Despite soaring house prices, it is still possible to find pockets of value in your capital city.
Home buyers will need to shell out more than half a million dollars to live within 10 kilometres of Sydney, Melbourne or Darwin, but there are inner suburbs in every capital city where median house prices are below the city’s average.
Real estate researcher RP Data says house hunters will still be paying more than $700,000 to live in Sydney’s cheapest suburb close to the CBD – Wolli Creek.
But that price is well below Sydney’s median house price, which is close to $812,000.
Bellfield, in Melbourne’s north-east, was that city’s cheapest option, costing $70,000 less than the greater Melbourne median price of about $608,000.
RP Data analyst Cameron Kusher said rising home prices are forcing potential buyers away from cities, but there are still relatively affordable areas close to the CBD.
Some of these suburbs may be less desirable than others, but they are close to city infrastructure and could have scope for urban renewal, Mr Kusher said.
Tasmania’s Clarendon Vale leads the nation in bargain city real estate, with a median house price of just $159,159, while in Dry Creek in Adelaide that price is an affordable $255,349.
CHEAPEST SUBURBS NEAR YOUR CAPITAL CITY
* Sydney – Wolli Creek, median house price of $710,303
* Melbourne – Bellfield, $533,252
* Canberra – Page, $445,417
* Brisbane – Rocklea, $330,848
* Perth – Glendalough, $438,995
* Darwin – Malak, $585,478
* Adelaide – Dry Creek, $255,349
* Hobart – Clarendon Vale, $159,159
Source: RP Data Weekly Property Pulse