If you’re dreaming of owning your own home, Australian property prices could have you feeling despondent at the moment. While housing affordability remains an issue for many Australians, particularly first-home buyers, it is still possible to find up-and-coming suburbs that boast affordable property prices. And you can still be within a 60-minute trip to the CBD.
Sydney
As Australia’s largest city, it’s no surprise that Sydney boasts the most expensive property prices. In March, the median house price reached a record high of $1,151,565, but according to data from property analytics company, CoreLogic, you can get a home in Ashcroft, 35km south-west of the Sydney CBD for almost half the price.
The median price in Ashcroft, which falls in the local government area of Liverpool, is currently $618,133. Recent sales in the area included a five-bedroom home that sold in March for $630,000. By comparison, a one-bedroom apartment in the inner-city suburb of Waterloo sold in April for $615,000.
In Ashcroft’s neighbouring suburbs of Heckenberg and Sadleir, the median price is similarly affordable at $619,835 and $623,826 respectively.
While road and rail connect these suburbs to the Sydney CBD, they are located within the city of Liverpool which is the major commercial centre of south-west Sydney, boasting major shopping centres, high rise offices as well as extensive community and sporting facilities, schools and technical colleges.
Melbourne
Melbourne also recorded a high median price in the March quarter, hitting $826,000 for the first time. However, in the township of Rockbank, 29km west of the Melbourne CBD, the median house price is $335,633, according to CoreLogic data – making it the most affordable suburb within 30km of the CBD. Rockbank boasts a train line into the city, as well as good bus connections, and the area is geared for a big transformation with plans by the state government to build a 752-hectare development that will include almost 8000 homes, a school and other community facilities.
Two other affordable suburbs within 60 minutes of the Melbourne centre are the neighbouring suburbs of Coolaroo and Dallas, which are 19km and 18km north of the CBD respectively.
The median price in Coolaroo is $353,113 and $354,458 in Dallas. Both suburbs attract young families and experienced strong growth in the 12 months to March 2017, with property prices rising 10.7% and 6.2% respectively.
You could also check out five in-demand suburbs across Victoria that were not so popular 25 years ago.
Brisbane
In Brisbane, where the median house price has reached $655,000, buyers can find bargains for less than half that price by venturing to Riverview, approximately 30km from the Brisbane CBD and 9km from the city of Ipswich, where the median price is a more affordable $242,969.
A three-bedroom house currently on the market in Riverview has an asking price of $247,000. By way of comparison, an inner city one-bedroom apartment without parking costs around $300,000 or more.
If you’re looking for your slice of paradise in Queensland, it’s also worth considering the state’s five up-and-coming suburbs that have started attracting the interest of buyers and investors alike.
Adelaide
The median price in Adelaide reached $452,000 in the March quarter, but in Elizabeth North – less than 29km north of the CBD – the median price is a much more affordable $181,379. Named after Queen Elizabeth II in 1955, Elizabeth North is connected to the Adelaide CBD by the Great North Road and Philip Highway, and is also serviced by public buses and a train line. The suburb also boasts the third-largest shopping centre in Adelaide, Elizabeth Shopping Centre.
In the same areas, the neighbouring suburbs of Smithfield Plains and Davoren Park have median prices of $182,254 and $183,360 respectively.
Perth
Property prices in Perth have fallen 7.3% since December 2014, according to data from the Domain Group, partly due to the slowdown in the resources sector. For buyers looking for an affordable entry into the market within 60 minutes from the CBD, the south-eastern suburb of Haynes is a good option with a median price of $271,207. Haynes is a relatively new suburb, first subdivided in 2008, and is 31km from the Perth CBD.
Camillo, 25km south east from the city centre, is another affordable option with a median price of $284,983, while the more established suburb of Armadale, 28km from the city centre, is not far behind with a median price of $303,578.
Hobart
Buyers in Hobart can snap up a home for less than $150,000 and still be close to the city centre. The suburb of Herdsmans Cove is less than half an hour’s drive from the CBD and boasts a median house price of $127,523, having dropped 7% in the year to March 2017. Directly next door on the eastern shore of the Derwent River, the suburb of Gagebrook has a median price of $146,915.
Both suburbs fall within the Brighton local government area and were originally formed as public housing estate suburbs in the 1970s.
Darwin
Property prices in Darwin have also dropped over the past year, but buyers looking for a bargain not too far from the city centre can look to Gray, 23km south east of the Darwin CBD, which boasts a median house price of $452,154. Nearby Woodroffe is similarly affordable with a median price of $468,540.
Both Gray and Woodroffe fall in the local government area of Palmerston, geographically situated between Darwin’s industrial outskirts and the rural areas of Howard Springs, offering residents an almost rural lifestyle.
While Australia’s reputation as one of the world’s most expensive places to buy a home – second only to Hong Kong – is not likely to expire anytime soon, for buyers willing to venture a little further there are pockets of affordability still to be found.
