Australia’s most affordable suburbs

8th May 2017By: John McGrath

This week the Federal Government delivers its much-anticipated Budget, which is expected to include an affordability package aimed at helping young people into the housing market.

Affordability has been a hot topic, particularly in Sydney and Melbourne over recent years and both state and Federal governments are moving on the issue due to significant public concern.

Parents are worried their kids will never be able to afford their own homes, so much so that many of them are in the market today buying property for their children – some of whom are still in primary school – to ensure they will have a first home close by in the future.

Given affordability will no doubt be a talking point this week, let’s take a look at the most affordable suburbs within 10km of the CBD in every capital city across Australia. These figures come from CoreLogic’s Best of the Best Report, which was released in December last year and is based on September 2016 quarter data.

Top 10 Most Affordable Suburbs Within 10km of CBD 

Sydney Houses 

1. Tempe $1,128,920 (median price)

2. Turrella $1,132,949

3. Waterloo $1,166,732

4. Canterbury $1,172,435

5. Beaconsfield $1,175,493

6. Arncliffe $1,194,713

7. St Peters $1,200,056

8. Erskineville $1,231,695

9. Pyrmont $1,248,579

10. Lewisham $1,275,278

Melbourne Houses  

1. Maidstone $692,131

2. Melbourne $704,962

3. Bellfield $706,398

4. Coburg North $740,195

5. West Footscray $755,147

6. Footscray $760,058

7. Pascoe Vale $764,581

8. Pascoe Vale South $829,280

9. Preston $832,583

10. South Kingsville $840,161

Hobart Houses  

1. Clarendon Vale $155,655

2. Risdon Vale $179,115

3. Rokeby $193,291

4. Goodwood $223,651

5. Warrane $242,673

6. Glenorchy $255,600

7. Derwent Park $255,781

8. Mornington $283,721

9. Montrose $286,673

10. Lutana $287,769

Adelaide Houses  

1. Wingfield $276,624

2. Pennington $360,942

3. Royal Park $375,794

4. Woodville Gardens $376,661

5. Athol Park $380,693

6. Saint Marys $385,990

7. Mansfield Park $386,437

8. Woodville North $388,455

9. Enfield $390,009

10. Clearview $393,519

Perth Houses  

1. Westminster $404,236

2. Nollamara $420,959

3. Redcliffe $437,733

4. Cloverdale $458,694

5. Queens Park $467,793

6. Kewdale $477,558

7. Bentley $481,866

8. Osborne Park $489,075

9. Belmont $490,137

10. Ashfield $496,441

Darwin Houses  

1. Anula $497,824

2. Darwin City $504,150

3. Wagaman $533,175

4. Jingili $546,736

5. Moil $554,600

6. Alawa $555,149

7. Millner $563,439

8. Ludmilla $634,463

9. Coconut Grove $647,960

10. Rapid Creek $673,361

Brisbane Houses 

1. Rocklea $390,241

2. Keperra $484,314

3. Nathan $526,393

4. Stafford Heights $550,274

5. Salisbury $550,365

6. Stafford $556,039

7. Everton Park $556,534

8. Chermside West $563,317

9. Mount Gravatt East $564,864

10. Chermside $565,140

Source: Best of the Best 2016, article by Tim Lawless, published by CoreLogic 19/12/16

Lists like these can be very helpful, however you need to tread carefully when looking for affordable options.

Suburbs can be affordable for a number of reasons. The best scenario for young buyers is purchasing in an affordable suburb that is on the cusp of urban renewal. One of those suburbs that has gone under the radar for a long time but due to new infrastructure or some sort of change in local demographics, it is about to become a hot spot. Those areas are always a great buy.

Other suburbs are affordable simply because, at least for now, they’re undesirable. Perhaps they have little infrastructure such as few transport options or shops. Maybe they’re a long way from jobs. Perhaps there’s a crime issue. It’s therefore especially important to do your research when buying in an ‘affordable’ suburb.