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Gulargambone is the cheapest place to buy in Australia

The village of Gulargambone in New South Wales was the cheapest place to buy a house in 2012.

The village of Gulargambone – 526 kilometres north west of Sydney, on the banks of the Castlereagh river in the central west plains of New South Wales – has emerged as the cheapest place to purchase property in Australia in 2012.

According to The Australian, median house prices in the village were just $66,000 this year, and real estate experts are now predicting that more cheap homes could become available around the country in the coming twelve months.

The Reserve Bank's recent decision to reduce interest rates by 0.25 percentage points has facilitated a nationwide drop in house prices, and the Australia and New Zealand Banking Group is now predicting a further one per cent reduction in 2013, potentially saving homeowners up to $2136 a year.

In stark contrast to Gulargambone's low rates, Point Piper – also in New South Wales – remained the nation's most expensive postcode, with a median house price of $5.5 million.

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