Tasmania's Clarence City is Australia’s best property bargain according to a list of the country’s 100 hottest suburbs.
Investors can pick up an average house in Clarence City suburbs of Clarendon Vale and Rokeby to Hobart's east for just $178,000, according to a report in Australian Property Investor magazine.
It’s a "long-term hold" but the area will see significant growth in five to seven years, the report says.
The magazine asked Australia’s top property experts to list the hottest 100 suburbs poised for "strong capital growth" over the next 12 months.
With an average median house price of $548,000 across the 100 locations, news.com.au identified the cheapest of those suburbs and they are listed below.
Also released today, the Australian Property Monitors quarterly house price series showed house price growth of 3.7 per cent over the September quarter.
"Moderate to strong growth is expected across the market as a whole for the remainder of 2009 and 2010," APM's Matthew Bell said.
"The question as to whether this growth can be sustained throughout 2010 depends on how quickly mortgage rates rise in the next six months," Mr Bell said.
Hottest suburbs with the lowest average house price
Queensland
Gympie $260,000
Ipswich $269,000
Kingaroy $270,000
Beaudesert $311,000
New South Wales
Gunnedah $208,000
Branxton $349,000
Granville $353,000
Shoalhaven $388,000
Victoria
Portland $189,000
Redan $194,000
Hastings $270,000
Frankston $300,000
WA
Geraldton $345,000
Thornlie $363,000
Bassendean $415,000
Hamilton Hill $430,000
Tasmania
Clarence City $178,000
Lutana $282,000
Mount Nelson $420,000
Hobart $425,000
NT
Rapid Creek $568,000
South Australia
Ceduna $245,000
Glanville $249,000
O'Sullivan Beach $261,000
Christies Beach $301,000
ACT
Gungahlin $458,000
