Average house 5km from CBD costs more than $500k

RP Data has compiled a list of Australia’s most affordable suburbs by distance to CBDs for median house value and median unit value.

Of the affordable suburbs less than five kilometres from the CBD, Sydney’s Waterloo is the most expensive with its median house value at $607,000. Warrane in Hobart is the most affordable with its median house value at $231,267.

With the exception of Adelaide and Hobart, within five kilometres of the city centre the most affordable suburb’s ‘average’ home will cost more than $500,000.

Between 15 and 20 kilometers from the capital city centre the most affordable suburbs have a median house value below $300,000, with the exception of Sydney, Darwin and Canberra.

“Results show that if buyers chose to live close to the city centre the dominance of affordable units within a 20km radius may provide a viable and more affordable alternative, given that the cost of purchasing is often significantly lower than it is for a detached house,” RP Data analyst Cameron Kusher says.

The median unit value of the most affordable suburbs within five kilometres of the city centre is below $300,000, with the exception of Brisbane, Darwin and Canberra.

Of the affordable suburbs less than five kilometres from the CBD, Fannie Bay in Darwin is the most expensive – its median unit value is $412,848. The most affordable is New Town in Hobart, with a median unit value of $228,753.

Most affordable suburbs less than five kilometres from CBD - June 2012

Source: RP Data