Does the $500K median house price still exist in Australia's capital cities? Or is it but a legend, a myth so steeped in rumour and speculation that it simply can't be true? 

CoreLogic looks at the five suburbs closest to our CBDs that have a median house price of under $500,000 and yes, they really do exist...but there's a small catch. 

Actually, it may not be a catch if you're happy to move to Adelaide or Hobart where the five closest suburbs to the CBD with an MHP of $500,000 are all less than 6 km from the city centre. 

Melbourne's closest $500K MHP suburb is Dallas—never heard of it, you say? Neither. After Googling it, I've just discovered that yes, Dallas, Texas isn't the only 'Dallas' in the world and ours is only 16 km north of the CBD out Broadmeadows way. Compared to Sydney's closest $500K MHP suburb, Bar Point, at almost 40 km out of the city (the 5th closest suburb is almost 80 km away), 16 km sounds like a dream location. 

With Melbourne's population spreading farther and farther on a yearly basis, Melbourne's other $500K MHP suburbs lay further towards the outskirts including Coolaroo, Rockbank, Weribbee and Mickleham and though those particular suburbs may seem unappealing for most, many of us may not have too much of a choice. Now I really wish I hadn't eaten smashed avo on toast every weekend for the last twenty years.

Source: CoreLogic