Affordable inner-city property still exists

The auction of an inner-city Melbourne unit for just $261,000 has highlighted the different prices Australians must pay to live near their CBD.

The Brunswick office of Brad Teal Real Estate sold the one-bedroom unit in Brunswick West on 7 February.

That suggests it is still possible to find affordable property near the centre of one of Australia’s big capital cities, even though it is becoming increasingly hard.

The Brunswick West unit is about 7.5 kilometres from the city centre, making the suburb roughly equivalent to Marrickville in Sydney, Enoggera in Brisbane, Bayswater in Perth and Lockleys in Adelaide.

According to CoreLogic RP Data statistics for January, the median price for units in Brunswick West is $397,000.

Prices have grown 5 per cent over the past year and 13 per cent over the past five years, with average weekly rents at $320.

The median price for Marrickville units is $579,000. Prices have risen 12 per cent over the past year and 52 per cent over the past five years. Average weekly rents are $460.

Enoggera’s median is $400,000, with prices down 4 per cent over the year and up 3 per cent over the past five years. Rents average $390 per week.

Bayswater units are priced at $379,000 after growing 6 per cent over the year and 15 per cent over the past five years. The average rent is $340.

The median price for Lockleys units has reached $345,000 after jumping 15 per cent in the past year and 30 per cent in the past five years. Average weekly rents are $280.

[Related: John McGrath dismisses talk of price slump]

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