Homes for under $500,000 can still be found in Australia’s capital cities.
SOME buyers may feel like they’ve been priced out of the market, but it’s possible to find an affordable property under $500,000 in the capital cities.
You just need to know where to look.
It is possible to crack into the property market with a budget of $500,000, but Suburbanite property commentator Anna Porter also issued a word of caution.
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“It’s a budget where you do have to be careful. Sometimes people think if it’s a cheap property you can’t go wrong, but sometimes cheap to buy means cheap to sell,” Ms Porter said.
“You do have to make sure you’re getting the right property and not having too many fundamental issues with the property at that price point.”
It is still possible to buy property in Sydney and Melbourne for $500,000, but you need to be ready to do some compromising.
“If you’re an investor chasing growth in the next three to five years, you’re not going to find it in Sydney or Melbourne,” Ms Porter said.
“But if you’re a first-home buyer trying to get onto the property ladder, now could be a great opportunity, if you are sub $500,000 you can get in.”
An apartment in Liverpool, NSW recently sold for $380,000.
A two-bedroom property at 144 Moore Street, Liverpool, 32km from Sydney’s CBD was snapped up for $380,000 in October, which Ms Porter described as “good value for money”.
“You do get two bed(room)s and car accommodation and the bathroom is updated which are the big ticks,” Ms Porter said.
“This unit is in a pocket that has a lot of older units and a high proportion of government style housing.
The spacious dining room inside the Liverpool apartment.
“The prices are held down because of that and the unit market being very oversupplied in this location and Sydney in general.”
Near Melbourne, a two-bedroom house at 20 Cox Road, Corio is on the market with a $380,000-$400,000 price guide.
Inside 20 Cox Road, Corio.
“The real tick here is that you get land content, it is however one hour out of Melbourne but it has great infrastructure, amenities and is commutable,” Ms Porter said.
“This is an indication of how far out of Melbourne metro you need to go to get some land content for sub $500,000 in an established area.”
Homes in Adelaide offer buyers a real growth opportunity.
If you’re looking for more bang for your buck, the Suburbanite CEO has labelled Adelaide as one of her ‘hot spots’, with a house at 8 Arkle Place, Woodcroft on the market for $419,000 to $439,000.
“Comparatively you get a very modern home with a small land parcel but is only 30 minutes from the CBD in a suburban family area. This is very well positioned for growth,” Ms Porter said.
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