With Sydney's median house price tipping over the $1 million mark, the race is on to find where the best value lies.

Domain has published a list of Sydney's cheapest suburbs, according to median apartment and house prices.

Sydney's most affordable suburb for apartments is Carramar, with a median price of $329,000. Carramar is 30 km west of Sydney's city centre, reflecting the overriding trend: the cheaper properties are either west or south of the city, and are at least 30 km from the city.

If you want to live 0-5 km from Sydney city, Newtown is good value, according to the Domain numbers. Newtown's median apartment price is $620,000. Apartments in nearby suburbs Alexandria, Annandale and Lilyfield all have median apartment prices higher than $700,000.

In suburbs more than 30 km from the city, apartments are cheaper. The median price of apartments in Mount Druitt is $366,000. 

It's virtually impossible to buy a house in Sydney's inner-city suburbs for less than $1 million.

Newtown, again, offers the best value. The median house price in Newtown is $1.21 million. Of suburbs 0-5 km from the city, only Beaconsfield, with a median house price of $1.11 million, and Erskinville, with a median value of $1.17 million, offer lower prices.

To buy a house for less than $500,000, buyers will need to head more than 30 km from the city.

Marsden Park's median house price of $360,000 marks the suburb has having the cheapest houses in Sydney.

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