Posted on: 23 March 2016Share
When it comes to affordable properties, which Australian suburbs provide you with more bang for your buck? Property analytics and services provider CoreLogic crunched the numbers and delved into data sets and revealed the cheapest suburbs in Australia's eight state and territory capitals — Sydney, Melbourne, Brisbane, Adelaide, Perth, Hobart, Darwin and Canberra — located within 10 kilometres of each city's central business district. Here are four affordable suburbs that you need to check out.
1. Turrella, Sydney
Property prices are at a premium in Sydney, with the metropolis named the second least affordable city in the world according to the 2016 Demographia International Housing Affordability Survey. However, there are still pockets of Sydney that have homes with a small price tag. Turrella was ranked the most affordable suburb for houses in Australia's largest city by CoreLogic, with a median house value of $839,676. Located on the southern bank of Wolli Creek, Turrella is a residential area that dates back to the 1840s. Today, the M5 South Western Motorway, which runs close to the community, provides access to nearby suburbs Liverpool and Beverly Hills. Turrella's railway station connects locals to terminal one at Sydney Kingsford Smith Airport.
2. Page, Canberra
The cheapest houses in the nation's capital are found in Page, according to CoreLogic's research, where the median house value is $462,193. Situated in the heart of Canberra's Belconnen district, the community is named after former Prime Minister Sir Earle Page, while street names here are titled after famous Australian scientists. The suburb's proximity to Canberra's city centre makes it popular with commuters who want a home with a low mortgage rate.
3. Malak, Darwin
The median house value is $569,477 in the Darwin suburb of Malak. This residential area has community facilities and parkland, with most properties built during the 1970s and 1980s. There are three schools in the suburb, and the community is home to the Australian Red Cross' Northern Territory headquarters, a major employer in the area.
4. Clarendon Vale
Clarendon Vale in Hobart has the cheapest houses in the country, according to CoreLogic. Here, the median house value is $156,078. In the 1970s, Clarendon Value was a public housing area; however, much of the property stock has since been purchased by private owners. A wealth of new homes have also been constructed in the area in recent years. With speedy access to Hobart's central business district, the area is popular with commuters who can't afford property prices in other parts of Tasmania's capital.
For more information about affordable housing prices, talk to a company like Calibre Real Estate.