Finding a property within a specific price range can be challenging, particularly in a market where property prices have skyrocketed in the last few years due to rising interest rates and the overall cost of living.
The latest Domain House Price Report revealed Canberra's most affordable suburbs in which to buy a house, and Richardson took the prize as the cheapest, with a median house price of $775,000, up 1.7 per cent year on year.
This was followed by Latham, where the median was $795,000, down 6.5 per cent; and Holt at $796,500, up 4.1 per cent.
Of the top 10 most affordable suburbs, three were located in Tuggeranong, four in Belconnen and three in Gungahlin. Dunlop was the 10th most affordable suburb, growing 6.3 per cent to a median of $850,000.
"Throughout my years in real estate, buyers have always had a mind that the further away from the centre of town you are, the more you get for your money and I tend to agree with that sentiment," said Kelsey Tracey of Luton Properties Tuggeranong.
"[This list is] an indicator that that statement holds some truth."
While these suburbs have become Canberra's most affordable, first-home buyers in the capital are limited to what they can afford, agents say.
"There's not much of an influx in first-home buyers but we find that their budget is capped at $750,000 and all these areas have a median above that," Steve Lowe of Agent Team Canberra said.
"But there are pockets in Canberra, like Macgregor for instance, where you can buy a three-bedroom, one-bath, one-garage home for less than $750,000."
Tracey added that first-home buyers were often limited by borrowing constraints.
"Most are looking to stay under the $800,000 mark for a free-standing home and under $450,000 in apartments," she said. "There's some nervousness around rising interest rates and also the rising cost of living, [and] I know we are all feeling that pinch at the moment."
Lowe described the current situation as a "buyer's market", and anticipated that the tide would turn even more in their favour should interest rates continue to rise.
"In saying that, we're not seeing a discount in prices just yet but that may change as more motivated sellers hit the market in the second half of this year ... when people roll off their fixed mortgages and go on variable rates," he said.
"They simply won't be able to afford to hold onto their properties longer. I think we're going to see it turn more into a buyer's market."
