Real Estate

Suburbs where you can still buy a house for $500k

Written by The ReReport

They’re the up-and-coming areas on the cusp of exploding in popularity.

And the best part is, they can be yours for a steal — for now.

Australian property experts have shared their picks for the most in-demand areas that still offer houses with median prices below $500,000.

And according to chief economist Nerida Conisbee, the best deals can now be found in Tasmania and Victoria.

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In Tasmania, Ms Conisbee singled out Lauderdale with a median house price of $470,000, Moonah with a median of $434,000, Old Beach with $449,000 and Launceston with


And in Victoria, she said the best value can be found in Ballarat with a median price of $420,000, Newcomb with $455,000, Grovedale with $495,000, Soldiers Hill with $440,000, Haddon on $500,000 and Bell Post Hill on $481,000.

“Tasmania continues to be the top performer in Australia in terms of price growth and that’s due to a combination of job and population growth and also relatively low levels of new development,” she said.

“The other factor is affordability — homes under $500,000 are virtually impossible to find in Sydney and Melbourne now, but if you go to Tasmania you can find really affordable property.”

And she said regional Victoria was also booming.

“Another thing we’ve noticed is that things are going really well in regional Victoria — so much so that Geelong has seen the strongest price growth in Australia over the past 12 months,” Ms Conisbee said.

“The Victorian economy is going really well, and it’s attracting people and driving population growth, and because Melbourne is now quite expensive there has been renewed interest in regional Victoria, particularly in places within commuting distance to Melbourne.”

She said areas like Ballarat, Newcomb, Grovedale and Haddon were attracting first home buyers and young families who wanted to find large, affordable family homes on big blocks in areas where they can enjoy a comfortable lifestyle while still being close enough to commute to Melbourne.

However, Ms Conisbee warned many of the suburbs on the list were likely to become much more expensive in the near future.

“These areas are very in-demand — there are lots and lots of people looking at listings,” she said.

“In 12 months’ time, probably many of them will be pushed over the $500,000 price point.”

Daniel Walsh from investment buyer’s agency Your Property Your Wealth also shared his top five picks across three Aussie states which are all on track to record “solid growth” in the years ahead.

They include Grovedale in Geelong, Victoria which has a median house price of $467,000, Wyndham Vale in Victoria with a $480,000 median, Petrie in Queensland’s Moreton Bay at $440,000, Raceview in Ipswich, Queensland at $343,000 and Port Adelaide in South Australia, with a median price of $350,000.

The buyer’s agent said these areas represented great value to investors and first home buyers looking to enter the market and save on stamp duty.

“Contrary to some people’s narrow viewpoint that Sydney and Melbourne are the only markets

in Australia, there are myriad locations where investors can secure affordable property,” Mr

Walsh said.

“Not only do they have median house prices under $500,000 but they are also locations on the

rise because of fundamentals such as major infrastructure or population growth.”

He said the data showed there was far more bang for your buck if you look outside our overpriced capitals.

“You don’t have to spend $1 million to make a wise investment decision — in fact, you could buy two properties for that price in these areas and benefit from the market upswing in the future,” he said.

Mr Walsh said Geelong was a winner thanks to its affordability coupled with its “robust economy”, infrastructure projects and surging population, while Wyndham Vale was also an affordable option, and has seen its median house price soar by 17 per cent over the past year.

In Queensland, a new University of the Sunshine Coast campus on the cards for Petrie has seen that suburb make the list along with its strong population growth, while Raceview is also recording a population boom and is set to benefit from some of the region’s infrastructure projects.

And in South Australia, Mr Walsh said Port Adelaide was in the midst of a “rejuvenation”,

with defence projects worth billions of dollars also in the pipeline.

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