‘The next best thing’: Get more bang for your buck with Canberra’s 'bridesmaid' suburbs

A number of ‘bridesmaid’ suburbs that offer almost the same value as Canberra’s most popular areas at a more affordable cost have been revealed by Domain data.

The most recent Domain House Price Report showed all but two Canberra regions’ median house prices dropped over the quarter. However, of these regions, the majority measured over $1 million, excluding Tuggeranong, Belconnen and Gungahlin. 

But don’t let this deter you; here is a selection of ‘bridesmaid’ suburbs that offer more bang for your buck:

The expensive suburb: Yarralumla

The affordable option: Narrabundah

Located in the Inner South are the suburbs of Yarralumla and Narrabundah, which, despite being close to each other, have a significant gap between their median house prices. 

Yarralumla’s median measured $2.365 million in the July-September quarter, while Narrabundah’s was $1.335 million – a difference of $1.03 million. 

Despite this, the drawcards that make Yarralumla a popular suburb also exist around Narrabundah, says Leanne Palmer of Belle Property Canberra. 

“These suburbs are ever-changing, and there is a lot of popularity coming with the possibility of knockdown rebuilds, and there are already a lot of new homes appearing, which has been a trend for a while now,” she said. 

“There is an ability to find a family home with all the things that families are looking for, with walking tracks, cycling paths and schools nearby.

“It is still good in terms of proximity, particularly for the city and the airport – and the major shopping centres aren’t too fair either.” 

The expensive suburb: O’Connor

The affordable option: Watson

The Inner North has become an increasingly popular location, and as house prices skyrocket in O’Connor, many buyers are turning to suburbs like Watson. 

Watson’s median house price was $1,192,500 million over the last quarter, which is $557,500 less than O’Connor’s $1.75 million. 

Robert Peaker of Blackshaw Tuggeranong said despite Watson’s median sitting over $1 million, there was still an opportunity to score a house for below that value.

Watson is also close to all the amenities which make O’Connor appealing, he added. 

“There has been an increase in buyer attention towards Watson over the quarter due to its relative affordability … it’s the next best thing following suburbs like O’Connor and Hackett,” he said. 

“Living in Watson is still obviously an inner-city location, but you often don’t even have to spend more than $1 million on a great house.” 

Alongside the most affordable alternative of Watson is the suburb of Downer, with a median house price of $1.36 million – $390,000 less than O’Connor. 

The expensive suburb: Curtin 

The affordable option: Weston

The Weston Creek region has become increasingly popular due to the price hikes in suburbs like Curtin in the Woden Valley, said Rick Meir of Hayman Partners. 

Curtin’s median house price came in at $1.472 million over the last quarter, while the Weston Creek suburbs of Weston and Fisher measured medians of $1.1 million and $1.075 million, respectively.

Meir said many of his recent sales in Weston specifically had been from buyers who were initially looking at the Woden Valley suburbs but were priced out. 

“These buyers didn’t initially think about Weston as an option, but they saw … just crossing over the hill as a very cost-effective alternative,” he said.

“They have, as a result, got a lot more bang for their buck, without having to sacrifice anything with regard to location.

“Weston as a suburb is a very central location … and pretty much everything you need is nearby, including Cooleman Court, and there is easy access to the major town centres.”