Australia's Most Affordable Suburbs

May 18th, 2015

Adelaide is the second cheapest option, with the suburb of Dry Creek having a median house price of just $244,847. While property under $300,000 does get snapped up fast this close to the Adelaide CBD, affordable options do become available for flexible and patient home buyers. Adelaide also enjoys the second lowest median price on a city-wide basis, with a 1.6 percent increase over the month to reach $456,640. ;

Rocklea in Brisbane is just 9km from the CBD, with a median house price of just $353,030. There are currently seven homes listed in Rocklea between $350,000 and $400,000, including a three-bedroom home for $375,000. The median home value in Brisbane for April was $505,780, up just 0.41 percent over the month but 2.54 percent over the year. Outside the bustling markets of Sydney and Melbourne, Brisbane has seen the biggest gains over the last 12 months. ;

The cheapest place to buy property within 10km of the Perth CBD is Osborne Park, with a median house value of $431,036. Median values in Perth are $617,580, up just 0.3 percent from a year ago. The most affordable location in Darwin is Malak, with median prices of $569,447. Median Darwin house prices are $523,170, with Darwin the only city to drop in value over the last year at -1.55 percent. Despite these affordable pockets, however, rising prices in Sydney and Melbourne continue to exclude many, with first-time buyers representing just 14.7 percent of demand for new home loans in Australia according to the Australian Bureau of Statistics. ;

The suburb of Bellfield is the most affordable place to buy property within 10km of the Melbourne CBD, with a median value of $582,573. The median house price in Melbourne is $712,160, with prices rising 6.94 percent over the last 12 months. The cheapest suburb within 10km of the Sydney CBD is Turrella with a median price of $839,676, very close to the median city-wide price of $877,000. Sydney has increased in value by a massive 14.46 percent over the year, outpacing the rest of the country by a long way. ;