9 suburbs within 10 km of the CBD where homes are getting cheaper in 2025

Some of Australia’s most desirable suburbs have fallen in price over the past 12 months, creating a window of opportunity for buyers hoping to either crack the housing market or upgrade in 2025.

Nationally, the property market weakened over 2024, recording substantially lower rates of growth, even slipping in capital cities like Melbourne and Canberra and, in the latter half of the year, Sydney.

Analysis from Domain found more than 150 suburbs within 10 kilometres of capital city CBDs where house prices are more affordable now than last year. Domain has picked out nine across Australia based on popularity and price drop.

Neutral Bay median house prices

In Sydney’s Neutral Bay, houses are cheaper than they were 12 to 18 months ago, says local agent Adam Vernon of Vernon Partners.

The suburb’s median house price is $2.41 million and has dropped 14.5 per cent annually.

Auction Guide $1,850,000

7/94 Kurraba Road, Neutral Bay NSW 2089

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“You’ll find most of the price drop would have come up towards the end of the year in the last four or five months. We are noticing that by the time we got to October, November, December, a lot of buyers – younger buyers – have just retreated from the market,” says Vernon.

A major issue younger buyers face is the higher interest rates, says Vernon, so they can’t borrow as much money, so they’ve begun offering less for properties.

“The market sees them as overpriced, so they sit there until the owners are willing to reduce the price,” he says.

However, the tides are changing, and Vernon expects the prices will go back up.

“Last Saturday, I had two open homes. We were packed. It was predominantly younger buyers, and I think there is optimism amongst younger buyers now that interest rates will come down, and some of them are trying to get in early. They want to secure a property now because once rates come down, they know there’ll be a lot more competition.”

Yeronga median house prices

Property prices in Yeronga have declined despite Brisbane’s median house price reaching $1 million. In the past 12 months, Yeronga’s median house price has slipped by 18.8 per cent to $1.3 million.

“We’ve got flood-impacted stock in the suburb, which will be at a cheaper price,” says local agent Jane Elvin of LJ Hooker Annerley Yeronga Salisbury.

While a large percentage of the Yeronga market is flood-free, the areas prone to flooding tend to have properties that sell below the median price, which lowers the suburb’s general median, says Elvin.

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46 Orient Road, Yeronga QLD 4104

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Another factor that has pushed the median price down is the type of properties sold in the past 12 months, she says.

“We haven’t had as much of the family home selling or the riverfront. So, obviously, when they’re selling up at that 4 or 5 million, 6 million [dollars], it’s pulling up that price point.”

Despite this, stock continues to be limited, and Elvin suggests buying straight away “if you see something you like”.

Clifton Hill median house prices

In Melbourne, Clifton Hill houses have a median price of $1.43 million, which is 14.2 per cent less than this time in 2024.

“There’s been fairly low activity … the offerings are low.” says local agent Nick Walker of RT Edgar Boroondara.

“There’s a range of homes that are ready for improvement, and many of the properties that have been offered to market have needed improvement, and the market just hasn’t favoured unrenovated properties.

$1,680,000 - $1,840,000

49 Ramsden Street, Clifton Hill VIC 3068

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“There is a handful of properties on the market now that are very well presented, and I think there are very good opportunities within Clifton Hill to purchase right now.”

Right now, Clifton Hill is cheaper than 12 months ago and even more affordable than what prices were in 2022, says Walker.

Stuart Park median house prices

In the Northern Territory, the suburb of Stuart Park now has a median house price of $650,000 after a 15.4 per cent price slip.

The median price decrease is attributed to fewer sales in the suburb, as there are fewer listings available than before, says real estate agent Michelle Gunawardena of Real Estate Central NT.

“Generally, all suburbs in Darwin have been performing really well with the investor interest [over] the past two to three months,” she says.

$699,000

8 Guy Court, Stuart Park NT 0820

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Another issue Stuart Park faces is buyers coming with lower offers than sellers are seeking.

“At the moment all the buyers are [offering] between like the $500,000 to $600,000 price range, and it’s a bit hard to meet that price in Stuart Park, given the location,” says Gunawardena.

Churchlands median house price

Churchlands in Perth faces a similar problem. The number of sales has decreased, which has lowered the median house price, says local agent Ian Fatharly of Xceed Real Estate.

The suburb’s median house price is $1.36 million, but prices have fallen by 4.9 per cent in the past year.

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11 Red Wattle Place, Churchlands WA 6018

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“Churchlands also doesn’t have a lot of newly built homes. Most of Churchlands is relatively established. It hasn’t had many brand new or developed. So, you also don’t have those new, bigger brand new homes coming to the market [that push the median price up],” says Fatharly.

He says that fewer high-value homes have transacted in the past year compared to previous years, which is reflected in the current median price.