Increased demand and limited land availability is pushing up the cost of inner-city housing. If you are looking to buy in the inner city, then here is a quick look at the top 5 most affordable inner city suburbs.
MELBOURNE’S MOST AFFORDABLE SUBURBS
Houses within 10km of the CBD:
Braybrook: $660,000
Maidstone: $730,000
West Footscray: $878,000
Footscray: $863,000
Pascoe Vale South: $909,000
Units within 10km of the CBD:
Kingsville: $370,000
West Footscray: $415,500
Carlton: $332,500
Farefiled - $403,000
Footscray: $405,500
The majority of the cheaper inner city houses and units are located to the northa dn west of the City. These areas are traditionally lower socio-economic areas with higher migrant, new-Australian populations.
SYDNEY'S MOST AFFORDABLE SUBURBS
Houses within 10km of the CBD:
Turrella - $1,248,750
Sydenham - $1,210,000
St Peters - $1,275,000
Tempe - $1,285,000
Waterloo - $1,240,000
Units within 10km of the CBD:
Turrella - $720,000
Chippendale - $760,000
Marrickville - $740,000
Greewich- $786,500
Arncliffe- $738,000
The Sydney market is the most competitive in the country, although, looking closely there are still some areas accessible for first home buyers wanting to buy an inner-city unit.
Sydney has a much higher medium house and unit price compared to Melbourne and both are much higher compared with the other capital cities.
In both cities, units are a much more affordable option than houses.
This is a trend that is anticipated to continue over the coming years given that buyers are willing to pay a premium for the lifestyle benefits associated with living closer to the city centre.
Realestate.com.au offers a very good suburb profile snap-shoot that is well worth looking at if you are considering buying property.
Sources: RP Data, realestate.com.au, domain.com
Contact Collins Home Loans for advice on borrowing for your next property purchase.
