In a welcome development for investors and homebuyers alike, there are many suburbs in Australia which are comparatively cheaper than several other areas. The best part is that these suburbs are situated within a 10 kilometre radius from major capital cities in the country. Central suburbs are usually more affordable due to balanced demand and supply and also for the fact that many of these areas have big-scale industrial operations.
Port Melbourne, for instance, was always an industrial zone but it has evolved into a coveted housing market and has become more popular these days. These cheaper suburbs are great options for first-time homebuyers to get immense value in future on their investments. Wolli Creek is located only 9 kilometres away from the CBD in Sydney and has median home prices lower than $1 million. The prices have touched $850, 000 by November 2018. The affordability benefit is reinforced by excellent connectivity to the city and there are several new properties here while the Princess Highway runs through the area. Other suburbs which are cheap and located within 10 kilometres of Sydney include Bardwell Valley, Canterbury, Banksia, Sydenham, Arncliffe, Beaconsfield, St Peters and Waterloo.
For the ACT, Belconnen is the most affordable suburb within 10 kilometres of Canberra and the median home prices touched $425, 000 here recently. Other affordable areas include Wanniassa, Phillip, Rivett, Holder, Fisher, Page, Weston, Duffy and Macquarie. Karama is only 10 kilometres away from the CBD in Darwin and is the most affordable option with median home prices of $370, 000. There is ample social housing in this suburb and other affordable zones near Darwin include Anula, Alawa, Millner, Wagaman, Wulagi, Rapid Creek, Malak, Ludmilla and Moil.
For Queensland, Rocklea is only 9 kilometres away from the city and median home prices are roughly $393, 500. Other areas which are near Brisbane and are hugely affordable include Tingalpa, Keperra, Chermside, Everton Hills, Murarrie, Chermside West, Salisbury, Everton Park and Stafford. Athol Park is another affordable suburb in South Australia within 10 km from Adelaide and median prices hover around the $368, 500 mark. Other cheap suburbs include Northfield, Angle Park, Mansfield Park, Pennington, Woodville North, West Richmond, Woodville Gardens, Ferryden Park and Hendon.
Within 10 km of Hobart, Risdon Vale is the cheapest suburb here with a median home price of $255, 000. Other cheaper suburbs include Rokeby, Clarendon Vale, Goodwood, Warrane, Derwent Park, Glenorchy, Mornington and Dowsing Point. For Victoria, Footscray is located 7 kilometres away from Melbourne and has median prices of $902, 500. Other cheap suburbs near Melbourne include West Footscray, Williamstown North, Maidstone, Flemington, Bellfield, Pascoe Vale South, Coburg, Kingsville and Maribyrnong.
In case of Western Australia’s capital Perth, Mirrabooka is only 10 kilometres away from it and median home prices stand at $322, 000 here. Other affordable areas near Perth include Cannington, Nollamara, Westminster, Glendalough, Cloverdale, Ashfield, Belmont, Redcliffe and Queens Park.