How close can you get to a CBD with $500k?
If you’ve got $500,000 burning a hole in your pocket, knowing where you can get the best bang for your buck is vital for investor success. Here’s where you can look across Australia’s capital cities for property close to a CBD for an affordable price.
Investors always want to buy low and sell high but, when trying to buy in a capital city, it can be tricky to do the former effectively. CoreLogic’s Property Pulse takes a look at capital cities across Australia and sees where investors can find relatively affordable property that could see high demand.
“Most capital cities have seen a significant decline in suburbs with a median value below $500,000 over recent years meaning that to access more affordable housing buyers have to move further away from the city centre,” said Cameron Kusher, CoreLogic research analyst.
Looking around the country, these are the Property Pulse’s picks for affordable property closest to a CBD:
Sydney
The most affordable suburb that’s closest to the CBD (and the most affordable suburb close to a CBD Australia-wide) is Bar Point, with a median house value of $379,776 and is 39.5 kilometres away from the CBD. There’s only one other affordable suburb under 50 kilometres; Spencer at a median house value of $391,163 and is 45.8 kilometres away from the Sydney CBD.
Melbourne
Victoria offers closer suburbs to the capital city CBD than NSW for under $500,000, with the most affordable being Dallas at a median house value of $447,221 and is 16.1 kilometres away from the CBD. Coolaroo is the other suburb located within 20 kilometres away from the CBD at 17.2 kilometres with a median house value of $475,440.
Brisbane
The closest affordable suburb to the Brisbane CBD is Rocklea with a median value of $419,922 and is 8.8 kilometres away from the CBD. Moving into the 10-kilometre range, more affordable options open up, such as Hemmant, at median value of $499,780 and is 10.3 kilometres away.
Adelaide
Hindmarsh is just 3.5 kilometres away from the Adelaide CBD and has a median house value of $436,500. The other top four affordable suburbs are all located within five kilometres from the CBD, the capital city with the closest affordable suburbs, so there are many close bargains to be found in Adelaide.
Perth
Perth’s top five affordable suburbs are all within 7.3 kilometres of its CBD, with Glendalough being the closest and most affordable at 5.1 kilometres away and has a median house value of $422,718.
Hobart
Montagu Bay is the closest affordable suburb to Hobart’s CBD at a distance of 3 kilometres away (the closest affordable suburb to a capital city CBD Australia-wide), and a median value of $438,110. While not as close as Adelaide’s top five close and affordable suburbs, Hobart’s own top five are all within 5.3 kilometres of the CBD, so there are many nearby, affordable locations to be found.
Darwin
Milner is the only affordable suburb located within 10 kilometres of the Darwin CBD, at a distance of 8.1 kilometres away with a median house value of $489,351. The rest of the top five affordable suburbs can be found within 15.2 kilometres of the CBD.
Canberra
Only one suburb can be found close to Canberra’s CBD for under $500,000, which is Charnwood with a median house value of $452,226 and is 12.2 kilometres away from the CBD, which highlights the level of unaffordability in the country’s capital.
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