In this week’s Property Pulse we look at each capital city across the country and compare how close to the city you can get where houses typically cost under $500,000.
Finding a house close to the city centre for under $500,000 is becoming increasingly difficult. In this week’s Pulse we look at the five suburbs in each capital city that are closest to the city centre and have a median house value under $500,000. Obviously the options and distance from the city centre vary greatly across each of the individual capital cities.
Suburbs closest to a capital city GPO with a
median house value of less than $500,000
Bar Point is the suburb closest to the CBD with a median house value below $500,000. Sitting on the Central Coast as the crow flies it is 39.5km away from the CBD. There are only two suburbs within 50km of the CBD with a median house value below $500,000.
Dallas is the suburb closest to the Melbourne CBD with a median house value of less than $500,000. Located 16.1km from the CBD, the typical house costs less than $450,000. There are only two suburbs within 20km of the CBD with a median house values of less than $500,000.
Rocklea is the closest suburb to the city with a median house value below $500,000 and it is the only suburb below that price point within 10km of the CBD. Once you move more than 10km from the CBD there are many options under $500,000.
Hindmarsh is just 3.5km from the Adelaide CBD and has a median house value well below $500,000. The five suburbs listed are all less than 5km from the city centre which highlights the affordability of well-located housing in Adelaide relative to other capital cities.
Glendalough which is just over 5km from the Perth CBD is the closest suburb to the city centre with a median house value below $500,000. Relative to other cities there are quite a number of suburbs relatively close to the city centre with a median house value below $500,000.
Montagu Bay which is 3km from Hobart’s city centre is the closest suburb with a median house value of less than $500,000. Hobart remains the nation’s most affordable capital city housing market and, despite strong value growth recently, still has many suburbs with a median below $500,000 quite close to the city centre.
Millner (8.1km from the CBD) is the suburb of Darwin closest to the city centre with a median house value under $500,000. Millner is also the only suburb with a median house value within 10km of the city centre.
There is only one suburb in Canberra (Charnwood) that has a current median house value below $500,000. This highlights the lack of affordable options in Canberra despite the fact that it is one of the smallest capital cities.