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With news that Australia’s $12.6 trillion property market is losing steam and a recent report that ranked Melbourne among one of the most affordable capital cities in the country, now might be as good a time as ever to get on the property ladder. And while the inner city is not exactly known for its affordability, there are still a few suburbs (yes, just a few) where you nab a relative bargain without needing to give up those urban perks.
According to data released by the property experts at domain.com.au, Melbourne's five most affordable inner-city suburbs to purchase a home have been revealed. All are located within five kilometres of the CBD, and all are in the city's north (sorry, southsiders!).
Drumroll, please: the cheapest inner-city suburb to buy a house is Kensington. Topping the list with a median house price of $1.11 million, this budget will likely score you a townhouse or single-fronted home with two to three bedrooms.
Edward Thomas of Edward Thomas Estate Agents told Domain that Kensington’s main appeal is its connectivity to the city via plenty of public transport options, with the suburb just two stops away from Southern Cross Station.
“You’ve got literally four train stations all within walking distance,” says Thomas.
Taking the silver medal was Carlton, with its median house price offering up single fronted, two-bedroom terrace or old workers’ cottages for $1.17 million. The leafy suburb is teeming with cafés, bars and boutique shops, and is sure to lure in buyers with its close proximity to the historic Carlton Gardens.
Rounding out the top five affordable 'burbs were North Melbourne, Brunswick and Collingwood, where the median house prices are still less than $1.3 million.
And for any keen property hunters in the city's south, the cheapest location on the other side of the Yarra was Richmond, with a median house price of $1.348 million, followed by South Melbourne at $1.7 million (yep, that's quite a jump!).
The five cheapest inner-city suburbs in Melbourne for buying a house:
- Kensington – $1.11 million
- Carlton – $1.17 million
- North Melbourne – $1.205 million
- Brunswick – $1.208 million
- Collingwood – $1.255 million