If your goal is to crack the inner city unit market but don't know where to start read the latest issue of Your Mortgage Magazine where Genavieve Zoeller unveils the most affordable units near the CBD
Located right near the South East Busway and the Pacific Motorway and just 6kms from Brisbane CBD, Tarragindi is one area to watch according to Cameron Kusher, senior research analyst, RP Data. "It is a very well established residential area, and to have a median unit price which is still under $300,000 is surprising. It is one of my top picks."
Located just 6kms from the CBD, Wooloowin is another popular suburb which is ideal for first home buyers searching for an inner city bargain. It's right next to the expensive suburbs of Ascot and Gladesville and benefits from their prime amenities.
Greenwich is located just across the harbour from Sydney city, near North Sydney and Crows Nest, presenting buyers with an alternative to the immediate inner city regions. It is still close by, at just 4kms from the CBD.
The suburbs of Greenwich and Darlington are both surprisingly affordable, but buyers should know that the stock in these areas tend to be older blocks of units according to Kusher. Staying optimistic, if you have a fetish for DIY renovations, there is potential value to added to many of these units.
Both Greenwich and Darlington have a unit market with a median price less than $340,000, but stock is usually restricted to one bedroom apartments. Nevertheless, these properties are in ideal locations just a stone's throw away from Sydney's CBD. They also both have good transport infrastructure supporting their property markets.
Kusher also recommends the ultra-popular suburb of Newtown, which surprisingly has a median unit price of just $340,000. Again, these units are likely to be older style character buildings with one bedroom only. But, if you can buy anywhere close to the action streets in Newtown - such as King Street - you've got yourself an unbeatable deal.
Footscray is located just 6 kms from Melbourne's CBD and is known for its post World War Two type dwellings. Kusher says areas such as Footscray are undergoing fairly substantial urban renewal, which will encourage growth in the local market.
"Once the urban renewal kicks off in Footscray the growth will flow onto areas such as West Footscray and Seddon. These inner city units are very good buying all being around or under $300,000. When you compare these prices to places like Brisbane and Sydney, these units are a lot more affordable as well."
Flemington, Fairfield, Thornbury
Kusher believes the suburbs of Flemington (5kms from the CBD), Fairfield (6kms from the CBD) and Thornbury (8kms from the CBD) all provide good areas for buying, thanks to median prices below $305,000. "A lot of these areas have good transport via Melbourne's trams system, which helps these inner city areas substantially," explains Kusher.
Get the full list in the latest issue of Your Mortgage magazine, out on sale now.
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