Units for sale? Three cheapest suburbs in Australian capital cities

Sydney apartment block collage cheap units skyline

First home buyers might have a window of opportunity to get on the property ladder with a smaller home loan. Domain reports that median unit prices have fallen in some of Sydney’s hottest suburbs, such as Glebe, Chippendale, and Redfern, by -10% to -19% in the last five years. 

While value loss is bad news for investors and owners counting on capital growth, it is good news for first home buyers hoping for a lower entry cost. Plus, the better news? These kinds of price drops aren’t restricted to Australia’s busiest property market. 

Many more locales across Australia’s capital cities have median unit prices selling under $300k. For a first home buyer accessing government grants like the First Home Loan Deposit Scheme (FHLDS), someone may only need $15k saved for a home loan deposit to buy in these areas. For couples, siblings, or friends going in together, the deposit costs could be as low as $7.5k each. 

This is a significant break from Mozo’s recent findings that average house deposits in Australia require six-figure savings. Units can appeal to first homeowners, investors, and downsizers alike, making them a sweet spot between entry cost and value. 

A construction lag might make units harder to buy in the future, since the eventual unit shortage could bottleneck and supercharge prices. But until then, first home buyers can try to fast-track their home-buying journey with a low-cost flat.

Which Australian suburbs have the cheapest unit prices?

Keen on buying a unit? Here are the suburbs with the lowest median unit prices in Australian capital cities, according to Domain.

Lowest median unit price suburbs in Sydney, New South Wales (NSW)

Suburb
Median
Lakemba
$370,000
Cabramatta
$394,500
Wiley Park
$395,000

Lowest median unit price suburbs in Melbourne, Victoria (VIC)

Suburb
Median
Carlton
$310,500
Notting Hill
$337,000
Travancore
$339,500

Lowest median unit price suburbs in Brisbane, Queensland (QLD)

Suburb
Median
Woodridge
$230,000
Beenleigh
$294,000
Kingston
$300,000

Lowest median unit price suburbs in Adelaide, South Australia (SA)

Suburb
Median
Plympton
$302,500
Salisbury
$320,500
Mawson Lakes
$330,500

Lowest median unit price suburbs in Perth, Western Australia (WA)

Suburb
Median
Osborne Park
$227,500
Maylands
$260,000
Shoalwater
$260,000

Lowest median unit price suburbs in Canberra, ACT

Suburb
Median
Gungahlin
$450,000
Lyneham
$510,000
Harrison
$520,000

Hobart and Darwin did not have enough data to make a top list.

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