Not keen on a long daily commute? Belconnen is the most affordable place to buy a house, while Hughes is the cheapest Canberra suburb for an apartment, according to an analysis of property prices in suburbs within 10 kilometres of Australia's capital cities.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Page topped RP Data's latest list of the most affordable Canberra suburbs for houses within a 10-kilometre radius of the city, with its median house price approximately $445,400. It was separated by only a few hundred dollars from neighbouring Scullin ($445,900).
Giralang was next on the list at $471,800, with its neighbours Evatt ($486,800) and Kaleen ($521,600) rounding out the top five.
Only Darwin, Melbourne and Sydney had less affordable suburbs for houses in close proximity to their central business districts.
“We’re witnessing a familiar trend across most cities where demand for housing is particularly strong across the inner-city areas,” RP Data research analyst Cameron Kusher said.
“With low mortgage rates, buyers are battling it out to purchase homes close to the city centres – of course areas closer to the CBD tend to be much more expensive than those areas further away.”
Sydney is by far the least affordable for inner-city living. Wolli Creek, adjacent to the international airport, had the lowest median house value within 10 kilometres of the CBD at $710,300.
Darwin was next (Malak – $585,500), followed by Melbourne (Bellfield – $533,300).
Predictably, the relatively small Hobart is the most affordable place to buy; the median house price in Clarendon Vale is just under $160,000.
The picture for Canberra apartments was rosier, but a move southside to Hughes would be needed to take advantage of a median apartment price of $266,000.
To stay north, Downer is the most affordable ($289,000) and Hackett ($329,700) also makes the top five, but southern suburbs Curtin ($311,300) and Chifley ($317,000) were cheaper.
Only Hobart (Glenorchy $198,000) and Adelaide (Kilburn $233,100) have suburbs with a lower median apartment price close to the city.
Sydney again has the most expensive entry point for apartments; Eastlakes, a few kilometres from the airport, is the most affordable with a median price of $452,800.
According to Mr Kusher, home values in inner-city areas are likely to increase, particularly as mortgage rates remain at such low levels.
“This scenario creates good opportunity for other city areas – if buyers can’t afford to purchase a home within the inner city, they will most likely look to those locations that tick as many of the inner-city boxes, just at a lower price point than the inner-city areas,” he said.
