Cheapest house on the city fringe It might be the oldest cliche in the real estate book, but when it comes to hot property it is all about location, location, location. Cheap buys on the city's is hard to find, but new research out today shows that there are still urban hot spots where buyers are getting value for money. Real estate statistics firm, RP Data, has short-listed Australia's cheapest buys within 10kms of each CBD. St Peters is the most affordable suburb for houses within a 10km radius of the Sydney CBD. Located 5.7km from the city centre it has a median value of $645,681. Other bargain inner city neighbourhoods include Waterloo, where the median value for houses is $652,370 and in Woolloomooloo is $671,804 Apart from the pricey capital cities of Sydney and Melbourne, the remaining metropolitan areas have plenty of hot properties with price tags under the $500,000 mark. The cheapest city fringe suburb in the country is the Tasmanian neighbourhood of Clarendon Vale. The low price address, which is 9.5kms from Hobart, has a median house value of just $151,089. "While the suburbs listed may not be the most prestigious or highly sought after right now, they are potentially the hidden gems in the mix and shouldn't be overlooked as they may offer great value in the future," said Cameron Kusher, senior analyst at RP Data. He said the suburbs represented good value as they have high levels of nearby amenity and with decent local infrastructure. "Looking across each of the capital cities, we can see some divergences on a city-to-city basis as well as between houses and units when looking at the suburbs with the lowest median value within 10 kilometres of the CBD," he said. As you'd expect, house values in the inner city areas are quite high. This is due to strong demand for houses in these regions and the fact that areas closer to the city typically have the best amenity and superior infrastructure," Mr Kusher said. Sydney cheapest suburbs within 10kms of the CBD St Peters $645,681 (median house value) Waterloo $652,370 Woolloomooloo $671,804 Beaconsfield $708,924 Arncliffe $737,117