The key drawcard for property buyers in Australia’s capital city markets
The latest data from CoreLogic has identified the most affordable suburbs attracting buyers around the country
3 min
Residential property price growth in FY24 was strongest in the lower price brackets of every capital city except Darwin, data from CoreLogic has revealed. Meantime, the mid-tier capital cities of Perth, Brisbane and Adelaide continue to lead the nation in overall value growth. Many home buyers and investors are gravitating toward cheaper suburbs that offer greater affordability due to ongoing price rises and higher interest rates constraining borrowing capacity.
“After recording a higher rate of gain through the early months of the growth cycle, conditions have faded across the upper quartile as borrowing capacity reduced and affordability constraints deflected demand towards middle-and-lower-priced properties,” said CoreLogic research director, Tim Lawless.
Over the past three months, apartment prices have also risen faster than houses in every city bar Darwin and Canberra, indicating more home buyers are compromising on the type of property they buy.
“Most cities now have a median house value that is at least 1.5 times higher than the median unit value,” Mr Lawless said. “With stretched housing affordability, lower borrowing capacity and a lift in both investor and first home buyer activity, it’s not surprising to see the unit sector outperforming for a change.”
REA Group economic analyst Megan Lieu said affordability was “now a key drawcard for buyers”.
“Demand from buyers has been high in the past year due to a number of factors that include strong population growth, increased confidence in the market and scarce rental availability,” Ms Lieu said. “Prices are expected to keep rising in the coming months due to strong demand. However, as housing affordability declines, buyers will likely continue gravitating towards more affordable areas.”
Ms Lieu said REA analysed FY24 search data from its website, realestate.com.au, to identify the ‘affordable’ hot spot suburbs of each capital city. The analysis focused on suburbs with median house and apartment prices below their capital city’s medians, and identified the most popular suburbs based on search volumes.
Here are the results.
Sydney
Sydney’s median house price is $1,407,000. The three most popular affordable suburbs for houses were Blacktown (median $980,000), Campbelltown ($855,000) and Oran Park ($1,080,000).
Sydney’s median apartment price is $775,000. The three most searched affordable suburbs were Blacktown ($530,000), Ryde ($738,000) and Hornsby ($708,000).
Melbourne
Melbourne’s median house price is $870,000. The three most searched affordable suburbs were Frankston ($740,000), Sunbury ($660,000) and Craigieburn ($640,000).
Melbourne’s median apartment price is $605,000. The most popular affordable suburbs in FY24 were Melbourne CBD ($560,000), Richmond ($590,000) and Hawthorn ($584,000).
Brisbane
Brisbane’s median house price is $840,000. The most popular affordable suburbs were Redcliffe ($770,000), North Lakes ($809,000) and Narangba ($780,000).
Brisbane’s median unit value is $555,000. The most searched affordable suburbs were Nundah ($535,000), Wilston ($550,000) and Kedron ($535,000).
Adelaide
Adelaide’s median house value is $751,000. The most searched affordable suburbs were Mawson Lakes ($725,000), Modbury ($701,000) and Mount Barker ($661,500).
Adelaide’s median unit price is $501,000. The most popular affordable suburbs were Adelaide CBD ($479,000), West Beach ($495,000) and Mawson Lakes ($440,000).
Perth
Perth’s median house price is $680,000. The most popular affordable suburbs were Baldivis ($611,000), Rockingham ($610,000) and Morley ($676,000).
Perth’s median unit price is $450,000. The affordable suburbs with the highest search volumes in FY24 were Wembley ($330,000), Mount Lawley ($430,000) and Yokine ($430,000).
Hobart
Hobart’s median house price is $700,000. The most popular affordable suburbs were Geilston Bay ($693,500), Moonah ($610,000) and Glenorchy ($558,000).
Hobart’s median apartment value is $531,000. The most searched affordable suburbs were New Town ($455,000), Glenorchy ($440,000) and Sorell ($507,000).
Darwin
Darwin’s median house price is $568,000. The most popular affordable suburbs in FY24 were Zuccoli ($530,000), Durack ($550,000) and Wulagi ($528,000).
Darwin’s median unit price is also $568,000. The most searched affordable suburbs were Darwin CBD ($440,000), Nightcliff ($382,000) and Fannie Bay ($502,000).
Canberra
Canberra’s median house price is $950,000. The most searched affordable suburbs for houses were Kambah ($850,000), Gungahlin ($900,000) and Casey ($815,000).
Canberra’s median unit price is $605,000. The most popular affordable suburbs were Braddon ($582,000), O’Connor ($531,000) and Lyneham ($520,000).
International AI strategist Justin Kabbani will headline the Kanebridge Property Summit in Sydney on June 18, with tickets selling fast.
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International AI strategist Justin Kabbani will headline the Kanebridge Property Summit in Sydney on June 18, with tickets selling fast.
2 minArtificial intelligence is rapidly reshaping business, investment and competitive advantage, and now Australia’s property industry is being told it cannot afford to sit on the sidelines.
International keynote speaker and AI strategist Justin Kabbani will headline the Kanebridge Property Summit at RACA Sydney on June 18, bringing rare insight into how forward-thinking property professionals can use AI to move faster, make smarter decisions and gain a serious edge in an increasingly competitive market.
Tickets to the exclusive summit are already selling fast.
Having worked with global brands including Uber, PepsiCo, Mattel and Destination NSW, Kabbani has become one of the leading voices on how businesses can turn AI from a buzzword into a genuine commercial advantage.
Known for his high-energy and highly practical presentations, Kabbani cuts through the hype surrounding AI and focuses on what actually matters: productivity, growth, leadership and real-world business results.
His keynote will explore how AI is already transforming industries globally, and what property developers, investors, agents and business leaders need to understand now to avoid being left behind.
Importantly, the session is designed to be practical, not theoretical.
Attendees will hear how AI can be applied across marketing, sales, operations and decision-making to improve efficiency, sharpen strategy and create new competitive advantages in a rapidly changing business environment.
The summit will also feature an exclusive roundtable bringing together leading property and finance experts for a candid, off-the-record Q&A exploring the forces shaping investment, development and wealth creation across Australia’s prestige property market.
The event follows the success of last year’s sold-out summit and will once again be hosted by respected MC John Alten.
With AI becoming one of the biggest disruptors facing business, the June 18 summit is expected to attract strong interest from property professionals, investors and business leaders looking to stay ahead of the curve.
The followings are included in every ticket:
- Full access to keynote sessions and the interactive roundtable.
- Premium selection of canapés and beverages throughout the evening.
- Complimentary annual digital subscription to two leading publications (Wall Street Journal and Kanebridge Quarterly), providing essential coverage of local and global markets, property trends and investment strategy.
Tickets are limited and selling quickly and you can buy here.
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