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Affordable city units still exist

Nick Bendel avatar
Nick Bendel
- 3 min read
Affordable city units still exist

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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Product database updated 19 Mar, 2024

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