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As Australia’s third most expensive capital city to buy a house, it’s important to keep in mind which suburbs are the most affordable when searching for your new home in Canberra.
The capital city is becoming more urbanised, and has a stronger economy with a high employment rate. In addition, the city’s affordability compared to Sydney and Melbourne makes Canberra a strong competitor in the Australian housing market. All of these factors have resulted in the higher median house prices.
During autumn this year, the median house price reached $733,786, a significant increase from the $705,059 a few months ago. It’s also expected increase to $770,000 by 2020, according to Domain Group. If these numbers sound alarming to you, take a look at the median prices for these suburbs.
North Canberra hosts the majority of the most affordable houses, which is why many first homebuyers are choosing to invest in this side of town. Here are the median prices of five noteworthy suburbs:
- Belconnen: $423,500
- Charnwood: $455,000
- Macgregor: $463,500
- Holt: $473,500
- Ngunnawal: $475,000
These suburbs are all generally close to the city: about 15 minutes by car, which is great for those commuting to work in that area. These suburbs are close to shopping malls including the Canberra Centre and Westfield Belconnen, which are the hub of Canberra’s best restaurants, shops and nightlife. It’s also great for those attending the Australian National University and the University of Canberra, because it’s no more than a 10-15 minute drive.
Other suburbs to consider include: Higgins (540,000) and Jacka ($460,500), a little further afield.
Buyers who want to be closer to the snow, or generally have a preference for living in the south side of Canberra will find it harder to find affordable housing compared to north side. That’s not to say that the median house prices in these suburbs are significantly lower than the state’s overall median house prices. Consider these top five suburbs you could be living in:
- Banks: $480,000
- Richardson: $501,000
- Isabella Plains: $507,500
- Chisholm $515,000
- Theodore: $520,500
Residents in south Canberra can take advantage of the close proximity to nature parks and reserves, including Wanniassa Nature Reserve and Big Monks Mountain. Moreover, these suburbs are suitable for couples raising a young family. In 2013, south Canberra was recorded to have the highest quality of life. This was base on factors including: levels of safety and security, the quality of the environment, young people in full-time work or education, air quality, job availability and Internet access.
Other suburbs to consider include: Gilmore ($525,000) and Kambah ($540,000).
If you have a tighter budget and don’t mind the commute with more peace and quiet, these suburbs could be ideal for you to call home.
1. Yass: $386,500
2. Karabar: $485,000
3. Queanbeyan: $498,000