The 63 capital city suburbs where apartments are selling for less than $500,000

Buyers hoping to crack the property market for cheap have access to 63 suburbs across Australia with a median unit price of $500,000 or less within 10 kilometres of a city centre, according to new analysis.

The recently released Domain House Price Report shows the long list of affordable suburbs spreads across most of the major capital cities but excludes Sydney and Hobart.

Osborne Park in Perth is the most affordable, with a median unit price of $266,500 just six kilometres from the CBD. It’s followed by Glendalough, five kilometres from Perth’s city centre, with a median price of $267,5000.

“You can find one or two bedrooms [apartments in Osborne Park with $500,000],” says Perth real estate agent Sam Bevan of Realmark Coastal.

“A lot of people think of Osborne Park and they think it as a business area, factories, commercial area, but they don’t appreciate that there is a large part of the suburb which is residential.”

Bevan says there is a lot of buyer activity in Osborne Park from first-home buyers who can’t find rentals and are deciding to jump into the property market early.

SOLD - $202,000

4/69 Main Street, Osborne Park WA 6017

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Melbourne also has a handful of suburbs where units are under $500,000, with Carlton (median price $345,000), Travancore ($358,500), West Footscray ($362,500) and Flemington ($375,000) all sitting less than 10 kilometres from the CBD.

Agent Gianni Fazzari of Belle Property Carlton says finding a good-sized apartment for less than $500,000 is easier than some buyers think.

“There are areas within Carlton where you can potentially find a two-bedroom [apartment]. They are in the high-density apartment blocks such as the one on Bouverie street,” he says.

Fazzari says the Carlton market is currently attracting first-home buyers wanting to live close to the CBD, local universities and the famous Melbourne coffee culture. 

SOLD - $395,000

1407/28 Bouverie Street, Carlton VIC 3053

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The most affordable places to buy a unit within 10 kilometres of Adelaide’s CBD include Plympton, with a median price of $352,500, followed by Tonsley at $383,500 and St Clair at $410,000.

Plympton real estate agent Alex Lefty of Century 21 Central says he’s seen a mix of first-home buyers and downsizers buying in Plympton as people take advantage of the affordable prices. 

He says that with a budget of $500,000, finding a two-bedroom unit with an allocated car space is possible.

SOLD - $280,000

8/4 Birchmore Close, Plympton SA 5038

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And while Brisbane apartments may have reached new price highs, it’s still possible to find something below $500,000.

Fortitude Valley’s median unit price is just $430,000, even though it’s just a kilometre from the city centre. It’s followed by Bowen Hills at $436,000 (three kilometres from CBD) and Northgate at $471,000 (nine kilometres).

In Fortitude Valley, potential buyers can find affordable one to two-bedroom units without significant issues, says local agent Michael Kafantaris of Place Estate Agents New Farm. He’s seen many first-home buyers take advantage of the low apartment prices.

Kafantaris says the short distance from the city is one of the key features why people are attracted to the suburb.

“Lifestyle is the other; being around the James Street precinct is definitely exciting for them.”

SOLD - $667,500

1609/25 Connor Street, Fortitude Valley QLD 4006

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