Affordable property still available in cities
Research sponsored by NAB Personal Banking has revealed that many suburban properties within Australian capital cities are still priced under $500,000. The ‘NAB RP Data Where to Buy Under $500,000 Report’ demonstrates that homebuyers still have many options when it comes to low-cost property purchases across Australia.
Currently over 1,200 suburbs across Australian capital cities have a median house price below $500,000. NAB Personal Banking's General Manager of Mortgages, Steven Shaw said: “With this research showing there are still a significant number of affordable properties nationally, it indicates property ownership in our major cities is more achievable for Australians than previously perceived."
Key findings from the research report revealed that nationally Adelaide was the mainland capital city with the most buys available for under $500,000. Yet buyers shouldn’t rule out Brisbane or Melbourne, which have pockets close to the city where affordable houses are abundant (west and north in Melbourne and south in Brisbane).
Inner city units in Darwin and Canberra presented the best yields when considering quality of properties and proximity to the Central Business District (CBD). Results in other cities included Perth, where the report found the best areas to buy a house were either in the south or east.
Within Sydney prospective homebuyers are presented with a significant opportunity to purchase units for under $500,000 in the Central Business District (CBD). However there are few houses to be bought within the CBD.
Source: National Australia Bank