Where to look for the most affordable homes in Canberra

As the cost of living and interest rates continue to rise coupled with the ACT recording the second highest median price for both a house and unit in all capital cities, buyers are stretched to find an affordable property to purchase.

According to the latest Domain House Price Report, Canberra’s median house price reached $1,154,535 over the June quarter. Meanwhile, the median unit price reached $599,735 over the same period.

While all but two Canberra regions had a median house price of more than $1 million, there are still some Canberra suburbs where house prices are more affordable. 

The suburb of Dunlop in the Belconnen region achieved a median house price of $855,849, making it the tenth most affordable suburb in Canberra in which to purchase a home, sitting well below Canberra’s median. 

With affordable options on both sides of Canberra, the southside suburb of Chisholm also recorded a median house price below Canberra’s median at $840,000 and came in the ninth spot. 

Andrew Thorpe of Solely Properties said there are multiple benefits, along with affordability, in moving to Chisholm. 

“The suburb has great access to the Monaro Highway … it is very easy to get onto it and straight up to the city, Fyshwick, or even down south to Cooma,” he said. 

“It also has great infrastructure with the Chisholm Village Shopping Centre and a junior and senior school too.”

Chisholm’s neighbouring southside suburb of Theodore followed just behind it, with a median house price of $837,500.

Back into the northside, the Gungahlin suburb of Taylor had the seventh most affordable median house price at $827,500. 

At number six was Macgregor in the Belconnen region with a median price of $820,000. 

Macgregor’s mixture of older homes and new homes contributes to its affordable price tag, said Steve Lowe of Agent Team Canberra. 

“There is a unique mix of old Macgregor and new Macgregor … there are homes built in the 1980s on larger blocks and are now quite outdated homes, and then there are more compact 300-square-metre blocks,” he said. 

“The new builds are designed to make the suburb an entry-level area … it’s desirable due to the combination of modern and small homes.”

The suburb of Holt, also in the Belconnen region, follows Macgregor in fifth place with a median price of exactly $800,000.  

Back in the southside in the Tuggeranong region is Richardson at number four with a median house price of $795,000; followed by the Gungahlin suburb of Ngunnawal with a median price of $790,500.

The second most affordable suburb in which to purchase a home in Canberra is the far south suburb of Banks in Tuggeranong, measuring a median house price of $770,250. 

Despite being Canberra’s southern-most suburb, Banks is one of the most beautiful suburbs in Canberra, Thorpe said. 

“There are some of the best views of the Brindabellas down there, especially if you are in some of the more elevated streets,” he said. 

“Coming down to infrastructure, even though it is a bit further south, it is well catered for with the Lanyon Marketplace and schools too.

“People move down there because of its affordability, and they end up staying for good.” 

And finally, the suburb with the most affordable homes in Canberra is Charnwood in Belconnen. 

Significantly below Canberra’s median house price, Charnwood’s was just $719,500. 

Canberran’s know Charnwood for its negative stereotypes, but there is great value in the suburb, Lowe said.

“People looking for value have been drawn to Charnwood, and there is definitely good value for money on a per-square-metre basis for land,” he said. 

“It’s always been a stereotyped suburb, and that stigma has kept property prices low.

“If you look past that stigma, Charnwood is a great option that also offers great value.”