If saving up millions of dollars in your piggy bank for a property in one of the Australian capitals feels impossible, fear not. Despite the soaring property prices in many Australian cities, there are still some affordable suburbs not too far from city centres where you can find property for $600,000 or less.
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So, where are they, and just what will you be getting for your money?
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To find property for less than $1 million in Sydney, you have to head out west. Don’t worry, not that far out west. Just well outside a 10km radius of the CBD.
In Oran Park, a large residential development an hour and half’s drive west of Sydney, you can find brand new 4-bedroom houses on the market for between $450,000 and $600,000. In Blacktown, a booming northwestern suburb of Sydney, there are 2 and 3 bedroom apartments and houses for less than $500,000 in current listings, as well as brand new units for just under $600,000. Lastly, in Campbelltown the median house price is $585,000, and you can find decent sized apartments and 2-3 bedroom houses here for around about that price.
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Though still rather expensive, property is somewhat more affordable in Melbourne than it is in Sydney. Hundreds of thousands of dollars will go a lot further in terms of property in the Victorian capital than in the NSW capital, but you may still have to venture outside of the CBD.
The suburb of Coolaroo is a 40 minute drive north of the Melbourne CBD, and has a median house price of just $340,000. Here you can find 2 and 3 bedroom houses for about $325,000, sometimes less if you’re lucky. Such prices could leave you with plenty of breathing room to renovate and increase the value of your property, if you want to do so.
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On the western fringes of Melbourne is Tarneit, a relatively new and rapidly-growing suburb. The median house price here is $450,000, and there are contemporary 3 and 4 bedroom properties on the market here listed for less than $500,000, and sometimes less than $400,000.
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The Australian capital offers a more affordable alternative for property investors than Sydney. In Evatt, for example, a suburb 20 minutes north of Canberra central, there are 1, 2 and 3 bedroom houses on the market for $450,000 or less, and though they do tend to go for more than this at auction they still often stay below the $600,000 mark.
Even closer to the CBD than Evatt is Coombs. 15 minutes west of Canberra central, this brand new, developing suburb has stylish, contemporary 2, 3 and 4 bedroom terraces and houses currently listed for less than $600,000. At the moment there is only average demand for property in Coombs, but it’s likely that once the suburb becomes more established housing prices will go up as demand for property in the suburb increases.
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Just as they are looking towards Canberra, investors and prospective home-owners who’ve been priced-out of the Melbourne and Sydney housing markets have been turning their attentions towards Brisbane over the last few years. Yet, while Brisbane is probably the most affordable east-coast capital, it’s by no means cheap.
Half an hour south of the CBD is Runcorn, one of Brisbane’s most affordable housing hotspots. The demand for property here is quite high, particularly among young, independent professionals, but there are 3, 4 and 5 bedroom properties on the market here for less than $600,000 that would be perfect for larger families.
Another option, Everton Park, sits about 8km north of Brisbane with a median house price of $590,500. From single-storey dwellings to dual-floor townhouses and stylish, modern homes, with 2-3 bedrooms and 1-2 bathrooms, the highly-in-demand Everton Park has something for every prospective property buyer.
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The WA capital has an overabundance of property, and not enough demand to meet it, so the house prices of suburbs close to the Perth CBD are significantly lower than they would be in suburbs a similar distance outside of, say, Melbourne.
For example, Yokine is just a 15 minute drive north of the Perth CBD, and is close to Edith Cowan University, parks and golf courses. Yet you’ll find nice, modern houses, villas and apartments here with 3 bedrooms or more listed for around $300,000 to $400,000.
Glendalough, just 6km outside of the CBD, is one of Perth’s most affordable suburbs. The median house price is approximately $533,000, but you can purchase spacious, 2-3 bedroom houses, units, townhouses and duplexes for less than that easily.
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In Tasmania, the suburb of Lindisfarne lies on the eastern shores of the River Derwent, just across the way from the Hobart CBD. Given its affordability, despite its close proximity to the Tasmanian capital, it’s understandable that demand for property here is quite high (about three times the Tasmanian average). Here you can find spacious 3 bedroom properties, many with river views, with asking prices of less than $400,000, and 4 bedroom properties for between $500,000 and $600,000.
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The suburb of Broadview is 20 minutes north of the Adelaide CBD, and is seeing quite high demand for property. Although property prices in this suburb have gone up over the last 3-4 years, it’s still quite affordable to live here. There’s quite a variety of properties available, with modern, stylish, 2-bedroom apartments listed for $300,000 or less, as well as charming, 3 bedroom bungalows for $500,000 and under.
There’s even greater demand for property (more than double the South Australian average) in Henley Beach, a seaside suburb 20 minutes west of Adelaide. You won’t get as much space for your money here as you would in Broadview, but you will have ocean views, plenty of fresh air and an easy-going community around you to make up for it. For under $600,000 you’ll mostly get 1 and 2 bedroom units, terraces and apartments, but this is a steal given the sought-after location.
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Finally, in Darwin, you can find the suburb of Rapid Creek. A 15-minute drive north of the Northern Territory Capital, Rapid Creek has a lot of potential. The more modern 2 and 3 bedroom houses and units here naturally have slightly higher asking prices, around about the $500,000 mark. Slightly older properties that may warrant a little fixing up are listed more around the $250,000 mark.
Many properties here have ocean or parkland views, and with such closeness to Australia’s second fastest growing capital city, purchasing property here may prove to be a good investment in the long run.
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