Where in Australia you can still buy a house for under $500k

Affording a home in 2024 is becoming a pipe dream for more and more Aussie families in the current economy.

But there has been a boom in people leaving the big cities, instead flocking to regional towns to turn that dream into a reality.

In fact, there are quite a few hot spots out there where you can actually nab a new home for less than $500,000.

READ MORE: Cute koala makes surprise visit to regional IGA store

"We're consistently seeing quarter on quarter anywhere between 16 to 20 per cent movement above pre-pandemic levels and we're also seeing that 27 per cent more people are moving to the regions than to the capital cities," Regional Australia Institute CEO, Liz Ritchie, told Today.

Today, the Institute has launched a new online tool called the Good Life Guide, which provides detailed information to people curious about moving to a regional community.

And the data reveals median house prices in those areas as well as the median income-to-price ratio.

"This is a fantastic tool that helps you see where some of those hotspots are," Liz said.

"For example, Tamworth has a median house price of $500,000, in Victoria, Mildura has a median house price of $400,000 and of course in the beautiful Western Downs, we've got a median house price of just over $300,000."

READ MORE: Aussie star joins cast of Bridgerton seeason four

Western Downs Mayor, Andrew Smith concurred with the findings saying his rural Queensland community is a great place to live.

"We're the second most productive agricultural area in Australia, we're the energy capital of Queensland, so the opportunity is absolutely amazing and has been for a while," he said.

In fact, it's not just city folk making their way to communities like Western Downs, there is also an influx of international families calling the region home.

"We have a saying here, it's the people that make it and that is so true about the Western Downs," he said.

"Twenty five years ago, you could say the jobs weren't there, but the opportunity is here now, I think we've got an unemployment rate of 2.7, which statisticians will tell you is probably too low, so there's plenty of opportunity in all different professions.

"If you're a doctor, an engineer, you can come to the Western Downs, the jobs are here and what a great place to raise your children."

Hear more from Liz Ritchie and Andrew Smith in the video above