Where can you buy a home in the inner south for less than $1 million?

Canberra’s prestigious inner south is home to the territory’s most expensive homes.

From the ‘golden mile’ in Red Hill to the embassies of Yarralumla and the heritage homes of Forrest, Canberra’s inner south embodies a rich history with grand residences and generously sized parcels of land.

With Canberra’s ever increasing median house price in recent times, the inner south is almost exclusively home to million-dollar homes.

The median house price of the region is $1.361 million and out of the seven residential suburbs, six have a median price above $1 million.

So if you love the lifestyle, but not so much the price tag, what suburbs can you find a home for less than $1 million?

The answer is Narrabundah.

The large leafy suburb has a median price of $873,000, almost $367,000 less than Deakin’s median of $1.24 million and a stark contrast to Forrest – the most expensive suburb in Canberra – where you can expect to pay about $2.95 million for a home.

Peter Blackshaw Manuka sales agent Bree Currall is a specialist in the Narrabundah area. “The median house price is lower in Narrabundah due to the diverse range of housing and pricing options,” she said.

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There are two distinct areas in Narrabundah – established and upper.

Established or ‘old’ Narrabundah is the area to the east of Jerrabomberra Avenue. Homes in the established part are smaller and slightly older. Upper Narrabundah, located to the west of Jerrabomberra Avenue, is home to modern and architecturally designed elevated homes, with views across Canberra.

“The suburb has a variety of properties with a healthy mix of period homes and modern architecture,” said Currall.

Currall said there are even options for first homebuyers. “Of course, you can purchase a variety of apartments at entry level prices but you can even get a three-bedroom home starting in the $600,000 range,” she said.

Last year, the lowest sale price for a home in Narrabundah was $495,000 for a two-bedroom home at 38 Bungonia Street.

Three-bedroom homes at 56 Warramoo Crescent and 46 Nimbin Street sold for $600,000 and $635,000 respectively.

Luton Properties director Richard Luton is also a big fan of the suburb, boasting about the benefits of the area at the auction of 12 Euroka Place in November last year.

“If Sydney papers ring me and ask what is the best suburb to buy in Canberra, I always say Narrabundah,” he said.

At the same auction he also predicted the price of the inner south suburb would skyrocket.

“Narrabundah was the inner south’s best kept secret for many years but the secret is out now, so who knows what will happen in the future,” added Currall.

FOR SALE

​Narrabundah 

1 Sprent Street 

Mid $900,000s

3 bed, 2 bath, 1 parking 

Auction: Wednesday March 28, 5:30pm 

Agent: Capital Residential, Cory McPherson, 0418 266 698 

​Narrabundah 

52 McKinlay Street 

$920,000

3 bed, 1 bath 

Agent: Laurrie Scheele, Fleur Scheele, 0407 958 881 

RECENT SALES

Allhomes. Narrabundah. Inner South. Photo: Supplied

Narrabundah 

48 Euroka Street 

$737,000 

3 bed, 1 bath, 2 parking 

Agent: Peter Blackshaw Real Estate Manuka, Bree Currall & Jenna Dunley, 0410 633 247 & 0478 012 822 

Narrabundah 

106 Caley Crescent 

$885,000 

3 bed, 1 bath 

Agent: McGrath Estate Agents Dickson, Christopher Dickson & Alexandra Charley, 0414 819 377 & 0417 407 249