Where to find a home under $600,000 less than 10km from the CBD

House hunters looking to buy a house within 10 kilometres of the CBD for less than $600,000 will have the most luck in Adelaide, Brisbane, Hobart and Perth.

That’s according to new Domain Group research revealing the most affordable suburbs within a 10, 20 and 30-kilometre radius of each capital’s centre, based on sales data for the 12 months to March.

Domain research analyst Eliza Owen said buyers searching for a home for under $600,000 in Melbourne would have to extend their search to a 20-kilometre radius of the CBD.

Sydney property prices meant buyers would have to travel further still – 30 to 40 kilometres from the city centre – to purchase a house in the same price bracket.

“This data set highlights the differences to commute times and conveniences in each capital,” Owen said.

“It is important for setting expectations … it may be realistic to live close to the CBD in one capital, but not in another. Buyers need to weigh up the trade-offs of location versus lifestyle wherever they are house-hunting.”

Across the country, the cheapest suburbs within 10 kilometres of the CBD were Hobart’s Risdon Vale with a median price of $270,000, and Westminster in Perth where the median is $356,000.

Melbourne and Sydney’s cheapest prices were far higher, with a median of $723,750 recorded in Maidstone in Melbourne’s west, and a smidge over $1.2 million in the south-eastern suburb of Botany, which borders Sydney Airport.

Median unit prices within 10 kilometres of the CBD were lowest in Perth, where buyers could purchase an apartment in the leafy western suburb of Wembley for $247,500. Medians rose to $317,500 in Adelaide’s Glenelg North, $347,500 in Melbourne’s Travancore, $350,000 in Brisbane’s Moorooka and $355,000 for Bruce in the ACT.

In Sydney, securing a unit within 10 kilometres of the CBD would cost buyers $617,500 in the suburb of Hillsdale.

Sydney

In the harbour city, Owen said the most affordable houses close to the CBD clocked in at well over $1 million and, even then, there were compromises for buyers to consider.

“Many of these western suburbs, like Petersham, Leichhardt and Marrickville, are cheaper options when compared to similar suburbs in the east and north, because they are subject to excess flight noise,” Owen said.

The inner west also had cheaper options for unit buyers with Newtown and Ashfield recording medians of $650,000 and $670,000 respectively.

Between 10 and 20 kilometres from the CBD, suburbs within the City of Canterbury Bankstown to Sydney’s south-west had the most competitive prices.

Unit medians were lowest in Lakemba ($409,000) and Punchbowl ($440,000), while Bass Hill, Chester Hill and Yagoona were best bet for houses, recording medians in the low $800,000s.

For buyers looking within a 30-kilometre radius of the CBD, Sydney’s west and south-west proved cheapest. In Cabramatta, the unit median was $415,000, while buyers could expect to pay $645,000 for a house in Lalor Park.

Melbourne

Melbourne’s gentrifying, industrial inner west was home to the cheapest property less than 10 kilometres from the CBD.

Travancore ($350,000), West Footscray ($387,000) and Footscray ($405,000) were the suburbs to target for units. These suburbs also had the cheapest houses, along with neighbouring Maidstone, Maribyrnong and Flemington, with median prices ranging from $723,750 to $880,000.

The data suggested the best bang for one’s buck within 20 kilometres of the city could be found in Bundoora and St Albans, where unit prices ranged from high $300,000s to low $400,000s. Suburbs to the north had the cheapest houses, with Glenroy ($476,500), Dallas ($477,250) and Meadow Heights ($515,000) topping the list.

Further still, home buyers could purchase a unit in Dandenong, 27 kilometres south-east of the city, for $300,000, or a house in nearby Doveton for $523,000.

Owen said suburbs located 30 to 40 kilometres from Melbourne’s CBD – Wyndham Vale, Melton and Carrum Downs, among others – were cheapest due to their traditional suburban housing stock, compared to larger, tree change properties in other outer locales that attracted higher prices.

Canberra

In the nation’s capital, the cheapest suburbs for units less than 10 kilometres from the CBD were Bruce ($355,000) and Belconnen ($367,000), both north-west of the city.

The cheapest place to buy a house close to the city was Evatt, with a median of $595,000, followed by Palmerston ($630,000) to the north and the south-west suburb of Holder ($670,000).

In contrast to some states, Owen said unit prices had risen as buyers travelled further from the centre, which reflected more picturesque suburbs and newer development stock 10 to 20 kilometres from the city.

For houses, the most affordable suburbs were Ngunnawal, Macgregor, Holt and Isabella Plains with median prices ranging from $518,125 to $558,000.

Hobart

Despite the median buy-in for Hobart houses surging 7 per cent in the year to March 2019, suburbs such as Glenorchy, West Moonah and Moonah were offering houses for below $500,000.

“While these suburbs have more industrial sites and are further from the picturesque, gentrified areas of Battery Point and Sandy Bay, they still offer remarkable proximity to the Hobart CBD and the waterfront, as well as quality established housing relative to what other capital cities can offer for this price point,” Owen said.

Further from the CBD, the cheapest suburbs include areas of Sorrell, Glenorchy and Brighton, with the lowest house median recorded in Bridgewater at $240,000. “These regions offer low price points as they are farther from the CBD, but provide larger blocks of land, and panoramic views of the mountains,” Owen added.

Brisbane

In the sunshine state, the western suburb of Moorooka recorded the lowest unit median at $350,000, followed by Bowen Hills in the north ($368,000).

Owen said while well connected, with two train stations, and situated just three kilometres from the CBD, Bowen Hills’ industrial feel could explain its cheaper price tag.

The city’s inner northern suburbs took out the top five cheapest spots for house sales – Keperra, Chermside, Chermside West, Everton Park and Stafford Heights, with medians ranging from $530,000 to $600,000.

Buyers could expect to pay a median of $325,000 for a unit in the northern suburb of Zillmere, or $365,000 to the west in Runcorn, when searching further from the CBD. The west was also the cheapest region when shopping for a house, with Inala ($365,000) and Acacia Ridge ($400,000) recording the lowest medians.

Perth

Property prices in Perth have been in steady decline in the aftermath of the mining boom, with the median house price sitting 14 per cent below its 2014 peak. Unit prices are also down 17.5 per cent. Owen says the flip side is that Perth now offers some good opportunities for buyers.

“Wembley has some dated unit stock which may account for its lower pricing,” Owen added, “but ultimately the Perth property downturn has placed it, Maylands and Rivervale as the lowest median unit suburbs within 10 kilometres of a capital city CBD.”

Travelling further out, units in Scarborough and Fremantle fetched the lowest prices – $402,500 and $435,000 respectively. Houses in the suburb of Gosnells in the city’s south-east held a median of $299,250, while 11 kilometres to the north in Balga the median was $309,000.

Adelaide

Buyers could secure a unit in the inner Adelaide suburbs of Glenelg North, Lightsview and Marsden for under $350,000. Mansfield Park, St Clair, Enfield and Northfield were the best bet for house hunters, with median prices ranging from $405,500 to $430,000.

Just 13 kilometres north of the CBD, Mawson Lakes had a median unit price of $263,000. Continuing north, the suburbs of Salisbury, Salisbury East and Paralowie recorded house price medians of $315,000 and below.

Those looking to buy further out could snap up a house in Elizabeth Downs or Davoren Park, some 26 kilometres from the CBD, for under $200,000.