A new report by RP Data has highlighted which suburbs within 10 kilometres of the CBD still offer the most affordable properties.
In Sydney, Wolli Creek took out top spot for houses, though the median remains a comparatively high $710,303.
Eastlakes was the city’s cheapest pick for units, at a median of $452,776.
Melbourne’s lowest prices were in Bellfield, with a median house price of $533,252, and Carlton, where the median unit price was just $279,872.
Perth was the only city where the cheapest suburb was the same for both houses and units – Glendalough came out as the most affordable option in both categories.
RP Data research analyst Cameron Kusher said house prices were rising in the inner-city as both owner-occupiers and investors sought to buy in these areas.
“In some cities such as in Sydney and Melbourne, the cost of housing is restrictive due to a high level of demand coupled with inherently low levels of supply,” he said.
“While units present as an alternative option, even units in certain cities have restrictive price points.”
Mr Kusher believes values close to the CBD are only likely to continue rising, potentially pushing up values in outer areas as well.
“This scenario creates good opportunity for other city areas – if buyers can’t afford to purchase a home within the inner city, they will most likely look to those locations that tick as many of the inner-city boxes, just at a lower price point than the inner city areas,” he said.
The full list is reproduced below.