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.

Keeping costs down? Compare low rate home loans in the table below.

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Last updated 11 September 2024 Important disclosures and comparison rate warning*

Home loan comparisons on Mozo

  • Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.01 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,001
    Go to site

    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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