As a rule, property prices tend to have a lower entry point the further it is from the city centre. Australia's capital city Canberra is not an exception, as Allhomes sales data over the last 12 months to March 2016 showed that the top 10 most affordable suburbs are found on the outskirts of the territory.
Topping the list is Charnwood with a median sale price of $409,000 for a family home, followed closely by Moncrieff at $410,000. Banks, which can be found in the territory's furthest southerly point, is the third most affordable suburb with a median price of $425,500.
Completing the list are Ngunanawal, Holt, Richardson, MacGregor, Higgins, Theodore, and Isabella. Out of these 10, six can be found in Canberra's north. Affordable units, like townhouses and apartments, can also be found in the north of Canberra, with Chifley being the closest to the city centre. With a median price of $298,750, it is also the most affordable suburb to purchase a unit.
The latest data from ABS shows that townhouse and unit construction approvals have increased this year, indicating the growing popularity of units and a shift to medium and high-density housing. While many buyers tend to buy properties on the territory borders due to affordability, others who want to stay near the city centre opted to purchase units instead because of their lower entry point. Detached house prices also continue to make strong gains while the tumbling prices of units have made the price point of some suburbs more attainable.
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