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Affordable city units still exist
Sydney is the only capital where it’s almost impossible to buy an apartment in the heart of the city for less than $500,000, new CoreLogic research has found.
Heading out from the centre of Sydney, the first suburb you come to where the median unit price is under $500,000 is Lakemba – which is 12.4 kilometres from the CBD.
The next four suburbs on CoreLogic’s list are Wiley Park, Punchbowl, Regents Park and Guildford (see below).
But residents of the other capitals – including Melbourne – can find suburbs in the heart of their city where the median unit price is under $500,000.
For a $500,000 property, anyone who wanted to take out a home loan with a loan-to-value (LVR) ratio of 80 per cent would need to save a deposit of $100,000 and borrow $400,000.
Sydney
Suburb | Median value | Kilometres from CBD |
Lakemba | $435,314 | 12.4 |
Wiley Park | $439,000 | 14.3 |
Punchbowl | $495,749 | 15.6 |
Regents Park | $481,749 | 16.0 |
Guildford | $484,938 | 17.4 |
Melbourne
Suburb | Median value | Kilometres from CBD |
Melbourne | $487,071 | 0.0 |
Carlton | $406,579 | 1.4 |
Flemington | $394,625 | 3.8 |
Kensington | $489,413 | 3.9 |
Travancore | $403,749 | 4.0 |
Brisbane
Suburb | Median value | Kilometres from CBD |
Brisbane City | $473,101 | 0.0 |
Spring Hill | $405,351 | 0.6 |
South Brisbane | $467,662 | 0.7 |
Kangaroo Point | $487,604 | 0.8 |
Fortitude Valley | $396,391 | 0.8 |
Adelaide
Suburb | Median value | Kilometres from CBD |
Adelaide | $420,871 | 0.0 |
Kent Town | $444,757 | 0.2 |
Lightsview | $360,304 | 0.8 |
Gilberton | $475,326 | 0.9 |
Trinity Gardens | $395,343 | 0.9 |
Perth
Suburb | Median value | Kilometres from CBD |
Perth | $419,148 | 0.0 |
Northbridge | $439,407 | 0.9 |
West Perth | $425,270 | 1.5 |
East Perth | $445,251 | 1.5 |
Highgate | $332,451 | 1.8 |
Hobart
Suburb | Median value | Kilometres from CBD |
West Hobart | $472,055 | 1.5 |
North Hobart | $453,070 | 1.6 |
Dynnyrne | $378,976 | 2.2 |
Mount Stuart | $348,694 | 2.4 |
South Hobart | $375,052 | 2.8 |
Darwin
Suburb | Median value | Kilometres from CBD |
Darwin City | $423,989 | 0.0 |
The Gardens | $422,001 | 1.3 |
Larrakeyah | $470,331 | 1.5 |
Stuart Park | $427,098 | 1.5 |
Woolner | $443,406 | 2.9 |
Canberra
Suburb | Median value | Kilometres from CBD |
Dickson | $416,393 | 0.6 |
Braddon | $449,901 | 0.9 |
Reid | $449,927 | 0.9 |
O’Connor | $456,499 | 2.2 |
Downer | $393,709 | 3.3 |
Disclaimer
This article is over two years old, last updated on May 30, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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