Buying properties within 10km of capital cities is generally a good investment, but where ARE these affordable areas …and do they exist?
There’s some suburbs within 5km of capital city centres where the median unit price is $200,000 and the gross rental yield 5.33%?
You don’t have to buy that 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 kilometre radius of the city!
For some cities, the inner circle can be more or sometimes less, depending on the size of the city, however, generally it’s a good rule of thumb because it’s these areas that are more likely well serviced by transport, have social and retail amenities close by AND benefit from strong rental demand!
Below are the five most affordable suburbs for houses and units within a 5kay 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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