Where are Canberra's most affordable suburbs?

Those seeking an affordable home within easy reach of the centre of Canberra should turn their attention to Downer.

The inner north address has the lowest median price of all suburbs within five kilometres of the city.

Figures compiled by Domain chief economist Andrew Wilson on Thursday have revealed Canberra’s most affordable suburbs based on their distance to the city centre.

The data was compiled from the suburbs’ median house prices for the second half of 2015.

Downer, which is 4.5 kilometres from the city centre, had a median house price of $712,000.

Along with Dickson, Lyneham and Hackett, it was one of four suburbs within the five-kilometre radius with a median house price under $800,000.

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Median price: $712,000

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Distance from CBD: 4.5km

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Median price: $722,352

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Median price: $730,000

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Median price: $785,000

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Median price: $891,250

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Median price: $465,000

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Median price: $495,000

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Median price: $500,000

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Median price: $526,500

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Median price: $535,240

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Canberra’s median house was $652,269, according to the Domain December House Price Report, released earlier this year. However, to find a suburb at or below the median price, you need to venture out of the city’s inner ring.

“A truism is that [a city] starts from the inside and moves out,” Dr Wilson said.

“There’s often a higher level of infrastructure the closer in you get and it’s also closer to work opportunities and recreation.

“Older subdivisions have larger land sizes and lend themselves to prestige areas as well. As we go further out there’s an evolution of urban environments, so properties do get more affordable.”

Evatt earned the title of the most affordable suburb within 10 kilometres of the city with a median house price of $465,000.

The suburb was joined by its Belconnen neighbours of Page, Florey and Giralang, which were all less than 10 kilometres away from the city and priced under $540,000.

Canberra’s most affordable suburb was Charnwood, which is 13.2 kilometres from the CBD. The Belconnen suburb’s median house price was $414,000, closely followed by Banks with a median price of $415,000. The Tuggeranong suburb is 19.9 kilometres from the city centre.

Dr Wilson, who has compiled similar data for Australia’s other capital cities, said Canberra followed the national pattern of having cheaper properties situated away from the CBD. However, the price difference wasn’t as significant as it was for the larger cities.

“Canberra being a low-rise environment doesn’t have the same sort of spread that Melbourne and Sydney do,” Dr Wilson said.

“There’s still affordable properties within 10 kilometres of the CBD [and the prices] aren’t too much higher as you go out twice the distance.

“We see that in cities that have a rational plan about them and Canberra is certainly a city that has a rational plan. Even though we see that outward movement, it tends to be more constrained and moderate. We can see that from those notional middle ring and outer ring suburb – there’s not a lot of difference between them.”

Many of Canberra’s most affordable suburbs were situated in Belconnen, with Holt, Macgregor and Melba recording a median price in the mid $400,000s. These suburbs all fall within a 10- to 15-kilometre radius of the CBD.

The outer ring, which included suburbs within 15 to 20 kilometres from the CBD, was dominated by Tuggeranong neighbourhoods. Following Banks, the most affordable suburbs were Richardson, Theodore, Isabella Plains and Calwell, with prices ranging from $448,750 to $474,000.

Forrest, which is four kilometres from the city centre, holds the title of the most expensive suburb in Canberra with a median price of $1,900,930.

0-5 kilometres from the CBD

• Downer (4.5km): $712,000
• Dickson (3.6km): $722,352
• Lyneham (3.6km): $730,000
• Hackett (4.5km): $785,000
• O’Connor (2.3km): $891,250

5-10 kilometres from the CBD

• Evatt (9.8km): $465,000
• Page (9.1km): $495,000
• Palmerston (10km): $500,000
• Florey (9.8km): $526,500
• Giralang (8.7km): $535,240

10-15 kilometres from the CBD

• Charnwood (13.2km): $414,000
• Ngunnawal (12km): $435,000
• Holt (12.4km): $436,000
• Macgregor (13.2km): $457,650
• Melba (11km): $462,000

15-20 kilometres from the CBD

• Banks (19.9km): $415,000
• Richardson (16.2km): $448,750
• Theodore (18.4km): $471,000
• Isabella Plains (16.9km): $472,500
• Calwell (17km): $474,000