Canberra’s property market has enjoyed a 3.4% rise in value in the past 12 months, but despite the higher prices, value buying is still possible – if you know where to look.

It’s no surprise that Canberra fails to score a spot in Aussie’s list of 20 most affordable suburbs in Australia. With a median property value of $595,000, Canberra is Australia’s third most expensive city for real estate, behind Sydney and Melbourne.

Across Canberra, only one suburb has a median house value below $400,000, and that distinction goes to the southern neighbourhood of Taylor, where the median house value is $364,270.

That’s not to say there aren’t other affordable suburbs. Five neighbourhoods – Belconnen, Phillip, Charnwood, Holt and Richardson, each have a median house value under $500,000.

Canberra apartments – plenty under-$400,000

The good news for buyers on a budget is that Canberra’s unit market dishes up a variety of affordable locations.

Among the top 20 cheapest suburbs in Canberra, 19 have a median unit value below $400,000 – the cheapest of which is Chifley, where it may be possible to pick up an apartment on a budget of less than $300,000.

For those who want to be close to Canberra Civic, there are 12 different suburbs within 10km of the city centre, where buyers can pocket change from $400,000 if choosing to purchase a unit.

To read the full Aussie/CoreLogic report click here. Or talk to your local Aussie Broker for expert advice on the home loan that’s right for you.