Australia’s most affordable suburbs in which to buy a property, located within ten kilometres of a state or territory’s capital city’s central business district (CBD) have been revealed in a new study carried out by RP Data.
The cheapest capital city suburb in the whole of Australia, according to the study, is Clarendon Vale, located 9.5 kilometres from Hobart’s CBD, with the average price of a property in the Tasmanian suburb being just AUS$151,059.
However, the report gives a clear indication at just how much Australia’s average property prices differentiate from city to city.
Those looking to move close to the bright lights of Sydney’s famous CBD will likely need to part with in excess of AUS$600,000 in order to buy a home there, with the cheapest suburb being St Peter’s, located 5.7 kilometres away, where the average property price is AUS$645,681.
“While the suburbs listed may not be the most prestigious or highly sought after right now, they are potentially the hidden gems in the mix and shouldn’t be overlooked as they may offer great value in the future,” said Cameron Kusher, senior analyst at RP Data. “As you’d expect, house values in the inner-city areas are quite high. This is due to strong demand for houses in these regions and the fact that areas closer to the city typically have the best amenities and superior infrastructure,” he added.
In the other state and territory capitals, the most affordable suburbs in which to buy a property in were as follows:
– Perth (Western Australia): Cannington, located 9.9 kilometres from the CBD – AUS$413,295
– Melbourne (Victoria): Bellfield, located 9.5 kilometres from CBD – AUS$493,685
– Brisbane (Queensland): Rocklea, located 9.2 kilometres from CBD – AUS$298,796
– Adelaide (South Australia): Day Creek, located 9.9 kilometres from CBD – AUS$244,971
– Darwin (Northern Territory): Farrar, located 8.7 kilometres from CBD – AUS$514,344
– Canberra (Australian Capital Territory): Crace, located 8.7 kilometres from CBD – AUS$372,672