Buying a property is a huge investment and for people seeking that perfect blend of inner-city convenience and an affordable price point, it’s clear our biggest cities don’t tick all the boxes in the current real estate market.
But for house-hunters seeking a bargain price within 10 kilometres of a bustling CBD location, there is still hope. With $600,000 up your sleeve, Perth, Hobart, Brisbane and Adelaide still offer options that could see you find your dream home or investment property within a price range that can put a mortgage within reach.
It’s news that comes from recent research that reveals Australia’s most affordable suburbs within a 10-kilometre radius of each capital city’s centre – formulated from sales data for the 12-month period until March, 2019.
Where To Find Affordable Property In Australian Cities
In Melbourne, buyers seeking a property within that sought-after 10-kilometre CBD proximity need to shift their boundaries to include a 20-kilometre radius of the CBD hub. And In Sydney? The less affordable property market there means that anyone holding out hope for buying a property under $600,000 needs to be prepared to be 30-40 kilometres from the city centre.
For buyers keen for a bargain, the data highlights the need for well-considered decision-making – and realistic expectations. By weighing up the potential benefits and pitfalls of being closer, or further from the CBD precinct in a particular capital city, house-hunters can choose the property that matches their lifestyle requirements, or investment property goals.
In Tasmania, some of Australia’s most affordable capital city properties can be found in Hobart’s Risdon Vale. For a median price of $270,000, owning a home less than 10 kilometres of the increasingly popular city’s CBD, is in the hands of many ‘ordinary’ Australians. In the Perth suburb of Westminster, the median price of $356,00 is higher – but still affordable for many in the first-home buyer’s market.
The news from Melbourne and Sydney is not so friendly, with Melbourne’s western suburb of Maidstone showing a median house price of $723,750 and Sydney’s Botany, close to Sydney Airport, in the south-east, offering a median house price of just over $1.2million.
The lowest median unit prices were in Perth, with the western suburb of Wembley promising a leafy lifestyle and a decent apartment entry point, at $247,500. The median price for apartment living climbed slightly in Glenelg North, Adelaide, where a flat in the beachside suburb can be bought for around $317,500. Over in Melbourne, just 5 kilometres north-west of the CBD, the suburb of Travancore has a median apartment price of $347,500, while in Brisbane’s Moorooka, the median apartment price sits at $350,000, compared to $355,000 for Bruce in the ACT.
Try buying an apartment within 10 kilometres of Sydney’s CBD and the story is very different. There, the median price in Hillsdale is $617,500.
Snapshot of Australian Capital City Property Prices
Best bargains in Melbourne can be found in the industrial inner-west – but be quick! As the steady creep of gentrification changes the landscape, best house prices within 10 kilometres of Melbourne can be found in Maidstone, Maribyrnong and Flemington, with median house prices currently between $723,500 – $880,000.
The most affordable place to buy a house in our country’s capital is Evatt, where the median price is $595,000. Palmerston ($630,000) and Holder ($670,000) push the median price a little higher.
Median house prices are climbing and with a 7 per cent increase in the 12 months to March 2019, the list of suburbs offering cheap house prices close to the CBD continues to shrink, with West Moonah, Moonah and Glenorchy still selling homes below $500,000.
The capital of our own sunshine state has a few bargain suburbs worth watching. To find a home in a median price bracket of between $530,000 and $600,00, try exploring Chermside, Chermside West, Everton Park, Keperra and Stafford Heights.
The downturn of the mining boom has had an impact and the 14% drop in median house prices, since 2014, has left investors aching. But for buyers entering the market, it does mean good opportunities.
The south-eastern suburb of Gosnells has a median house price of $299,250 and, pushing out to 11 kilometres from the CBD, Balga offers a median house price of $309,000.
In Adelaide, the best places for affordable houses as close as possible to the city are in the north. Suburbs including Salisbury, Salisbury East and Paralowie have median house prices that hover around $315,000 and below. Travel even further, to Elizabeth Downs and beyond (around 26 kilometres from the city) and you can get change from $200,00.
For more information about buying a property with a mortgage offering the best possible interest rates to suit your circumstances, contact our mortgage broking professionals at Lending Specialists today.