Buyers looking to buy a house inside the yardstick 10-kilometre CBD radius under $600,000 will do best in Adelaide, Brisbane, Hobart and Perth, according to the Domain Group.
New Domain research reveals the most affordable suburbs within a 10, 20 and 30-kilometre radius of each capital’s center, based on sales data for the 12 months to March.
Domain research analyst Eliza Owen said buyers looking for a property for under $600,000 in Melbourne would have to extend their search to a 20-kilometre radius of the CBD.
She said Sydney property prices meant buyers would have to travel further still – 30 to 40 kilometres from the city center.
“This data set highlights the differences to commute times and conveniences in each capital,” said Ms Owen.
“It is important for setting expectations. It may be realistic to [buy] close to the CBD in one capital, but not in another. Buyers need to weigh up the trade-offs of location versus lifestyle wherever they are house-hunting.”
The research found that, across the country, the cheapest suburbs within 10 kilometres of the CBD were Hobart’s Risdon Vale with a median price of $270,000, and Westminster in Perth where the median is $356,000.
Not surprisingly, it also found that Melbourne and Sydney’s cheapest prices were far higher – with a median of $723,750 recorded in Maidstone in Melbourne’s west, and a little over $1.2 million in Sydney’s the south-eastern suburb of Botany.
Median unit prices within 10 kilometres of the CBD were lowest in Perth, where buyers could purchase an apartment in the leafy western suburb of Wembley for $247,500.
Medians rose to $317,500 in Adelaide’s Glenelg North, $347,500 in Melbourne’s Travancore, $350,000 in Brisbane’s Moorooka and $355,000 for Bruce in the ACT.
In Sydney, a unit within 10 kilometres of the CBD would cost buyers $617,500 in the suburb of Hillsdale.