Money The cheapest Aussie city to buy a home close to the CBD

02:56  06 june  2018
02:56  06 june  2018 Source:   msn.com

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A new analysis has revealed the cheapest city in the country to buy a house within five kilometres of the CBD . Devon Park, is only 4.7 kilometres from the CBD , but the average home sells for 1,000.

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a view of a city: Five suburbs located within five kilometres of Adelaide's CBD have average purchase prices under $500k. (9NEWS)© Provided by Nine Digital Pty Ltd Five suburbs located within five kilometres of Adelaide's CBD have average purchase prices under $500k. (9NEWS) Adelaide is the cheapest city in the country to buy a house within five kilometres of the city, new analysis has found.

Property research firm, Core Logic, found five inner-city suburbs in Adelaide that have an average purchase price under $500,000.

“You don't get a unit, you don't get a town house, you get your own home on your own land and you get a piece of property that you can actually add some value to it,” Harcourt Real Estate’s Chief Executive, Andrew Friebe told 9NEWS.

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Celebrity buyer's agent Veronica Morgan sat down with Domain and gave us her top tips on buying a home . Those unwilling to relinquish their dream of a house on the city ’s doorstep will need to dig deep. The cheapest suburb within five kilometres of the CBD is Waterloo with a median house price

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Mr Friebe said many people still don’t even know these small suburbs exist.

Devon Park, is only 4.7 kilometres from the CBD, but the average home sells for $481,000.

While neighbouring suburb, Renown Park, is just over four kilometres from the city and has a median price of $480,000.

Real Estate agent Kris Papagiannis said he is surprised there isn’t greater interest in Renown Park.

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a man and a woman standing in front of a building: Real estate experts said many people are still unaware the small and affordable suburbs exist. (9NEWS)© Provided by Nine Digital Pty Ltd Real estate experts said many people are still unaware the small and affordable suburbs exist. (9NEWS)

“To consider it’s under $500,000 here, where are you all? Where's the buyers?” Mr Papagiannis said.

In Hindmarsh, which is just 3.5 kilometres from the city, houses sell for $436,000.

Cowandilla, has an average purchase price just below five hundred thousand dollars, and is just over four kilometres from the city.

And nearby West Richmond has a median price of $458,000.

Core Logic looked at every capital city across the country to find the suburbs where homes sell for under $500,000; Adelaide was the only city to have five suburbs.

a man and a woman standing in a room: Unlike Sydney or Melbourne, properties under the half-million mark can be found in close proximity to the CBD. (9NEWS)© Provided by Nine Digital Pty Ltd Unlike Sydney or Melbourne, properties under the half-million mark can be found in close proximity to the CBD. (9NEWS)

In Sydney, you'd need to drive 52 kilometres from the city to find a half a million dollar home.

Meanwhile, in Melbourne you'd have to travel at least 21.5 kilometres.

“If this was (home) was in Melbourne or Sydney, you're looking at a million and if you're looking in Sydney the average price is well over a million dollars,” Mr Papagiannis said at an open inspection in Devon Park.

Mr Friebe, from Harcourts, said given the growth in other inner city areas in Adelaide, including Brompton and Bowden, house prices are set to rise steeply.

“I think now is the time to buy into them because they won’t actually be under 500 (thousand) come this time next year,” Mr Friebe said.

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