Australia's CBD suburbs offer houses and apartment under $1 million

PRDNationwide has revealed in its latest report that Australia still has affordable houses and apartments in the suburbs near each capital city's CBD. The report did not only provide the average price for the properties but it also included price growth, volume of sales, vacancy rates, rental yields, median rental price and online interest. Commercial, residential and industrial projects such as new roads, shopping centres and commercial precincts were taken into consideration in the report.

The report covered the best suburbs in Melbourne, Hobart, Brisbane, Sydney and Perth when it comes to housing investments. In Melbourne, the suburb of Fawkner is the best location for people who want to invest. The suburb is just 12 km north of CBD with a median house price of $577,500 and rental yield of 3.2 percent. It expected to boom as $20.9 million is allocated to its development projects. The suburb of Moonah in Hobart is another venue to invest as median house price cost $310,125 with rental yield of 5.7 percent and vacancy rate of 0.4 percent.

Ten kilometres from Brisbane, the suburb of Tingalpa is another location for investors as median house price cost $310,125 with a rental yield of 4.5 percent. The suburb has many online visitors which is three times the number of online visits that Queensland recorded. The suburb of Roseland in Sydney has a median house price below $1 million at an average of $970,000. The planned project developments in the suburb cost $155 million.

Perth's South Guildford median house price cost $559,000 but vacancy rate is high at 5.8 percent. However, the $8.5 million planned development would help recover the vacancy rate.

For apartment investments, the suburb of Berala in Sydney is a great location with a median unit price of $545,000, rental yield of 3.1 percent and a house price growth of 21.1 percent. Melbourne's Tullamarine has a median unit price of $398,000, while Brisbane's Rochedale South has a median unit price of $310,000. The rental yield for Tullamarine and Rochedale South are 5.3 percent and 4.3 percent, respectively. Perth's suburb of Balga has a median unit price of $352,000 and Hobart's suburb of Kingston has a median unit price of $310,000.