Buyers looking for affordable suburbs pushed to the outskirts

Font size :
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.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Thursday, Sep 21, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords