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