Buying a home within 10 kilometres of the CBD for less than $600,000 seems like a mission impossible.
But house hunters looking to buy affordable houses close to the city centre will probably have the best luck in Hobart, Brisbane, Adelaide and Perth, according to Domain.
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While Sydney property prices are such that buyers probably need to travel around 30-40 kilometres from the CBD to buy a house in that price bracket, Domain’s new research has found a few affordable spots close to each capital city’s centre.
Here they are:
Domain’s property expert, Eliza Owen, says most houses close to Sydney’s CBD clocked in at well over $1 million.
But, if you move out to the inner west, which is only five kilometres from the city, there are cheaper options for unit buyers, with the median price of Newtown and Ashfield sitting at $650,000 and $670,000 respectively.
If you head out a little further, to between 10 and 20 kilometres of the CBD, suburbs like Canterbury and Sydney’s south-west have the most competitive prices.
According to Owen, unit medians were lowest in Lakemba ($409,000) and Punchbowl ($440,000), while the median house price in Bass Hill, Chester Hill and Yagoona was $800,000.
Melbourne has a little more on offer.
Its inner-west is home to the cheapest property less than 10 kilometres from the CBD, with suburbs like Travancore (five kilometres from CBD), West Footscray and Footscray (around six kilometres from CBD) recording median unit prices of between $350,000 and $405,00.
They also recorded the cheapest houses, with median prices in Maidstone, Maribyrnong and Flemington sitting at between $723,750 and $880,000.
But, if you’re willing to go out to 20 kilometres from the CBD, Bundoora and St Albans offer unit for as low as high $300,000s.
Owen said Canberra had a bit of a different story, with unit prices rising as buyers travel away from the CBD to more picturesque suburbs and newer developments.
The cheapest suburbs with units less than 10 kilometres from the CBD were Bruce (eight kilometres from CBD) and Belconnen (9.4 kilometres from CBD), which recorded median house prices of $355,000 and $367,000 respectively.
Houses close to the city were cheapest in Evatt ($595,00), Palmerston ($630,00) and Holder ($670,000).
Unsurprisingly, the cheapest suburbs within 10 kilometres of the CBD were in Hobart, Brisbane, Perth and Adelaide.
While far from picturesque, the suburbs of Glenorchy (seven kilometres), West Moonah and Moonah (eight kilometres from CBD) offered houses for below $500,000, and were in close proximity to the CBD.
If you wanted to head a little further from the CBD, Bridgewater recorded median house prices of $240,000.
The northern suburb of Bowen Hills recorded a median unit price of $368,000, and while it’s only three kilometres out from the CBD, Owen says the price tag can be attributed to the suburb’s industrial feel.
Other inner northern suburbs like Chermside, Chermside West, Everton Park and Stafford Heights recorded median house prices of between $530,000 and $600,000.
Buyers could snag a unit in the inner Adelaide suburb of Glenelg North for around $350,000, while St Clair, Northfield and Enfield offer units for around $405,000.
Heading out 13 kilometres from the CBD to Mawson Lakes could see you own a unit for just $263,000, and 26 kilometres away could see you snap up a house in Elizabeth Downs from $200,000.
Perth property prices have been in decline since 2014, and unit prices across the board are down 17.5 per cent, Owens said.
“Wembley has some dated unit stock which may account for its lower pricing,” she said. “But ultimately the Perth property downturn has placed it, Maylands and Riverdale as the lowest median unit suburbs within 10 kilometres of a capital city CBD.”
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