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The three Australian capitals where first-time homebuyers can buy a home for under $500,000
- Median house prices in Sydney and Melbourne are now above $1 million
- Other mainland capitals offer a better opportunity for first home buyers
- Brisbane, Adelaide and Perth all have properties selling for less than $500,000
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Three of Australia’s capitals have properties on the market for less than $500,000, new data shows.
While median home prices in Sydney and Melbourne are now above $1 million, other cities offer a better opportunity for first-time homebuyers to get a foothold on the property ladder.
Real estate advisory group Suburbanite chose Brisbane, Adelaide and Perth as the best suburbs for those on a budget.
While prices in Queensland get higher the closer you get to Brisbane, there are still some affordable suburbs, such as Petrie – 35 minutes north of the CBD – with a current average unit price of $405,000.
Petrie – 35 minutes outside the Brisbane CBD – has a current average unit price of $405,000. Pictured is a house in Petrie
“It’s in that Moreton Bay district so it’s very close to town…and offers a wonderful bayside location for young families,” said Suburbanite’s Anna Porter. sunrise.
While Adelaide property prices are generally lower than other mainland capitals, they have risen significantly over the past two years.
Suburbanite’s popular suburban choice for Adelaide is Hackham West, in the south of the city, with an average home price of $446,000.
In Perth’s northern suburbs, Clarkson has been named the most affordable with an average home price of $469,000.
Those looking to enter the property market in Sydney and Melbourne will have to travel to the neighboring cities of Wollongong and Geelong to find affordable suburbs, Suburbanite said.
The Armstrong Creek suburb of Geelong – 98km west of Melbourne – has an average home price of $778,000.
The Fairy Meadow suburb in Wollongong is 82km south of Sydney and with an average unit price of $659,000, it might be worth the move.
Median house prices grew from July to September in several suburbs of Sydney and Melbourne, as well as some parts of Hobart and Brisbane, according to recent findings in PropTrack’s latest Home Price Index September 2022 report.
It found that while price declines were widespread in general, the rate of falling values had slowed and that in some suburbs, house prices had even risen.
In NSW, buyers pay an average of more than $100,000 more than in June.
Rouse Hill, 43 kilometers northwest of Sydney’s central business district, saw the highest increase in the period, with house prices rising 24.08 percent.
Hackham West (pictured), an Adelaide suburb, has an average home price of $446,000
Quakers Hill saw prices rise 17.98 percent, Edmondson Park units rose 14.14 percent and Melonba prices rose 12.09 percent.
In Melbourne, median house prices rose in 279 suburbs from July to September.
Oakleigh led the list with an increase of 6.2 percent, followed by Belgrave Heights at 5.66 percent and Hughesdale in the southeast of the city with 5.64 percent.
PropTrack revealed that 18 suburbs in Hobart showed positive growth in the September quarter.
They were led by Kingston Beach with a 19.06 percent change and Margate with 18.8 percent.
In Perth, the Clarkson suburb (pictured) has an average home price of $469,000