The capital-city suburbs where you can still buy units for under $500,000

The number of capital-city suburbs with a median unit price under $500,000 has shrunk to 80, with most clustered in Western Australia and Victoria, according to new Domain data.

The most affordable suburb in Australia for units is Osborne Park in Perth, with a median unit price of $341,000. This is followed by Notting Hill in Melbourne, with a median of $342,500.

Domain chief of research and economics Dr Nicola Powell says there is a link between the cheaper units and their distance from the city.

“What you might find in some cities is that affordability might be slightly further out,” she says.

However, Powell also notes buyer sentiment is shifting, and buyers are willing to compromise on the property type in order to live in desired locations.

“But I think as time has passed, we are seeing that buyers are much more open to swapping property types to get into the location where they want to live,” she says.

Domain has rounded up some of the best examples of units in capital city suburbs where the median unit price is under $500,000.

Units under $500,000 in Melbourne

In Melbourne, there are 22 suburbs with a median unit price under $500,000, with Notting Hill ( $342,500), Dandenong ($355,000), Travancore ($373,500) and West Footscray ($380,000) being the most affordable.

113 Keneally Street, Dandenong VIC 3175

SOLD - $465,888

113 Keneally Street, Dandenong VIC 3175

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This two-bedroom apartment combines open-plan living and dining areas with all the comforts of modern amenities. Located on the ground floor, this property has the benefit of street frontage for easy access, along with a rear courtyard that’s perfect for entertaining. The price range for this generously sized apartment is $440,000 to $480,000. 

107/699c Barkly Street, West Footscray VIC 3012

$370,000 - $400,000

107/699C Barkly Street, West Footscray VIC 3012

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Listed for under $400,000, this two-bedroom, two-bathroom unit with a car spot is excellent value in West Footscray. The median unit price here is $380,000, compared to Footscray’s $510,000. Located just 10 kilometres from the Melbourne CBD and a short distance from West Footscray station, this unit is ideal for those seeking a straightforward commute to and from one of Melbourne’s most prized pockets in the west.  

Units under $500,000 in Sydney

In Sydney, only 12 suburbs remain with a median unit price of less than $500,000, including   Lakemba ($445,000) and Wiley Park ($445,000), both within 13 kilometres of the CBD.

2/8 Willeroo Street, Lakemba NSW 2195

$445,000 to $465,000

2/8 Willeroo Street, Lakemba NSW 2195

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This two-bedroom apartment is part of a small red-brick block of eight units, and it’s perfect for first-time buyers looking to renovate an older home. The property is a few minutes from the Haldon Street shops and the Lakemba Metro station. While the unit leans on the older side, it offers two generous-sized rooms with large windows that invite plenty of natural light into the home. The price range for this Lakemba apartment is between $445,000 and $465,000.

3/88 Smart Street, Fairfield NSW 2165

$399000

3/88 Smart Street, Fairfield NSW 2165

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Listed for $399,000, this two-bedroom Fairfield apartment is within walking distance of Fairfield shops and just a 15-minute walk from the station. It is ideal for someone who wants to live on the second level and wants a home with no carpeted floors. The apartment also has a massive balcony, perfect for a barbecue or plenty of plants, and because it’s situated on a corner, every room has a window.

Units under $500,000 in Brisbane

In Greater Brisbane, the options are slim, with only two suburbs with a median unit price under $500,000 – Eagleby ($490,000) and Beenleigh ($417,500). 

75/155-163 Fryar Road, Eagleby QLD 4207

SOLD - $473,000

75/155-163 Fryar Road, Eagleby QLD 4207

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Located in the Acacia Waters complex, this two-bedroom apartment offers spacious bedrooms with mirrored built-in wardrobes. This property offers prospective buyers resort-style amenities, includinga communal pool and shared barbecue. The wraparound balcony is a standout feature of this unit,  and perfect for relaxing with your morning coffees. The unit is also within walking distance of Eagleby Shopping Centre, Eagle Tavern and the Eagleby South State School. 

1/24 Pine Avenue, Beenleigh QLD 4207

SOLD - $499,999

1/24 Pine Avenue, Beenleigh QLD 4207

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This single-storey unit has generous proportions that almost make it feel like a standalone house. The property comes with a private garage, courtyard, established gardens and full-sized laundry.  It has an open-plan living and dining area and a recently renovated kitchen.

Units under $500,000 in Perth

In Perth, those looking to buy an affordable unit should turn to Osborne Park ($341,000), Glendalough ($355,000), Wembley ($365,000) or Maylands ($372,500).

58/20 Ellerby Street, Glendalough WA 6016

Offers Closing 02/04/25

58/20 Ellerby Street, Glendalough WA 6016

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This recently renovated two-bedroom unit is on the first floor and offers the benefits of being within walking distance of Glendalough Open Space and Lake Monger Reserve. Located six kilometres from the Perth CBD and a short walk from Glendalough station, this apartment is perfect for working professionals looking for an easy commute into the city. Some stand-out features of the property is the open-plan kitchen and dining area, which makes entertaining guests easy, and the bathroom, which has two basins, ideal for couples or housemates who share the space.

6/72 East Street, Maylands WA 6051

Under Offer with Angie Taylor

6/72 East Street, Maylands WA 6051

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Located on the ground floor, this two-bedroom Maylands apartment is walking distance from some of the area’s best attractions, including the Swan River and Baigup Wetlands, and is close to Meltham station. It combines open-plan living with a modern kitchen, and is ideal for first-home buyers looking to live just a short train ride away from the Perth CBD.

Units under $500,000 in Adelaide

In Adelaide, home buyers can find affordable properties in four suburbs: Salisbury (median price $380,000), Plympton ($416,500), Mawson Lakes ($436,000) and Klemzig ($445,500).

34/44-48 Metro Parade, Mawson Lakes SA 5095

$460,000-$475,000

34/44-48 Metro Parade, Mawson Lakes SA 5095

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This top-floor apartment is priced between $465,000 and $475,000 and is a five-minute stroll from the Mawson Lakes station. It offers a beautiful open-plan kitchen and living area that leads to a large balcony that overlooks parklands. The large floor-to-ceiling balcony door doubles as a window, allowing plenty of natural light to pour into the apartment. Located just a few minutes away from the University of South Australia, this property is ideal for first-time buyers or professionals who work at the university.

12/29 Glen Street, Salisbury East SA 5109

$420,000-$450,000

12/29 Glen Street, Salisbury East SA 5109

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This generously sized two-storey unit has a price guide of $435,000 to $470,000. On the ground floor, the recently renovated kitchen is separate from the dining and living area, which is excellent for containing the cooking to a single space. The kitchen leads to a massive 25-square-metre courtyard and into a communal green space. On the upper floor, there are two bedrooms and a recently updated bathroom.

Units under $500,000 in Darwin

Darwin has five suburbs where apartments have a median price of less than $500,000. Home buyers should begin their search in Nightcliff ( $390,000), Stuart Park ($405,000), Darwin City ($415,000), Parap ($420,000) or Larrakeyah ($450,000).

9/80 Woods Street, Darwin City NT 0800

Under Contract

9/80 Woods Street, Darwin City NT 0800

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This inner-city apartment is in the heart of Darwin, and unlike most apartments, it offers three spacious bedrooms for $485,000. Located on the fourth floor, buyers can enjoy 170 square metres of space, making it perfect to raise a family in the city. The complex is also a short walk from the George Brown Botanical Gardens and Mindil Beach.

4/30C Duke Street, Stuart Park NT 0820

Price Guide $420,000

4/30C Duke Street, Stuart Park NT 0820

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Only five minutes from the heart of Darwin CBD, this city abode is a two-floor apartment that perfectly separates the living area and the bedrooms. However, a unique feature is its split: the bedrooms are on the ground floor, and the living, dining, and kitchen areas are on the first floor, offering a layout like no other. With a price guide of $420,000, this unit should not be overlooked.

Units under $500,000 in Canberra

In Australia’s capital, there are three suburbs with units for less than half a million: Greenway ( $472,500), Belconnen ($466,250) and Gungahlin ($460,000).

390/1 Anthony Rolfe Avenue, Gungahlin ACT 2912

$469,000+

390/1 Anthony Rolfe Avenue, Gungahlin ACT 2912

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This two-bedroom, two-bathroom apartment has views of the Brindabella Ranges and two balconies for sunset viewing. Beyond its stunning views, this property also has an open-plan kitchen and dining area that extends onto the balcony, and the primary bedroom has an en suite. Located in Gungahlin, this unit would suit Canberra professionals seeking an easy commute to Civic, Canbera’s city centre.  

225/12 Limburg Way, Greenway ACT 2900

$375,000+

225/12 Limburg Way, Greenway ACT 2900

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Situated on the second floor of the SQ1 complex, this one-bedroom apartment offers a modern, open-plan living space framed by floor-to-ceiling windows, which draw in endless natural light. It also provides an open-space study area, perfect for young professionals who want a working-from-home space without paying more for an extra bedroom. Listed with a price guide of $375,000, this unit is ideal for first-home buyers or investors looking to enter the property market.