If you’re looking to buy a home in Newcastle but your pre-approval isn’t giving you too many options, looking towards the city’s cheapest suburbs could give you hope.
To save you reading through too much fluff, here’s a list of Newcastle’s cheapest postcodes:
| Postcode | Suburbs | Median property price |
| 2307 | Shortland | $700,000 |
| 2322 | Beresfield, Black Hill, Chisholm, Hexham, Lenaghan, Stockrington, Tarro, Thornton, Tomago, Woodberry | $755,000 |
| 2287 | Birmingham Gardens, Elermore Vale, Fletcher, Maryland, Minmi, Rankin Park, Wallsend | $815,000 |
| 2299 | Jesmond, Lambton, North Lambton | $840,000 |
| 2298 | Georgetown, North Lambton, Waratah, Waratah West | $870,000 |
| 2304 | Kooragang, Mayfield, Mayfield East, Mayfield North, Mayfield West, Sandgate, Warabrook | $890,875 |
| 2296 | Islington | $940,000 |
| 2292 | Broadmeadow, Hamilton North | $980,000 |
| 2289 | Adamstown, Adamstown Heights, Charlestown, Garden Suburb, Highfields, Kotara, Kotara Fair, Kotara South | $1,008,000 |
| 2294 | Carrington | $1,050,000 |
| 2295 | Stockton | $1,055,000 |
| 2293 | Maryville, Wickham | $1,060,000 |
| 2297 | Tighes Hill | $1,100,000 |
| 2305 | Broadmeadow, Kotara East, New Lambton, New Lambton Heights | $1,100,000 |
| 2303 | Hamilton, Hamilton East, Hamilton South, Hamilton West | $1,240,000 |
| 2300 | Bar Beach, Cooks Hill, Newcastle, Newcastle East, The Hill | $1,600,000 |
| 2291 | Merewether, Merewether Heights, The Junction | $1,996,000 |
| 2302 | Cooks Hill, Newcastle West | $3,900,000 |
| 2308 | Callaghan | Not enough data |
Source: heatmaps.com.au
Newcastle’s cheapest postcode: 2307
According to the data (which is ultimately sourced from NSW government figures), Newcastle’s cheapest homes can be found in the 2307 postcode. This covers just one suburb: Shortland.
The median price for a property here is $700,000. This can be split between $735,000 for houses and $650,000 for units. This figure for houses is inflated by the number of larger properties. If you’re looking for a two-bedder, you can buy a house for around $647,500.
The next cheapest postcode: 2322
With a median property price of $755,000, the 2322 postcode is the second cheapest in Newcastle. This covers a few suburbs – some outside the Newcastle LGA – but includes Beresfield, Black Hill, Hexham, Lenaghan and Tarro.
There are very few units in these areas so the price generally looks at just houses. Suburbs like Beresfield and Tarro are below this average, with their median house prices currently $665,000 and $697,500 respectively.
The other suburbs in this postcode belong to the Cessnock, Maitland and Port Stephens councils.
Newy’s third cheapest postcode: 2287
At $815,000, the 2287 postcode is the next cheapest option in Newcastle. This covers seven suburbs: Birmingham Gardens, Elermore Vale, Fletcher, Maryland, Minmi, Rankin Park and Wallsend.
There’s very little data available for Minmi due to its small size, but here’s how each of those suburbs compares for property values:
| Suburb | Median house price | Median unit price |
| Birmingham Gardens | $770,000 | $622,500 |
| Maryland | $811,500 | n/a |
| Wallsend | $815,000 | $670,000 |
| Rankin Park | $852,000 | n/a |
| Elermore Vale | $902,500 | $680,000 |
| Fletcher | $960,000 | $690,000 |
So living in Birmingham Gardens near the university is the most affordable option, with Maryland below the postcode median and Wallsend bang on the average figure.
Buying cheap property in Newcastle
Even when you’re buying property at the lower end of the scale, it pays to get your finances in order. With a purchase price north of $600,000, if not $700,000, you’re looking at half a million or more over at least 25 years. If you go with the wrong lender, your interest rate alone could set up back thousands of dollars.
If you want help finding the best mortgage deal available, book in a free consultation with Wisebuy’s loan brokers.