Roseberry sitting at $89,605, $94,182 and $94,291 respectively.

At $97,136, Victoria’s Sea Lake takes out fifth spot.

The cheapest suburb for units is South Australia’s Berri, where the median price sits at $122,033.

Victoria’s Moe comes in second with a median price of $133,868, followed by South Australia’s Risdon Park and Port Augusta at $137,467 and $137,939 respectively.

NSW makes up some ground in the affordability stakes, with Deniliquin taking out fifth place with a median price of $138,268.

Looking at the five most expensive suburbs for houses, all are located within Sydney.

Point Piper tops the list with a median price of $5,517,002, followed by Centennial Park at $5,105,639.

Vaucluse, Bellevue Hill and Tamarama round out the top five, all with median prices over $3.6 million.

It’s a similar story for units, with Sydney home to the five most expensive suburbs.

Dawes Point sits at number one with a median price of $2,794,057, followed by Point Piper with a median of $1,941,825.

Darling Point, Cabarita and Cremorne Point make up the rest of the top five, all with median prices above $1.1 million.

NSW also sits at the top of the list when it comes to the best areas for capital growth of house prices over the past year, again filling out the top five.

The far-South Coast town of Bemboka sits at the top having seen a 49% increase in median values over the past 12 months, while Leppington, Burrawang, Chatswood West and Parramatta take spots two through five.

For units, Lathlain in Western Australia saw the best capital gain with a 48.3% increase in medians over the past 12 months with Victoria’s Williamstown North in second place.

The Queensland suburbs of Middle Ridge, Dutton Park and Southside took out the remaining places in the top five. 

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Top Suburbs : tiwi , spearwood , scarborough , freshwater , west wodonga

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