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Staff Reporter
RP Data has released its top five cheapest suburbs for houses and units within 10 kilometres of the capital cities.
The report reveals areas where buyers can purchase a house or unit at relatively affordable prices compared to many other inner-city suburbs.
“While the suburbs listed may not be the most prestigious or highly sought after right now, they are potentially the hidden gems in the mix and shouldn’t be overlooked, as they may offer great value in the future,” RP Data senior researcher Cameron Kusher said.
“Coupled with that, many areas are within close proximity of the city centres and in many cases, have high levels of nearby amenities and decent local infrastructure, including transport, retail and medical facilities and parkland areas."
Mr Kusher said there were differences on a city-to-city basis as well as between houses and units, particularly in suburbs with the lowest median value within 10 kilometres of the CBD.
“As you’d expect, house values in the inner-city areas are quite high. This is due to strong demand for houses in these regions and the fact that areas closer to the city typically have the best amenity and superior infrastructure," he said.
“Inner-city units offer the same benefits at a much lower price point and, as a result, it is no wonder the popularity of inner-city units continues to grow.”
In Sydney, the most affordable suburb for houses is St Peters, with a median value of $645,681, while the most affordable suburb for units is Darlington, with a median value of $292,271.
In Melbourne, Belfield is the most affordable suburb for houses, with a median value of $493,685. The most affordable suburb for units is Carlton, with a median value of $232,453.
Brisbane’s most affordable suburb for houses is Rocklea, with a median value of $298,796, while the most affordable suburb for units is Chelmer, with a median value of $306,415.
In Adelaide, the most affordable suburb for houses is Dry Creek, with a median value of $244,971. Ottoway is the city’s most affordable suburb for units, with a median value of $204,091.
In Perth, the most affordable suburb for houses is Cannington, with a median value of $413,925, while the most affordable suburb for units is Glendalough, with a median value of $324,219.
Hobart’s most affordable suburb for houses is Clarendon Vale, with a median value of $151,089, while the most affordable suburb for units is Glenorchy, with a median of $190,387.
In Darwin, the most affordable suburb for houses is Farrar, with a median value of $514,344, while the most affordable suburb for units is Alawa, with a median value of $331,650.
Canberra’s most affordable suburb for houses is Crace, with a median value of $372,672. The most affordable suburb for units is Hughes, with a median value of $209,269.
The report follows the Westpac Hidden Gem Suburbs report, which revealed the top 10 suburbs across each capital city where Australians could buy a home at a lower price than its more popular neighbouring suburb.
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