Where to buy an apartment in Canberra for less than $500,000

Canberrans saw the value of purchasing an apartment in 2023, with unit sales outpacing houses.

Domain’s End of Year Wrap 2023 report revealed units made up 51.1 per cent of all transactions in the territory, compared to houses at 45.1 per cent. 

For those priced out of buying a house, apartment living offers a doorway into the property market, with the promise of a convenient lifestyle close to amenities, such as shops, restaurants and public transport, often a strong drawcard.

According to the report, the median price for a unit in Canberra is $554,266, with Domain forecasting unit prices to rise 2 to 3 per cent throughout 2024.

So, where can you nab an apartment in Canberra for less than the median price? For first-home buyers or investors, here are a few options on the market right now.

Gungahlin

This ground-floor, one-bedroom apartment offers a contemporary neutral palette, with a north-facing courtyard. Perks include reverse cycle air conditioning, a basement car space and a position just opposite Le Bon Melange patisserie for your morning coffee and baked goods fix.

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Bruce

If it’s location you’re after, close to facilities such as the University of Canberra, Calvary Hospital, Belconnen Town Centre and main arterial roads, then this one-bedroom apartment with lift access in Bruce will be hard to beat. The unit offers an open-plan layout and a large balcony overlooking the leafy gardens below.

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Braddon

In the heart of Braddon, this contemporary one-bedroom apartment on the seventh floor enjoys an enviable inner-city lifestyle. The galley kitchen, featuring stone benchtops and stainless steel appliances, gives way to the living room where you can step outside to the covered al fresco balcony – complete with an in-built surround sound system.

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Coombs

This brand-new, two-bedroom apartment with a modern design is positioned close to playgrounds and Holden’s Creek Pond in Coombs. Features include double glazing, reverse cycle air conditioning, a 16-square-metre balcony, lift access and views to Stromlo Forest Park.

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