The cheapest suburbs to buy near Australia’s CBDs

Down in Melbourne, located 10 kilometres west of the city’s CBD, lies Maidstone, where houses fetch an average of $829,000 on the market, while Travancore, six kilometres from the Victorian capital’s hustle and bustle, is the cheapest unit market with a median asking price of $339,000.

Nicola Powell, chief of research and economics at Domain, explained that “realistically, rising interest rates and inflation has meant that city living is somewhat out of reach for many Australians. However, there are still some affordable options for buyers close to the city, especially if the buyers are willing to be flexible on their inner-city location and property type.”

As for what buyers desire, Domain national managing editor Alice Stolz outlined that it’s “generally, close proximity to public transportation, as well as key amenities like schools, cafes and shops, and leafy green spaces”.

Whether they “take a walk around, sit and have a coffee, head to the nearest park and visit the local shops”, she recommended buyers should spend time in their desired suburb before purchasing to “really get a sense of the area and its surroundings”.

Across the rest of the capital cities, Spring Hill, neighbouring Brisbane’s popular Fortitude Valley, offers an affordable entry into the unit market ($430,000) while also offering close proximity to the Queensland capital’s CBD (one kilometre). On the housing front, Hemmant’s median asking price of $770,500 offers buyers an option below the city’s median house price.

The cheapest house within 10 kilometres of Perth’s CBD can be found in Cannington, where vendors demand $400,000. As for units, Osborne Park’s $219,000 is the cheapest suburb in the West Australian capital, as well as throughout Australia.

St Clair is Adelaide’s cheapest housing market within close proximity to the city of churches’ CBD ($537,750), with units in Plympton ($285,000) offering the most affordable option for buyers looking to live close to the city centre.

In the lush region of Belconnen, 10 kilometres from Canberra’s CBD, lies Higgins, where the median house price is $867,500. While Bruce is the most inexpensive unit market near the national capital, located five kilometres from the CBD, with a median price of $421,125.

Finally, Berrimah is, by far and away, Darwin’s most affordable housing market. Located nine kilometres from the Northern Territory capital’s CBD, the median asking price in the area is $235,000. Parap, three kilometres from the city’s CBD, is the most economical unit market, with a median asking price of $400,000. 

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