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A new snapshot of Australia’s property market reveals what it now costs to get in at entry level near our biggest cities.

Exclusive data from analysts at Cotality has revealed the suburbs within 10 kilometres of the major cities with the lowest entry-level prices – that is, the 25th percentile of values in the suburb.

In Sydney, the most affordable inner-city suburb to buy a house was Zetland, south of the CBD.

There, the 25th percentile value was $1.4 million – almost $350,000 cheaper than the median house in the same suburb.

The cheapest entry-level suburb for units was Ultimo, with Canterbury and Chippendale rounding out the top three.

In Melbourne, the entry-level price of a house in Maidstone was the lowest, sitting at around $768,000.

The lowest entry-level price for a Melbourne apartment was found in Carlton, with the 25th percentile of values at $290,000.

Darwin
Millner in Darwin was among the lowest price for an entry-level unit. (City of Darwin)

Rocklea ($673,000), Chermside (828,000) and Keperra ($914,000) had the most affordable entry-level houses in Brisbane.

For units, Spring Hill and Fortitude Valley had the lowest entry-level prices at $462,000 and $485,000 respectively.

Meanwhile, down in Adelaide, the most affordable suburb for entry-level houses was Lightsview ($700,000).

Adelaide’s most affordable inner-city suburb for apartments was Kurralta Park, with entry-level prices sitting around $431,000.

An entry-level home in Nollamara, Perth, could run you as little as $627,000, while the 25th percentile cost of a unit in Wembley was just $405,000.

Among major cities, unit prices were matched only by Lyons in Canberra, with prices at $347,000, and Darwin’s Millner, where an entry-level apartment was available for around $294,967.

An entry-level Hobart unit in Glenorchy was about $414,000, while a house in Hobart’s Risdon Vale was found for as little as $439,000.

In terms of affordability for homes, Darwin’s Coconut Grove was the most budget-friendly at $481,000, whereas in Canberra, Belconnen was the cheapest option for homes in the “inner city” area.

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