Can't afford a house? Buy in Adelaide!

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If you think you can no longer buy a property under $300,000 within close distance of the city, think again. In Adelaide alone, more than half of the suburbs (52.5%) or a total of 159 areas are still offering a median house price under $350,000 according to RP Data. Five out of six suburbs in the capital city still have a median unit price below $300,000.

Tim Lawless, RP Data national residential research director, said this indicates that the current property hot spot, Adelaide, is by far the city where the most affordable properties can be found.

"Not only is Adelaide the fastest growing property market in Australia with an annual growth rate of 21.7%, over half of the city's suburbs have a median house price of under $350,000," he said. "Buyers looking at units in the Adelaide market can virtually take their pick with most suburbs still offering affordable apartments."

Even Sydney, which is known for sky-high property prices, still has a lot to offer bargain hunters. RP Data showed that more than a quarter (25.7%) of the city's properties are still below the $350,000 median house price. "It's interesting to note that Australia's most unaffordable city, Sydney, has 143 suburbs where the median house price is less than $350,000," said Lawless. "The vast majority of these suburbs have recorded double-digit annual growth when averaged over five years."

   

Number of affordable suburbs by capital city

City Property type # of suburbs % of suburbs
Sydney House
Unit
143
70
25.70%
24.80%
Canberra House
Unit

4
13

5.30%
30.20%
Brisbane House
Unit
106
63
35.00%
44.70%
Adelaide House
Unit
159
129
52.50%
84.30%
Melbourne House
Unit
163
106

44.40%
45.30%

Perth House
Unit
21
13
9.60%
15.90%

Source: RP Data  
* Affordable suburbs have been classified as having a median house value less than $350,000 and a median unit value of $300,000

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