Want areas with low unemployment and affordable property? Look here!

In terms of affordable property, the agricultural town of Wellington in NSW came first with a median house value of $212,221. Unemployment in its broader Western Plains Regional Council area is currently at 2.2 per cent, down from 5.4 per cent.

The Isaac Region in Queensland — which included the mining towns of Moranbah, Dysart and Nebo — ranked second with an overarching median house value of $221,677 and an unemployment rate of 1.8 per cent, after peaking just three years ago at 3.2 per cent.

In third was another mining region, Ashburton in Western Australia, with towns such as Tom Price and Paraburdoo. While median prices were hit hard by the mining boom with declines of 68 per cent, this year housing values have begun to recover, with the labour market tightening to 0.6 per cent.

If mining areas present too much of a risk for investors, which to Mr Lawless is a valid point of view, there are other areas that can suit their needs.

“There are plenty of other locations... that offer a more appealing blend of strong labour markets as well as lifestyle factors,” the research head said.

For example, coastal areas that include Port Macquarie-Hastings, Tweed, Ballina and the Surf Coast feature low unemployment rates of 3.8 per cent, 4 per cent, 3.3 per cent and 3.1 per cent, respectively, but median house values are less affordable, ranging between $605,091 and $827,193.

There are also the major service centres of Dubbo and Orange to consider, with unemployment rates and median house prices of 2.2 per cent and $347,291 and 3.9 per cent and $371,849, respectively.

“Prospective buyers considering a move away from the capital cities in search of more affordable housing options might be best renting first, just in case country living isn’t for them,” Mr Lawless said.

“While housing prices are generally much higher in the capital cities relative to their regional counterparts, the diversity of amenity, social options and job opportunities can often be hard to match.”

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