A new report from Domain has revealed the most and least expensive suburbs in Australia based on their distance to the city.
Domain chief of research and economics Dr Nicola Powell said there is a premium in land prices particularly in suburbs closer to the city or the coast, while city fringes provide the greatest bang for the buck.
“Looking at our more expensive cities Sydney and Melbourne we can see that moving further out from the inner city, generally block sizes get larger and come with a cheaper per square metre price tag,” she said.
“However, this isn’t always the case as key infrastructure, commercial hubs and proximity to parks and beaches all play a role.”
For instance, land prices in Guildford, Chester Hill, and Sefton, which are 19 kilometres away from the Sydney CBD, sits at $1,800 per square metre. The price drops to $1,300 per square metre for suburbs 38 kilometres from the CBD like in Mount Druitt.
“Suburbs like these are far from the city, but with more jobs moving to commercial hubs such as Parramatta and Macquarie Park, these outer areas will become more attractive due to the potential for lower workplace commute times,” Dr Powell said.
Dr Powell said buying in neighbouring suburbs that have significant differences in prices can also pay huge dividends in the future.
“As reputations change, areas gentrify and as cities grow, location becomes king,” she said.
The tables below show the five most and least expensive land markets in Australia. Press the < and > buttons to browse through each capital city.
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Photo by Altaf Shah from Pexels.
