If your dream suburb seems out of reach, there could be homes for sale in a neighbouring area at a more reasonable price and loads of potential, according to one real estate expert.
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Known as bridesmaid suburbs, these are the areas that haven't experienced the same high growth of their desirable "bride" counterpart, but are likely next in line.
Bridesmaid suburbs are usually those that follow gentrification, buyer's agent and property investor Lloyd Edge from Aus Property Professionals says.
"The same sort of infrastructure is generally in place, but maybe a little bit further away," he says.
"So they're not as attractive as those more expensive suburbs are, but they've got a more attractive price point."
What makes these suburbs even more attractive is their potential for further price growth, Mr Edge says.
"The flow on effect is that more money is obviously brought into the area and spent on shops and restaurants and things like that," he says.
Common characteristics to look for in a bridesmaid suburb include new bars and restaurants opening, older homes being renovated or rebuilt, and an increase in young professionals and families moving to the area, Mr Edge says.
"One of the things that I always look for as an investor is infrastructure that's been planned for the area, stuff that the government has actually committed to," he says.
For those looking to buy a home in 2024, the following bridesmaid suburbs could be a savvy choice, Mr Edge says.
Narrabundah
The inner south suburb of Narrabundah is growing in popularity, Mr Edge says, especially among families with a goal to knock down and rebuild a home.
"This suburb is now seeing a lot of modern new homes popping up," he says.
The median house price in Narrabundah is about $1,275,000, CoreLogic's latest data shows, significantly less than the neighbouring suburb of Red Hill where the median is $2,443,000.
As the bride, Red Hill has an average annual growth rate of 8.9 per cent, compared to 5.5 per cent in Narrabundah, Mr Edge's analysis shows.
Among the sales in Narrabundah in 2023 was a renovated three-bedroom cottage at 44 Nimbin Street which sold for $1,235,000 in October.
Watson
For buyers with their heart set on Canberra's north, Watson is an ideal choice offering a mix of nature and local shops and dining options, Mr Edge says.
Watson, where the median house price is $1,107,000, is an affordable alternative to O'Connor where the median house price is $1,543,000.
The average annual growth rate is 3.9 per cent in Watson, compared with 7.5 per cent in O'Connor.
Mr Edge expects there is strong house price growth to come for Watson as its popularity grows.
Fisher
For those who don't mind living a little further out of Civic, Fisher is Mr Edge's pick for a property that is "more affordable but still has accessibility".
Fisher is the bridesmaid suburb to Mawson, located on the eastern side of Tuggeranong Parkway and conveniently close to the business hub of Phillip.
While Mawson might be out of the budget with a median house price of $1,064,000, Fisher comes in at a far more reasonable $910,000.
An updated three-bedroom house at 140 Kalgoorlie Crescent, Fisher sold for $865,000 in late November.
Hughes
Deakin may be a desirable location but its $1,986,000 median house price, according to CoreLogic, is unlikely to suit every buyer's budget.
Mr Edge says neighbouring Hughes is a much more affordable option, with a median of $1,353,000, and has access to the same premium facilities as Deakin.
The average annual growth rate in Hughes is 8.8 per cent compared to 10.22 per cent in Deakin, Mr Edge says.
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Barton
On the ultra-premium end of the scale, Forrest is one of Canberra's most expensive areas with a median house price of $3,669,000.
"If your budget doesn't permit this, you can look over the fence north-east to Barton," Mr Edge says.
In comparison, the median house price for Barton is $2,106,000.
House sales in Barton, however, are few and far between. Fewer than 10 houses in the suburb sold in 2023, CoreLogic data shows.