Cheap inner-city areas – where are they?
Posted on | April 25, 2009 |
It’s well known, buying properties within 10km of capital cities are generally a good investment, but where ARE the most affordable areas?
Did you know there are suburbs within 5km of capital city centres where the median unit price is $200,000 and the gross rental yield 5.33%?
You really don’t have to buy far from the city centre to pick up a bargain!
And it’s not a bad strategy for identifying best value properties to find ones located in affordable suburbs within a 10 kay radius of the citytoo!
For some cities, this inner circle can be more or less, depending on the size of the city, however, generally it’s a good rule of thumb because these areas are more than likely well serviced by transport, have retail and social amenities near by and often benefit from strong rental demand.
Identified are the five most affordable suburbs for houses and units within a 5km radius of Melbourne City.
Melbourne - houses
|
Suburb |
Council area |
Number of sales |
Median price |
Annual change |
Median weekly rent |
Gross rental yield |
|
Braybrook |
Maribyrnong |
73 |
$345,200 |
15.45% |
$250 |
3.77% |
|
Maidstone |
Maribyrnong |
114 |
$435,000 |
14.24% |
$300 |
3.59% |
|
West Footscray |
Maribyrnong |
138 |
$447,000 |
13.62% |
$320 |
3.72% |
|
Kingsville |
Maribyrnong |
26 |
$451,000 |
11.77% |
$330 |
3.80% |
|
Footscray |
Maribyrnong |
168 |
$453,750 |
13.06% |
$320 |
3.67% |
Melbourne - units
|
Suburb |
Council area |
Number of sale |
Median price |
Annual change over 10 years |
Median weekly rent |
Gross rental yield |
|
Williamstown Nth |
Hobsons Bay |
12 |
$218,500 |
0.24% |
n.a. |
n.a. |
|
Footscray |
Maribyrnong |
155 |
$240,000 |
14.42% |
$270 |
5.85% |
|
Carlton |
Melbourne |
249 |
$246,000 |
2.60% |
$390 |
8.24% |
|
West Footscray |
Maribyrnong |
96 |
$269,500 |
15.06% |
$210 |
4.05% |
|
Braybrook |
Maribyrnong |
28 |
$275,000 |
9.85% |
$310 |
5.86% |
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Tags: capital > cities > city > investment > median > Melbourne > suburbs > value
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