5 CBD units you’d never think would be under $600K

Think inner city living needs to cost an arm and a leg? Think again. Apartment living can be an affordable option for those who thrive on the hustle and bustle. 

Living in the CBD can be a lot of fun for those willing to sacrifice a bit of space. Fortunately, apartments in Australian cities offer plenty of style and opportunity to explore our urban centres but don’t have to cost the world.

A lot of apartments in, or near, to our city centres are new developments, which come with pros and cons.

“The risk is that building works can often be delayed due to various council regulations or problems encountered along the way,” RAMS Eastern Suburbs Franchise Principal Alistair MacIntosh explains. “Not every project goes according to plan.”

However, on the plus side, you have access to the lifestyle of your dreams at a fraction of the cost of a house, not to mention a potentially better resale price than an older, worn apartment.

If you crave a life in the concrete jungle, check out these apartments you can buy for less than $600,000 in our Aussie capitals.

1. Melbourne

Despite being one of the most expensive cities in Australia when it comes to real estate, apartment living in Melbourne’s CBD is surprisingly affordable.

While you can find plenty of one-bedders for under $500K, a little more luxury and space will see you creeping in just under the $600K mark.

The Sky Residence on Spencer St is the ultimate glamour dwelling. Picture: realestate.com.au/buy

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The Sky Residence on Spencer Street is one of the most iconic buildings in the city and doesn’t skimp on style. If the immaculately designed apartments don’t pull you in, perhaps you’ll be seduced by the elegant indoor pool or mahjong room.

A one-bedroom in this ritzy complex will cost you just over $580,000. However down the road on Lonsdale or Collins Street, a less-extravagant two-bedroom apartment will cost you the same amount or around $50K less!

2. Brisbane

The Brisbane commute got you down? Move to the CBD! There are plenty of affordable apartments on the market, especially if you only need one or two bedrooms. If you’re lucky, you may even get water views!

Enjoy that afternoon breeze from your epic balcony. All for $550K. Picture: realestate.com.au/buy

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This Ann St apartment has two bedrooms, two bathrooms and panoramic city views – all for $550K. Light cascades into the modern and stylish space, with two balconies providing an opportunity to catch some breeze in this notoriously humid city.

3. Adelaide

Did you know you can live in a two bedroom apartment in Adelaide CBD for as little as $365K?

This low-rise apartment complex on the corner of Frew and Wright streets has plenty of living space and is only a block away from the central market and Victoria Square.

Plenty of light and living space is optimal in a CBD apartment. Picture: realestate.com.au/buy

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An east-facing balcony offers insane views across the city and towards the hills, making it the perfect place to enjoy a sunset cocktail or a morning coffee at your outdoor dining set-up.

We’re also talking mod-cons here, with a dishwasher, air-con and washing machine ready to go.

4. Perth

Want access to a gym, an open-air cinema and a private cocktail bar without having to leave your building?

The Verdant apartment complex in Perth is not only impeccably styled and centrally located. There’s also some extra little touches to keep you entertained.

Want facilities in your own building as well as at your doorstep? This is the building for you. Picture: realestate.com.au/buy

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For $575K you can have all this plus two bedrooms, two bathrooms and a balcony to take in the views.

If reducing your carbon footprint is also a priority, you can rest assured this apartment is energy efficient.

5. Sydney

Time for the bad news: affordable is not a word commonly associated with Sydney CBD real estate, even when we’re talking apartment living. The market is competitive and developments are occurring more often in the suburbs closest to the CBD, with the exception being the much pricier Barangaroo precinct.

For this reason, if you want an apartment in Sydney’s CBD under $600K, be prepared to look for something much older and smaller, like this apartment on Kent St, priced at $595K.

This studio in Woolloomooloo will set you back around $500K. Picture: realestate.com.au/buy

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You might get lucky and find a studio or one-bedroom for just under $600k within the CBD, but you’re much more likely to find better deals in nearby suburbs like Woolloomooloo, Potts Point, Surry Hills, Darlinghurst, Ultimo or Chippendale.

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice. RAMS Financial Group Pty Limited ABN 30 105 207 538 AR 405465 Australian credit licence 388065. Credit provider and issuer of RAMS deposit products: Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.