Author: Cameron Kusher, CoreLogic RP Data
Source: Corelogic.com.au
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.
The closer to the city centre, the more ammenties and facilites are available to you. The reason being that the provision of roads and public transport are better, there is more local social and retail amenity and emergency services and hospitals are more readily available.
Furthermore, the better schools are often also located around the inner-city suburbs.
As a result, demand for housing in these areas is typically much higher resulting in the cost also being higher. Unit stock offers a much more affordable entry point into the inner-city areas.
We took a look to find where suburbs with the most affordable median value are located within 10km of the CBD.
The point that is immediately noticeable is how much higher the median value is for houses within the suburbs listed in Sydney, compared with other capital cities.
Turrella is the most affordable suburb listed in Sydney with a median house value of $839,676 which is significantly higher than the most expensive median value listed across all other capital cities. It is a similar story for Sydney units although the gap isn’t as large compared to the other capital cities as it is for houses.
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.
In the more expensive cities – Sydney, Melbourne, Darwin and Canberra – it has become increasingly difficult over recent years to secure houses close to the city at relatively affordable prices.
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.
Suburbs within 10km of the CBD with the lowest median house and unit prices.
| Sydney House | Sydney Units |
| Turrella – $839, 676 Sydenham – $845,771 St Peters – $920, 169 Tempe – $921, 390 Waterloo – $936, 540 |
Eastlakes – $484, 487 Marrickville – $552, 712 Newtown – $559, 175 Darlington – $559, 638 Potts Point – $565, 141 |
This St Peters terrace house is close to transport and Sydney Park.
| Melbourne House | Melbourne Units |
| Bellfield – $582, 573 Maidstone – $588, 514 Footscray – $618, 235 West Footscray – $631, 460 Preston – $675, 973 |
Carlton – $316, 217 West Footscray – $325, 258 Kingsville – $328, 551 Burnley – $336, 802 Gardenvale – $338, 835 |
This renovated three-bedroom weatherboard in West Footscray is close to recreational facilities and local parks.
| Brisbane House | Brisbane Units |
| Rocklea – $353, 030 Keperra – $439, 015 Tingalpa – $478, 686 Salisbury – $485, 470 Nathan – $487, 265 |
Holland Park West – $347, 010 Gordon Park – $347, 497 Kedron – $347, 712 Tingalpa – $348, 072 Moorooka – $350, 756 |
This three-bedroom Keperra home is close to schools and shops and has a huge backyard.
| Adelaide House | Adelaide Units |
| Dry Creek – $244, 847 Gepps Cross – $333, 113 Kilburn – $352, 051 Woodville Gardens – $353, 125 Mansfield Park – $353, 994 |
Kilburn – $233, 106 Angle Park – $238, 842 Blair Athol – $239, 454 Brooklyn Park – $245, 385 Mansfield Park – $245, 385 |
This Kilburn unit is close to schools, shops and public transport.
| Perth Houses | Perth Units |
| Osborne Park – $431, 036 Westminster – $460, 403 Nollamara – $462, 355 Glendalough – $466, 904 Tuart Hill – $481, 045 |
Mount Hawthorn – $288, 137 Glendalough – $335, 259 Wembley – $356, 535 Osborne Park – $361, 181 Maylands – $363, 422 |
Restaurants and cafes are just a stroll away from this two-bedroom Tuart Hill home.
| Hobart House | Hobart Units |
| Clarendon Vale – $156, 078 Risdon Vale – $177. 480 Rokeby – $197, 172 Goodwood – $205, 217 Warrane – $229, 891 |
Glenorchy – $199, 303 Montrose – $208, 519 Rokeby – $214, 224 Lutana – $218, 931 Moonah – $219, 255 |
On a large block, this Goodwood home is just minutes from everything you need – schools, shops, restaurants and the cinema.
| Darwin Houses | Darwin Units |
| Malak – $569, 447 Millner – $575, 243 Anula – $579, 677 Moil – $584, 000 Jingili – $609, 427 |
Malak – $359, 780 Millner – $412, 121 Coconut Grove – $421, 826 Marrara – $425, 720 Nightcliff – $443, 891 |
Escape the Darwin heat and relax under the palms in the courtyard of this Coconut Grove home.
| Canberra Houses | Canberra Units |
| Page – $462, 193 Scullin – $464, 600 Evatt – $500, 985 Florey – $526, 179 Giralang – $532, 041 |
Curtin – $306, 188 Chifley – $313, 181 Hawker – $314, 369 Lyons – $320, 208 Downer – $321, 212 |
Author: Cameron Kusher, CoreLogic RP Data
Source: Realestate.com
