Property market update: Melbourne, July 2022
Melbourne continued its downward spiral in July, as the property values in the city recorded deeper declines during the ...
New analysis has found which of Australia’s major city regions contain affordable property, and which are the most expensive.
Detailed in CoreLogic’s latest Property Pulse report, CoreLogic research analyst Cameron Kusher has identified which capital city regions contain the cheapest and most expensive properties.
According to Mr Kusher, the property located closest to a capital city’s centre “typically have much more expensive housing costs than the broad capital city median”.
“Although it is clichéd; location, location, location holds true and purchasers still pay a significant premium for well-located properties,” he said.
In his research, Mr Kusher analysed various popular capital city areas across the country and compared them to the five largest capital cities.
Sydney’s median dwelling value as of October 2018 was at $833,876. For finding an affordable property in a major city area, the Property Pulse noted this would be further away from Sydney, with the closer capital city regions being more expensive.
The most affordable major city area was Outer South West at $602,246, while the most expensive is the Northern Beaches area, at $1,383,461.
Melbourne’s median dwelling value was recorded at $665,044. The most expensive areas were the Outer East at $745,094, Inner South at $901,581 and Inner East at $1,127,558, while the rest of Melbourne’s areas were all below the capital city median, with West Melbourne being the most affordable at $578,992.
Brisbane’s median dwelling value was recorded at $491,925. The majority of Brisbane’s regions are currently more expensive than the overall median with six, with the most expensive being West Brisbane at $659,554. Out of the three regions with a more affordable median value, the most affordable is Ipswich at $350,511.
Adelaide’s median dwelling value was recorded at $431,554, which is considered to be the most affordable capital city according to CoreLogic.
However, despite this, there is only one capital city region below the Adelaide median, being North Adelaide with a median of $349,764.
Out of the other three areas, West Adelaide is considered the most expensive, with a median value of $491,088.
The median dwelling value of Perth was recorded at $451,148. Most of Perth’s regions are more affordable than the overall median, with Mandurah being the most affordable at $356,207. Inner Perth is by far the most expensive, at $787,190.
As Hobart has no capital city regions big enough to include in CoreLogic’s analysis, Mr Kusher has included the major regions of Tasmania as a whole. In doing so, the Hobart median dwelling price is currently $445,655, and the other regions of the state, the West and North West region, the South East region and Launceston and the North East region, are all more affordable than the capital city median.
Of these three regions, the most affordable is the West and North West region, which has a median value of $249,537. Launceston and the North East region is next at $305,186, and then the South East region has a value of $327,305.
The Northern Territory consists of two regions big enough to be statistically relevant for the Property Pulse analysis: Darwin and the Northern Territory Outback. Looking at these two regions, Darwin is considered to be the most expensive for the territory at a median value of $433,818, while the Northern Territory Outback is the most affordable at a median value of $364,524.
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.