Sub-$300K Properties Hard to Find in City Suburbs

29 Mar 2012 - Steven Cross from http://www.rebonline.com.au

Just 7.1 per cent of capital city suburbs have a median house price of less than $300,000, according to RP Data’s Property Pulse report.

The lowest proportion was Canberra, where there wasn’t a single suburb with a median house price under $300,000. 

Melbourne recorded just 2.6 per cent of all suburbs with a median under $300,000; Perth recorded 3.8 per cent of all suburbs, Sydney 4.2 per cent, Darwin 5.4 per cent, Brisbane 13.1 per cent and Adelaide 11 per cent.

Hobart had the highest proportion of suburbs, at 41 per cent, with a median price of under $300,000.

However, when the data is based on actual sales rather than median prices, the results still highlight the low proportion of very affordable properties in some locations.

Regional markets offer much more affordable price points, as do the smaller capital cities of Hobart and Adelaide. Almost three quarters of all regional sales in Tasmania came in under the $300,000 mark.

Around 10 to 15 per cent of all dwelling sales across the larger capital cities have sold under $300,000, highlighting the fact that affordable housing stock does exist, providing you know where to look.