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).
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Mirvac’s 45-level Trielle has topped out at Yarra’s Edge, pairing riverfront apartments with wellness facilities, private dining and resident services.
3 min
Mirvac has topped out Trielle at Melbourne’s Yarra’s Edge, with more than 70 per cent of the riverfront development sold and approximately 80 per cent of purchasers intending to make their apartment a home.
The figures, released on September 22, point to an owner-occupier audience for one of the precinct’s final residential towers. Mirvac began developing Yarra’s Edge in 2003, and its latest addition occupies one of the remaining absolute riverfront sites.
Mirvac CEO of Development Stuart Penklis said existing residents were among those moving up within the neighbourhood.
“Many purchasers already have a connection to Yarra’s Edge,” Mr Penklis said, describing buyers whose changing needs were encouraging an upgrade within the precinct.
“As one of the final residential towers within Yarra’s Edge, Trielle represents the culmination of more than two decades of creating one of Melbourne’s most established and sought-after waterfront communities,” Penklis said.
“Positioned on the Collins Street axis with absolute river frontage, Trielle offers residents a rare opportunity to enjoy sweeping views across the Yarra River, Melbourne skyline and Port Phillip Bay, while remaining seamlessly connected to the CBD. With Trielle now more than 70 per cent sold, we’re continuing to see strong demand from buyers seeking quality homes in established locations.”
The developer also flagged a penthouse and sub-penthouse collection with larger layouts, premium finishes and broad outlooks. The planned wellness centrepiece, The Oasis, encompasses a 900-square-metre elevated urban rainforest.
Mirvac General Manager Residential Development Victoria Elysa Anderson said Trielle had resonated strongly with buyers seeking a rare lifestyle offering in Melbourne.
“Opportunities to secure a new luxury residence on a riverfront site of this calibre are incredibly rare, particularly within a community like Yarra’s Edge,” Anderson said.
“What makes Trielle unique is the combination of exceptional views, world-class residential facilities and the lifestyle that already exists around it. Residents are buying into a mature waterfront community with parks, promenades, dining, wellness and strong community connections already in place.”
The 45-level tower brings a substantial new presence to that waterfront. Its residential offering spans one-, two-, three- and four-bedroom apartments, with Signature, Prestige and Sub-Penthouse collections accommodating different household sizes. The north-facing position connects the apartments visually to the river and city beyond.
Seven storeys above the promenade, the planned Oasis combines planting and a running stream with a Scandinavian-inspired wellness club developed with spa specialist Naomi Gregory. Facilities include a 25-metre lap pool, hot magnesium pool, sauna, hydrotherapy, a gym, yoga and Pilates room, and treatment spaces.
The amenity extends beyond exercise. Residents will have access to The Biblioteca library and workspaces, ground-floor work pods, and The Salone piano lounge. A private Chef’s Table dining room offers a setting for larger gatherings, while a cinema, games room and sports lounge broaden the entertaining options. Concierge services and a dog-wash area support everyday routines.
Trielle comprises a collection of one, two, three and four-bedroom residences. Reflecting strong demand from owner occupiers, approximately 80 per cent of purchasers to date intend to live in their homes, highlighting the project’s appeal to those seeking a long-term waterfront lifestyle.
Mirvac has recently delivered The Albertine, a premium apartment development on the edge of Melbourne’s CBD, and is nearing completion of Prince & Parade in Brunswick, further strengthening its portfolio of thoughtfully designed apartment communities in some of Melbourne’s most sought-after urban locations.
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