Where to buy a home for half the price

The suburbs where you can get a house-sized unit for more than half the price of a typical house.

They’re a similar size inside — but less than half the price.

Record gaps between unit and house prices have created pockets where home seekers can get apartments that closely match local houses in floor area, but are as much as 68 per cent cheaper.

Exclusive research by SuburbData revealed the best value unit markets across the city, measured by the average difference in prices between houses and apartments with similar rooms and floor space.

A three-bedroom apartment in this complex in Kedron, Brisbane, recently sold for $675,000.

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The research by SuburbData considered relative house and unit prices in each suburb, as well as typical floor space or house block size and number of bedrooms in the respective dwelling types.

The data revealed a house-sized unit could be purchased in some Sydney suburbs for up to 68 per cent of the price of a similar-sized house, with a high concentration of “good value” apartments on the north shore and in the outer suburbs of the inner west and St George region.

In Melbourne, a unit could be purchased for a third of the price of a typical house in some of the city’s more affluent suburbs, such as Elsternwick, where there is a staggering $1.205m difference between the $581,000 median unit price and a typical $1.786m house.

An average house in the suburb of Elsternwick costs $1.786m, compared to a unit at just $581,000.

Where 70pc of homes are paid for with cash

Prominent buyer’s agent Cate Bakos said she expected that gap to close in the coming years, making it a potentially lucrative way to get a home in a sought-after pocket for far less than your neighbours.

“Camberwell, Elsternwick, Williamstown, and Elwood are unbeatable in location with amenities, infrastructure, and schooling,” Ms Bakos said.

“When you look at value compared to houses, it’s a no-brainer.”

Buyer's agent and president of the Real Estate Buyers Agents Association of Australia Cate Bakos.

However, Ms Bakos warned budget buyers to think carefully before purchasing in places like Camberwell, despite a $1.665m difference between what you’ll pay for a unit in the suburb compared to a house.

She also cautioned buyers to think carefully in areas like Sunbury and Heidelberg West where stretching for a house could reap bigger long-term rewards for as little as $150,000 more.

PropTrack’s latest Home Price Index showed Brisbane apartment prices surged 17 per cent over the past year to a median value of $670,000 in October, outpacing houses which were up 12 per cent to $970,000.

This unit in Teneriffe sold recently for $810,000 — much less than the median house price in the suburb of $4.1m.

Leading the list of 29 suburbs where you could get a unit for better value than an equivalent-sized house in Brisbane was ritzy Teneriffe, where a typical unit priced at $908,000 was just 22 per cent of the jaw-dropping median house price of $4.11m.

Buyers in Paddington and Auchenflower also benefited, with units priced at 34.6 and 33.8 per cent of houses, providing proximity to the city without the hefty outlay.

In Adelaide, the biggest savings can be made in North Adelaide, where the typical unit or apartment costs two-thirds of an average house.

The typical unit will set you back just $484,000, while the median house value is $1.464m.

It’s a similar situation in Glenside, where units and apartments, at $566,000, are just 34.8 per cent of the price of the average house at $1.626m.

This two-bedroom unit at 8/90 Jeffcott St, North Adelaide, is on the market for $600,000.

The revelations come as additional ANZ data showed apartment and house values have been on a markedly different trajectory since the Covid pandemic began in 2020.

National house values grew by an average of about 44.5 per cent between March 2020 and October 2024, more than twice the rate of increase in unit prices (20.7 per cent).

The ANZ report showed demand for units was rising as house affordability waned, with apartment price growth now tracking in line with houses.

Originally published as Where to buy a home for half the price