Getting value for money is vital to a successful purchase and new data shows the key areas in the Australian marketplace that offer up more affordability than others.
CoreLogic’s Property Pulse takes a look at capital cities across Australia and sees where home buyers can find relatively affordable property but still remain in neighbourhoods that are in high demand.
“Most capital cities have seen a significant decline in suburbs with a median value below $500,000 over recent years, meaning that to access more affordable housing, buyers have to move further away from the city centre,” said Cameron Kusher, CoreLogic research analyst.
Looking around the country, these are the Property Pulse’s picks for affordable property closest to a CBD:
The most affordable suburb that’s closest to the CBD (and the most affordable suburb close to a CBD Australia-wide) is Bar Point, with a median house value of $379,776 and is 39.5km away from the CBD. There’s only one other affordable suburb under 50km: Spencer at a median house value of $391,163 and is 45.8km away from the Sydney CBD.
Victoria offers closer suburbs to the capital city CBD than NSW for under $500,000, with the most affordable being Dallas at a median house value of $447,221 and a distance 16.1km away from the CBD. Coolaroo is the other suburb located within 20km away from the CBD, at 17.2km and a median house value of $475,440.
The closest affordable suburb to the Brisbane CBD is Rocklea with a median value of $419,922 and is 8.8km away from the CBD. Moving into the 10km range, more affordable options open up, such as Hemmant, at a median value of $499,780 and a distance 10.3km away.
Hindmarsh is just 3.5km away from the Adelaide CBD and has a median house value of $436,500. The other top four affordable suburbs are all located within 5km from the CBD, the capital city with the closest affordable suburbs, so there are many close bargains to be found in Adelaide.
Perth’s top five affordable suburbs are all within 7.3km of its CBD, with Glendalough being the closest and most affordable at 5.1km away and at a median house value of $422,718.
Montagu Bay is the closest affordable suburb to Hobart’s CBD at a distance of 3km away (the closest affordable suburb to a capital city CBD Australia-wide) and a median value of $438,110. While not as close as Adelaide’s top five close and affordable suburbs, Hobart’s own top five are all within 5.3km of the CBD, so there are many nearby, affordable locations to be found.
Milner is the only affordable suburb located within 10km of the Darwin CBD, at a distance of 8.1km away and a median house value of $489,351. The rest of the top five affordable suburbs can be found within 15.2km of the CBD.
Only one suburb can be found close to Canberra’s CBD for under $500,000 — Charnwood with a median house value of $452,226 and is 12.2km away from the CBD, which highlights the level of unaffordability in the country’s capital.