Where can $500,000 bring you?

By Gerv Tacadena

For those looking to buy a home close to the city-centres, these are the places to go to.

For many home buyers aspiring to get a property within a city-centre in any state, it can feel impossible to find a decent home for less than half a million dollars.  

The solution: look at the outskirts of city centres, such as the suburbs, where prices are more affordable. CoreLogic identified such areas where home prices are below $500,000.

In Sydney, the suburb closest to the central business district (CBD) that meets this price standard is Bar Point, located 39.5 kilometres away from the city centre, where homes have a median value of $379,776.

Also Read: Why the Hill Shire is poised to be the next destination for Sydneysiders

Spencer is the second affordable suburb closest to Sydney CBD, around 45.8 kilometres away and with a median home value of $391,163.

Affordable suburbs in Melbourne are comparatively closer. Dallas, for instance, is only 16.1 kilometres away from the city centre and has a median home value of $447,221. Coolaroo is next with a $475,440 median home value, all while being 17.2 kilometres from the Melbourne CBD.

In Brisbane, the nearest suburb with under half a million dollar price tag is Rocklea, which is 8.8 kilometres away from CBD. It has a median home price of $419,922.

Down south in Adelaide, Hindmarsh offers the best accessibility and median home value. This suburb is 3.5 kilometres away from the city centre and has a median dwelling value of $436,500.

Glendalough is the most affordable suburb closest to the Western Australian capital. Located 5.1 kilometres away from Pert, the suburb has homes with median values of $422,718.

In Hobart, the nearest suburb with below $500,000 home value is Montagu Bay – it’s 3 kilometres away from the city centre and has dwellings that start at $438,110.

Millner, on the other hand, is the closest city to Darwin CBD with $489,351 median home value. The suburb is 8.1 kilometres from the city centre.

Lastly, Charnwood is the nearest affordable suburb to the Australian Capital CBD. It is 12.2 kilometres away from Canberra and has home values of $452,226. It is interesting to note that Charnwood is the only Canberran suburb with below $500,000 home value mark.

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