Belconnen has topped the list of suburbs homebuyers should consider when looking to make their foray into property ownership.
It was one of five suburbs identified for affordability in a report by comparison website Canstar and property research firm Hotspotting.
The Bright Stars report ranked Australian capital cities and six regional locations for their affordability.
Within those jurisdictions, the report also identified affordable suburbs and towns with potential for value growth based on sales volumes, vacancy rates and proximity to infrastructure.
While Canberra was ranked third lowest for its affordability, a handful of suburbs were chosen for their potential to offer homebuyers entry-level options.
Belconnen was listed the most affordable suburb, when taking into consideration units and its small volume of houses. The median unit price in February 2023, when the report data was compiled, was $495,000, while the house median was $595,000.
"It's dominated by units (almost 300 sales in the past year, compared to 24 houses), and both have shown growth in the past year and long term," the report stated.
The analysis found a first homebuyer with a 10 per cent deposit who uses the ACT government's stamp duty concession would need to outlay $58,682 for a median Belconnen unit purchase.
That figure would be even less without lender's mortgage insurance, using the federal government's home guarantee scheme.
Nearby Bruce was also listed for its unit affordability, with the median unit value at $460,000. The report found unit values grew 15 per cent in the year to February.
There were 183 unit sales in the year to February in Bruce, compared to 32 house sales.
Canberra City units were also tipped as an affordable option for homebuyers. While the report found long-term capital growth was "not special", recent annual growth of 15 per cent was noteworthy.
There were 138 unit sales in the City for the year to February, with the median value sitting at $610,000.
The report also highlighted Turner as an affordable suburb for units, which had a median of $640,000 compared to houses, which were above $2 million.
While most Canberra suburbs wouldn't be considered affordable for houses, Charnwood in the Belconnen region made the list with a median house price of $715,000.
Hotspotting founder Terry Ryder said it was an "opportune" time to get into the market ahead of possible price growth.
"After a year in which prices fell in many locations and price growth was only moderate in others, there has been an improvement in affordability from an entry price perspective," he said.
What's on the market
Naturally the majority of homes for sale in Belconnen right now are units. Among them, 2A/17 Chandler Street is for sale with a starting price guide of $390,000.
The one-bedroom unit is marketed towards first homebuyers and investors and was recently refreshed with new appliances.
It's slim pickings in Charnwood right now, however a recent sale gives an indication on what can be on offer in the suburb.
A three-bedroom house at 11 Squire Place sold in June for $650,000. It sits on a 527-square-metre block in a quiet cul-de-sac, the listing stated.
In Canberra City, a two-bedroom apartment is currently on the market for $620,000.
Described in its listing as "sleek and modern", 607/39 London Circuit, City offers an open-plan living and dining area and a balcony with views of Telstra Tower.
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