Sydney maintains highest median price for houses and units
Sydney still holds the title of most expensive capital city, with prices nearly doubling those of Melbourne, which is the second-most expensive city in Australia.
A new PropTrack report said that on the other end of the spectrum, units in Perth are now the cheapest in the capital cities. The median unit sale price in the city is $250,000.
The PropTrack data has aimed to find the most affordable suburbs for homes and units within a 10-kilometre radius of the central business district (CBD) in four of the five largest capital cities.
PropTrack economist Angus Moore said that apartments would be where most of the best deals would be.
“A key thing that stands out in the data is that even the cheapest suburbs for houses in the inner-city are still expensive,” Mr Moore made clear.
Sydney’s “cheapest median” is still the most expensive in the country, well above the $1 million mark.
“That’s hardly a surprise. Land in the inner-ring suburbs is very scarce, and so detached houses are expensive as a result.”
That means buyers will have to look a little further from the centre of the city to find something “affordable”.
In the 12 months leading up to August, the average price of a house in Campsie was $1.4 million. It is about 10 kilometres south-west of the city centre.
Several vibrant inner-west suburbs, like St Peters, Newtown, and Erskineville, also made the top 10 list, but with a high price tag of over $1 million.
With a median sale price of $612,000, Croydon Park is the most affordable place in Sydney to buy a unit.
Braybrook has the cheapest houses in Melbourne’s inner ring, with a median price of $788,000. It’s almost half of what you would pay to be the same distance from Sydney’s CBD.
Good news: buyers can still get a unit near the centre of Melbourne for less than $400,000. In Travancore, the median price of an apartment was $342,000, and in Essendon North, it was $395,000.
The median price of a home was $800,000 in Brisbane, $600,000 in Adelaide, and between $400,000 and $550,000 in Perth.
Small capitals like Hobart, Darwin, and Canberra weren’t included because of their size and other market-related issues.
