Purchasing within the inner city markets of Australia’s capital cities may seem like wishful thinking to many budding home buyers but a recent report has revealed the most affordable properties may not always be those furthest away from town.
According to a report released by RP Data on Thursday, affordable properties still exist within close proximity to CBDs.
“Buyers seeking an affordable detached home may not necessarily have to look in the outer fringes of the city; the range in house prices located similar distances from the city can be quite extraordinary,” RP Data’s Cameron Kusher said yesterday.
Furthermore, according to the data provider distance may not always mean a better price.
“It is surprising to see just how high some of the prices are in locations further away from the city centre where you would expect prices to be more affordable,” Mr Kusher said.
While some of the most affordable inner city prices may still be too dear for many first timers – take Sydney’s Sydneyham, the most affordable inner city market within 10km from the CBD with a still high median price of $558,500 – the report revealed there are indeed opportunities, like Melbourne’s Braybrook, located within 10km of the CBD, where the median price sits at $390,000.
Adelaide was found to have the most affordable inner city markets with 20.9 per cent of suburbs within 10km of the CBD offering houses below the city’s median price of $406,500.