CoreLogic RP Data’s weekly Property Pulse shows which suburbs have the most affordable median value near the CBDs of Australia’s capital cities.
According to the data, the median value for Sydney’s inner city houses is significantly higher than the rest of the capital cities, with Turrella as the most affordable suburb in Sydney having a median house value of $839,676.
The most affordable Sydney suburb for unit purchases was Eastlakes with a median value of$484,487.
“In all cities, unit stock offers a much more affordable entry point into the inner city areas, given this it is no wonder that unit construction in inner city areas is booming across most cities,” CoreLogic RP Data researcher Cameron Kusher said.
“In the more expensive cities such as Sydney, Melbourne, Darwin and Canberra it has become difficult to secure houses close to the city at relatively affordable prices.”
But because buyers are willing to pay an entry level premium, Kusher says the trend is likely to continue over years to come.
For Melbourne, the results show none of the most affordable suburbs are located in the south, with the top affordable area for the houses in the city listed as Bellfield with a median value of $582,573 and Carlton with the lowest median unit value of $316,217.
Hobart came first with the most affordable suburbs close to the CBD, with Clarendon Vale’s median house value at $156,078 and Glenorchy listing the lowest median unit value of $199,303.
Brisbane’s most affordable inner-city suburb was Rocklea for house purchases ($353,030) and Holland Park West for units ($347,010).
Perth saw Osborne Park as its most affordable location for houses ($431,036) and Mount Hawthorn ($288,137) for units.
Most affordable suburbs for house and unit in Adelaide was Dry Creek ($244,847) and Kilburn ($233,106).
In Darwin, most affordable median prices for house and unit were both in Malak at $569,447 and $359,780, respectively.
And in Canberra, Page had the lowest median house value of $462,193 and Curtin for units ($306,188).