This week 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

Sydney 

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.

Melbourne

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.

Brisbane 

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.

Adelaide

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.

Perth

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.

Hobart 

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.

Darwin

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.

Canberra

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.
 

Cameron Kusher
Senior Research Analyst, CoreLogic

Cameron specialises in primary and secondary data analysis, property market commentary and consultancy. Cameron has a thorough understanding of the fundamentals such as demographics, trends, economics and spatial analysis and is a regular keynote speaker for property-related groups, regulated industry bodies, corporations and the government sectors. 

Date posted: 31 May 2018