28 suburbs in the FAST 50 with a median price under $500,000

Which Australian suburbs will offer the most value for investors over the next 12 months? Here's what experts say...

Residz Team 9 min read


Just recently, Mandurah (pictured) was named Western Australia’s (WA) Top Tourism Town for the second year in a row.

Yet, with a median price of $350,000, Mandura is an affordable opportunity for home buyers looking for a lifestyle destination.

Mandura is one of suburbs named by Smart Property Investment in its FAST 50 list, which predicts which Australian suburbs will offer the most value for investors over the next 12 months.

“All these suburbs offer sound investment appeal at different price points.” - FAST 50 report

Of the 50 suburbs listed, 18 are in Queensland, 15 are in Western Australia, 10 are in South Australia, 4 are in NSW, 2 are in Victoria, and just 1 is in Tasmania.

Like Mandura, many suburbs making the list are lower-priced suburbs with options to suit first home buyers and investors with less than $500,000 to spend. We thought we’d feature those with a median price under $500,000 for this article.

Armidale, NSW

Technically Armidale in NSW shouldn’t make the cut for us as its median price is $509,000, but it’s close enough to squeeze in. It’s also the only FAST 50 NSW suburb with a median price under $1 million.

Picking Armidale for the FAST 50, real estate expert Angus Raine said capital growth of 5-8% is possible as more overseas students return to the university town.

“With vacancy rates close to zero, median three bedroom houses are valued at around $490,000 and will rent for about $420 per week - although in 2023, yields could shift closer to 5%.”

Armidale has a commercial airport, excellent schools, parks, and recreational facilities.

Avenell Heights, Qld

A suburb in the city of Bundaberg, Avenell Heights has a median price of just $393,000 but has experienced over 26% growth in the median sale price compared to 12 months ago.

Median rent is $420 and gross rental yield is 5.60%.

Avenell Heights’ appeal to families and young professionals continues to grow, and ongoing infrastructure projects are good for its long-term growth prospects.

Beaudesert, Qld

In south-east Queensland, Beaudesert is a country town with a relaxed rural lifestyle and a median dwelling price of $500,000.

It had 20.70% growth in its median price compared with 12 months ago, and median rent is $410.

The town has a strong community, a vibrant arts scene and a diverse range of housing options.

Real estate expert Dr Diaswati Mardiasmo says that Beadesert is a key suburb for the Brisbane Olympics in 2032.

Bertram, WA

With a median price of $430,000 Bertam is an affordable, relatively new West Australian suburb.

Smart Property Investment says it has benefited from its inclusion on the Mandurah railway line and continuing land releases.

With parks, transport links and shopping centres, Bertram is seen as an ideal destination for families and first home buyers.

Median rent is $485 and the gross rental yield is 5.90%.  

Brassall, Qld

In the city of Ipswich, Brassall is described as a family-friendly suburb that offers a mix of affordability, convenience, and modern amenities. It has easy access to the CBD, hospitals and high schools.

Its median price is $500,000.

Brassall has had 22% growth in its median price in 12 months, and average annual growth is 5.20%. Median rent is $420 and the gross rental yield is 4.40%.

Camillo, WA

Just 25 km from Perth, Camillo is seen as an affordable entry point into the property market with a median price of $330,500. This is up 14.40% on the median price of 12 months ago.

Camillo is described as “a relaxed lifestyle, family-friendly environment” with parks, schools, and shopping centres.

Its median rent is $400 and gross rental yield 6.30%.

Churchill, Vic

Situated in the Latrobe region of Victoria, Churchill is 161 km from Melbourne CBD. Smart Property Investment says that over the past few years Churchill’s property market has experienced steady growth (median price is up 20.70% on 12 months ago), and it is seen as a promising investment opportunity for those seeking out regional lifestyles.

Churchill is near the Latrobe Regional Hospital, and it is home to the Gippsland Campus for Federation University, as well as popular recreation spot Lake Hyland.

Falcon, WA

One of the coastal options in the FAST 50, Falcon is in the city of Mandurah and offers a relaxed beachside lifestyle and stunning natural attractions.

Yet its median price is only $305,000 (up 10.90% on the price 12 months prior).  Falcon has luxurious waterfront properties, modern apartments, and spacious family homes, but caters to a wide range of budgets.

Falcon is just 162 km from the Margaret River wine region, and real estate expert Simon Loo says it is also “home to ‘Gearies’ - the best spot on the south coast.”

Forrestfield, WA

Another WA suburb, this time 15 km from the Perth CBD, Forrestfield is very convenient to major arterial roads providing easy access to the city and surrounding suburbs.

Near Perth Airport, the suburb has a median price of $497,500 and median rent of $480.

Forrestfield has shopping centres and restaurants, but also Hatfield Park and the Lesmurdie

Falls National Park which offer “abundant recreational activities.”

Smart Property Investment says “Forrestfield is a sound investment choice for those

seeking a desirable inner-city location that offers a high quality of life.”

Gosnells, WA

About 20 km south-east of Perth is Gosnells, complete with railway station, a performing arts centre, leisure centre, libraries, parks, shopping centres, and schools.

Gosnells has a median price of $370,000, a median rent of $400, and gross rental yield of 5.60%.

The suburb is “earmarked as an ideal destination for families and first home buyers” says Smart Property Investment, given its affordable living across a range of established homes and new developments.

Greenfields, WA

With a median price of $365,000, Greenfields is another suburb in the city of Mandurah.  It is located near the scenic Peel Inlet, which gives access to the beach, fishing spots, and water sports.

New developments in the area include new housing estates and commercial premises being built to cater for growing demand. The median price has experienced 14.10% growth in 12 months and median rent is $450 (gross rental yield 6.40%).

“Property prices in Greenfields are likely to appreciate over time, providing investors with a potential source of long-term capital growth,” says Smart Property Investment.

Harristown, Qld

In Toowoomba, the region experiencing big infrastructure projects, is Harristown. One development is the redevelopment of Grand Central and Wellcamp Airport.

Harristown has a median price of $450,000 and has experienced 21.50% growth in this price on the 12 months prior.

Median rent is $420 and gross rental yield is 4.90%.

One of the attractions of Harristown is the number of public and private schools in the area.

Maddington, WA

20 km south east of Perth, Maddington sits amongst vineyards and orchards, and offers older style homes on larger blocks alongside newer homes. Maddington has its own train station and is home to major residential, retail and industrial areas as well as semi-rural lifestyle areas.

Median price is $385,000, median rent is $438, and gross rental yield is 5.90%.

The suburb offers convenient access to Perth and the picturesque Darling Scarp.

Maryborough, Qld

With a median price of just $340,000 (up 17.20% on the price 12 months prior), Maryborough on the Mary River offers a good opportunity for first home buyers and investors.

Smart Property Investment says “Investors will find Maryborough’s relatively low

entry price point and projected growth potential highly attractive, while

projected tourism figures for the region mean the demand for both

short-term and long-term rental properties is expected to rise.”

Median rent is $410 and gross rental yield is 6.30%.

Meadow Springs, WA

Situated in Mandurah, Meadow Springs has a large golf course and is soon to be serviced by Lakelands Station. This is likely to boost its popularity with families, commuting professionals and retirees seeking easy public transport, says Smart Property Investment.

Median price for dwellings in Meadow Springs is $467,500 and median rent is $490. Gross rental yield is 5.50%.

Mount Gambier, SA

Closer to Melbourne than Adelaide, Mount Gambier is attractive for students, and healthcare and education professionals. Median rent is $360, gross rental yield is 5.00%, and median price for dwellings is $375,000.

The town is said to strike an “ideal balance” between vibrant big city living and small-town comforts.

Norman Gardens, Qld

A stone’s throw from Rockhampton, Norman Gardens has a Queensland University campus on its edge as well as parks covering 12.4% of its area, so it attracts students as well as families.

Median price is $479,000, rent $480 and gross rental yield 5.20%.

There are good schools, modern amenities, and convenient access to the city centre.

Nuriootpa, SA

As the major commercial centre of the Barossa wine region, investors “can expect steady growth and strong rental demand” says Smart Property Investor.

It says Nuriootpa’s long-term growth prospects are also enhanced by ‘The Big Project’, a council initiative that provides a blueprint for recreation, culture, and social infrastructure to 2051.

The median price is $447,500 and median rent is $395, gross rental yield is 4.60%.

One Mile, Qld

Just one mile from Ipswich CBD (and named such), One Mile is said to provide the perfect balance of convenience and tranquility. It’s also had huge growth in its median price.

Median price is $419,000, up 30.90% on the price 12 months prior!

According to Smart Property Investment it is the ongoing infrastructure improvements to the three highways surrounding the suburb – and its proximity to airports and the Port of Brisbane secure One Mile’s long-term growth prospects.

Median rent is $390, with a gross rental yield of 4.80%.

Orelia, WA

With a median price of $338,500, Orelia is becoming increasingly appealing to families and young professionals seeking affordability within striking distance of the Perth CBD. So says Smart Property Investment, which says Orelia is known for a strong community, green spaces, and convenient location.

As well, the real estate experts say Orelia is set to benefit from the City of Kwinana’s masterplan to provide community facilities through to 2036.

As a result, it’s no surprise the median price has grown 13.40% in 12 months.

Median rent is $400 and gross rental yield is 6.10%.

Paralowie, SA

Smart Property Investment says Adelaide’s increasing popularity post-pandemic means it’s likely to have a flow-on effect to the northern suburbs.

With Paralowie just 21 km from the CBD, it says this is a rapidly growing location that offers plenty of employment options and is well serviced by public transport, educational facilities, and local retail options.

The $470,000 median price is 20.50% higher than it was 12 months prior, and median rent is $440 (4.90% gross rental yield).

Port Kennedy, WA

Coastal living has become more popular since the pandemic made it possible to work remotely. Port Kennedy, about 50 km south of Perth, is a coastal suburb near the City of Rockingham.

It offers the seaside lifestyle sought after by hybrid and remote workers, and Smart Property Investment points to stunning beaches, golf courses and easy access to Rockingham and Mandurah as key selling points.

The City of Rockingham has been earmarked for future growth with local infrastructure projects underway.

The median price is $457,500 and average annual growth is 2.10%. Median rent is $488.

Raceview, Qld

Part of the City of Ipswich, Raceview has 10,000 residents and could benefit from future growth thanks to the 2032 Olympic Games.

The median price is $490,000 and it’s risen 24.10% in price, compared to the price 12 months prior.  

Real estate expert Angus Raine says in the report that “with rental yields of 6-8% compared to 3% in the southern capitals, the smart money will continue to flow towards Ipswich housing in 2023, with capital growth of 8-10% a distinct possibility in 2023.”  

Rockingham, WA

At a median price of $477,500, Rockingham is a relatively affordable beachside suburb. It’s under 50 km from Perth CBD and is renowned for safe and calm waters, and the Shoalwater Islands Marine Park.

For commuters, it’s a 40 minute drive or a train and bus ride from the city.

Rockingham has been earmarked as a rapidly developing residential

area, flanked by substantial industrial and commercial offerings, as

well as a naval base.

Salisbury, SA

Like Rockingham, Salisbury has a median price of $477,500. It’s situated in Adelaide’s northern region and has easy access to the Adelaide CBD via trains, buses and major roadways.

The FAST 50 report says large property lots and character homes can be found at

reasonable price points in the area, and these factors would most

definitely have led to the suburb’s increased popularity in recent years.

Median rent is $440 and gross rental yield is 4.80%.

Warwick, Qld

Homes can be found for well under $500,000 in Warwick, a rural town in the Southern Downs region of Queensland. The median price is $370,000 and this is 24.80% higher than it was 12 months prior.

Warwick offers a country lifestyle, long history, and a strong sense of community, says Smart Property Investment. Stunning heritage architecture is prevalent across the town and there are traditional Queenslander style homes, modern townhouses, and acreage properties, catering to various budgets and preferences, while a new drought proof pipeline will improve investment prospects.

Median rent is $388 and the gross rental yield is 5.40%.

Wellard, WA

The report says Wellard has seen a population boom in recent years.

“Wellard’s recent popularity lies in its status as Perth’s first transit-oriented development on the Perth to Mandurah rail line.

“Just 20 minutes from Mandurah and 30 minutes from Perth, it’s easy to see why residents are flocking to the rapidly developing suburb, which is set to benefit from a new shopping precinct and a number of residential, commercial, retail and community facilities.”

Median price is $441,000, median rent $480, and gross annual yield is 5.70%.

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Image: Mandura in Western Australia. Resortbrokers.com.au