CoreLogic RP Data Property Pulse
Monday 27 April, 2015
Sydney and Darwin have most expensive inner-city housing markets
The cost of housing close to the centre of capital cities is continuing to climb due to the inherent shortage of land, high buyer
demand and abundance of amenity in these regions which is resulting in buyers paying a premium in order to secure a home.
It is somewhat unfortunate, however, the liveability of an Australian
capital city generally increases substantially as you move closer to
the city centre. The reason being that the provision of roads and
public transport are better, there is more local social and retail
amenity and emergency services and hospitals are more readily
available. Furthermore, the better schools are often also located
around the inner city suburbs. As a result, demand for housing in
these areas is typically much higher resulting in the cost also being
higher.
In this week’s Property Pulse we highlight the five suburbs in each
capital city which have the most affordable median value and are
located within 10 kilometres of the CBD.
The point that is immediately noticeable from the table provided with
this release is how expensive the median value is for houses within
the suburbs listed in Sydney. Turrella is the most affordable suburb
listed in Sydney with a median house value of $839,676 which is
significantly higher than the most expensive median value listed
across all other capital cities. It is a similar story for Sydney units
although the gap isn’t as large compared to the other capital cities
as it is for houses.
Sydney – all of the suburbs with the most affordable median house
value are located south of the city close to the airport. For units, it is
a bit more varied with suburbs south, east and west of the city.
Melbourne – the list for houses are scattered across the city
however, none are located to the south. Again units are a bit more
varied and the locations are scattered around the inner city.
Brisbane – the suburbs for houses listed are typically south, the
one exception is Keperra north-west of the city. For units, three
suburbs are located south and two located to the north.
Adelaide – all of the suburbs for houses listed are located to the
north of the city where values are typically much lower. For units, all
of the suburbs except for Brooklyn Park are located to the north of
the city.
Perth – all of the suburbs listed for houses are situated north of the
city, predictably all away from the water. Similarly for units all are
located north of the river.
Hobart – housing close to Hobart is much more affordable than in
all other capital cities. All of the most affordable suburbs for houses
listed are on the eastern bank of the river except for Goodwood.
For units most of the suburbs listed are situated to the north of the
CBD.
Top 5 suburbs with the lowest median house &
unit value within 10km of the CBD
HOUSES
Capital city
Sydney
Sydney
Sydney
Sydney
Sydney
Melbourne
Melbourne
Melbourne
Melbourne
Melbourne
Brisbane
Brisbane
Brisbane
Brisbane
Brisbane
Adelaide
Adelaide
Adelaide
Adelaide
Adelaide
Perth
Perth
Perth
Perth
Perth
Hobart
Hobart
Hobart
Hobart
Hobart
Darwin
Darwin
Darwin
Darwin
Darwin
Canberra
Canberra
Canberra
Canberra
Canberra
Suburb
Median value
Turrella
$839,676
Sydenham
$845,771
St Peters
$920,169
Tempe
$921,390
Waterloo
$936,540
Bellfield
$582,573
Maidstone
$588,514
Footscray
$618,235
West Footscray
$631,460
Preston
$675,973
Rocklea
$353,030
Keperra
$439,015
Tingalpa
$478,686
Salisbury
$485,570
Nathan
$487,265
Dry Creek
$244,847
Gepps Cross
$333,113
Kilburn
$352,051
Woodville Gardens
$353,125
Mansfield Park
$353,994
Osborne Park
$431,036
Westminster
$460,403
Nollamara
$462,355
Glendalough
$466,904
Tuart Hill
$481,045
Clarendon Vale
$156,078
Risdon Vale
$177,480
Rokeby
$197,172
Goodwood
$205,217
Warrane
$229,891
Malak
$569,447
Millner
$575,243
Anula
$579,677
Moil
$584,000
Jingili
$609,427
Page
$462,193
Scullin
$464,600
Evatt
$500,985
Florey
$526,179
Giralang
$532,041
UNITS
Suburb
Eastlakes
Marrickville
Newtown
Darlington
Potts Point
Carlton
West Footscray
Kingsville
Burnley
Gardenvale
Holland Park West
Gordon Park
Kedron
Tingalpa
Moorooka
Kilburn
Angle Park
Blair Athol
Brooklyn Park
Mansfield Park
Mount Hawthorn
Glendalough
Wembley
Osborne Park
Maylands
Glenorchy
Montrose
Rokeby
Lutana
Moonah
Malak
Millner
Coconut Grove
Marrara
Nightcliff
Curtin
Chifley
Hawker
Lyons
Downer
Median value
$484,487
$552,712
$559,175
$559,638
$565,141
$316,217
$325,258
$328,551
$336,802
$338,835
$347,010
$347,497
$347,712
$348,072
$350,756
$233,106
$238,842
$239,454
$240,798
$245,385
$288,137
$335,259
$356,535
$361,181
$363,422
$199,303
$208,519
$214,224
$218,931
$219,255
$359,780
$412,121
$421,826
$425,720
$443,891
$306,188
$313,181
$314,369
$320,208
$321,212
Source: CoreLogic RP Data
Darwin – all of the most affordable suburbs for houses listed are in
a similar location just north of the airport. It is a similar story for
units with all of the most affordable in a similar area north of the city.
Canberra – all of the most affordable suburbs for houses are situated in the Belconnen district of the city. For units all suburbs listed except for
Downer are either in the Woden Valley or Belconnen districts.
In all cities, unit stock offers a much more affordable entry point into the inner city areas, given this it is no wonder that unit construction in inner
city areas is booming across most cities. In the more expensive cities such as: Sydney, Melbourne, Darwin and Canberra it has become
increasingly difficult over recent years to secure houses close to the city at relatively affordable prices. This is a trend that we anticipate will
continue over the coming years given that buyers are willing to pay a premium for the lifestyle benefits associated with living closer to the city
centre.
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DISCLAIMER
In compiling this publication, CoreLogic has relied upon information supplied by a number of external sources and CoreLogic does not warrant its accuracy or
completeness. To the full extent allowed by law CoreLogic excludes all liability for any loss or damage suffered by any person or body corporate arising from or in
connection with the supply or use of any part of the information in this publication. CoreLogic recommends that individuals undertake their own research and seek
independent financial advice before making any decisions. © 2014 CoreLogic.