RP Data’s Property Pulse report released this week provides a comprehensive segmentation of median house prices by suburb across the capital cities. The research results showed that just 7.1% of capital city suburbs have a median house price less than $300,000. The lowest proportion was Canberra where there wasn’t a single suburb with a median house price under $300,000. Melbourne recorded just 2.6% of all suburbs with a median under $300k, Perth recorded 3.8% of all suburbs, Sydney 4.2%, Darwin 5.4%, Brisbane 13.1%, Adelaide 11.0% and Hobart had the highest proportion of suburbs at 41.0% with a median price under $300k.
To provide a more granular analysis, I thought it would be interesting to look at where the most sales (houses and units) were occurring under the $300,000 mark. Interestingly, when you break the analysis down to a finer level like this, based on actual sales rather than median prices, across the country the results are a little bit different (but still highlight the low proportion of very affordable properties in some locations).
The table below shows the proportion of properties that have sold since January 2011 to now where the sale price was under $300k:
No surprises that the regional markets offer much more affordable price points, as do the smaller capital cities of Hobart and Adelaide. Importantly, around 10% to 15% of all dwelling sales across the larger capital cities have transacted at price points under $300,000, highlighting the fact that affordable housing stock does exist… you just need to know where to look. It also helps if you don’t mind a long commute into the CBD and/or owning an apartment rather than a house.
The tables below show the top 20 suburbs across both the capital cities and the regional markets of each state and territory based on the number of dwelling sales recorded at a price under $300,000 since January 2011.