As interest rates go down, Australian property prices rise. But this doesn’t mean you’ve been priced out of the market, there are still suburbs in all Australian capitals that are affordable.
According to CoreLogic RP Data all capital cities have suburbs that are more affordable than others. This is based on median selling prices for homes and units.
Sydney’s Most Affordable Suburbs
The most affordable inner city suburb, for homes, in Sydney is Turrella with a median price of $839,676. Eastlakes was the most affordable suburb for units with a median of $484,487.
For first home buyers who cannot afford a house, but want to live closer to the CBD, units offer a more affordable option. Unit purchasing represents a cheaper alternative to buying a home, and allows first home buyers to gain entry into the property market.
Melbourne, Perth and Darwin’s Most Affordable Suburbs
In Melbourne, the most affordable suburbs are situated in the southern areas. Bellfield represents the most affordable area for houses with a median of $582,573. Carlton was the suburb with the best median price for units.
Osbourne Park was Perth’s most affordable home location with a median of $431,036. Whereas Mt Hawthorn represented the best value for units at a median of $288,137.
Darwin’s most reasonably priced suburb was Malak at $569,447 for homes and $359,780 for units.
The Best Suburbs to Buy Property in Canberra, Brisbane and Adelaide
In Canberra, Page represented the most affordable suburb for homes at $462,193 and Curtin for units at $306,188.
Adelaide’s best priced suburb for homes was Dry Creek at $244,847 and Kilburn for units at $233,106.
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Written by eChoice