According to the latest report from CoreLogic RP Data, you can still buy a house for just $156,078 near the city centre, as in the case of Clarendon Vale in Hobart.
In Adelaide, a standalone house in Dry Creek would cost you a median price of $244,847.
Unfortunately, the same can’t be said about Sydney, Melbourne and Darwin where the median house price has soared through the roof.
In Sydney, the cheapest suburb within the 10 km radius is Turella with a median house price of $839,676.
Melbourne’s lowest priced offering can be found in Bellfield where houses are fetching a median price of $582,000, while Darwin’s cheapest inner city suburb Malak, has a median price of $569,447.
If these price points look scary, take heart. There is a cheaper option: units.
In Sydney, you can pick up a unit in Eastlakes for a median price of just $484,487 and for $316,217 in the Melbourne suburb of Carlton. Unit prices are even more attractive in Perth where units in Mount Hawthorn are fetching just $288,137, according to the report.
“In all cities, unit stock offers a much affordable entry point into the inner city areas,” said Cameron Kusher, research analyst with CoreLogic RP Data.
“In the more expensive cities such as Sydney, Melbourne, Darwin and Canberra, it has become difficult to secure houses close the city at relatively affordable prices.”
Given the strong demand, Kusher expects this trend to continue over the years to come.
| Cheapest suburbs for houses | Median price |
| Turrella, Sydney | $839,676 |
| Bellfield, Melbourne | $582,573 |
| Rocklea, Brisbane | $353,030 |
| Dry Creek, Adelaide | $244,847 |
| Osborne Park, Perth | $431,036 |
| Clarendon Vale, Hobart | $156,078 |
| Malak, Darwin | $569,447 |
| Page, Canberra | $462,193 |
| Cheapest suburbs for units | Median price |
| Eastlakes, Sydney | $484,487 |
| Carlton, Melbourne | $316,217 |
| Holland Park West | $347,010 |
| Kilburn, Adelaide | $233,106 |
| Mount Hawthorn, Perth | $288,137 |
| Glenorchy, Hobart | $199,303 |
| Malak, Darwin | $359,780 |
| Curtin, Canberra | $306,188 |
