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Affordable city units still exist

Affordable city units still exist

30 May, 2018 - 3 min read

Sydney is the only capital where it’s almost impossible to buy an apartment in the heart of the city for less than $500,000, new CoreLogic research has found.

Heading out from the centre of Sydney, the first suburb you come to where the median unit price is under $500,000 is Lakemba – which is 12.4 kilometres from the CBD.

The next four suburbs on CoreLogic’s list are Wiley Park, Punchbowl, Regents Park and Guildford (see below).

But residents of the other capitals – including Melbourne – can find suburbs in the heart of their city where the median unit price is under $500,000.

For a $500,000 property, anyone who wanted to take out a home loan with a loan-to-value (LVR) ratio of 80 per cent would need to save a deposit of $100,000 and borrow $400,000.

Sydney

Suburb	Median value	Kilometres from CBD
Lakemba	$435,314	12.4
Wiley Park	$439,000	14.3
Punchbowl	$495,749	15.6
Regents Park	$481,749	16.0
Guildford	$484,938	17.4

Melbourne

Suburb	Median value	Kilometres from CBD
Melbourne	$487,071	0.0
Carlton	$406,579	1.4
Flemington	$394,625	3.8
Kensington	$489,413	3.9
Travancore	$403,749	4.0

Brisbane

Suburb	Median value	Kilometres from CBD
Brisbane City	$473,101	0.0
Spring Hill	$405,351	0.6
South Brisbane	$467,662	0.7
Kangaroo Point	$487,604	0.8
Fortitude Valley	$396,391	0.8

Adelaide

Suburb	Median value	Kilometres from CBD
Adelaide	$420,871	0.0
Kent Town	$444,757	0.2
Lightsview	$360,304	0.8
Gilberton	$475,326	0.9
Trinity Gardens	$395,343	0.9

Perth

Suburb	Median value	Kilometres from CBD
Perth	$419,148	0.0
Northbridge	$439,407	0.9
West Perth	$425,270	1.5
East Perth	$445,251	1.5
Highgate	$332,451	1.8

Hobart

Suburb	Median value	Kilometres from CBD
West Hobart	$472,055	1.5
North Hobart	$453,070	1.6
Dynnyrne	$378,976	2.2
Mount Stuart	$348,694	2.4
South Hobart	$375,052	2.8

Darwin

Suburb	Median value	Kilometres from CBD
Darwin City	$423,989	0.0
The Gardens	$422,001	1.3
Larrakeyah	$470,331	1.5
Stuart Park	$427,098	1.5
Woolner	$443,406	2.9

Canberra

Suburb	Median value	Kilometres from CBD
Dickson	$416,393	0.6
Braddon	$449,901	0.9
Reid	$449,927	0.9
O’Connor	$456,499	2.2
Downer	$393,709	3.3

Disclaimer

This article is over two years old, last updated on May 30, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.

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This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

Nick Bendel

Property & Personal Finance Writer

A property and personal finance writer, Nick Bendel covered property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.