Home News How to find sub-$500k homes in Aussie capital cities

How to find sub-$500k homes in Aussie capital cities

Font size :

Here's how you can find sub-$500k homes in capital cities.

For many first home buyers in Australia, living in Sydney and Melbourne remains a distant dream due to the high price of properties. However, some experts believe first home buyers can still score good deals in these cities, especially if they know where to look.

Industry watcher and Suburbanite commentator Anna Porter told Perth Now that it is still possible for buyers to find affordable properties in the city or within close proximity to state capitals.

Porter said there are some properties which are priced below $500,000, perfect for first home buyers looking to enter the property market.

However, Porter warned that buyers need to be careful in considering homes with such price tags.

“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. 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," she said.

Also Read: Adelaide trumps Hobart as most affordable capital city

This is particularly for capital cities other than Sydney and Melbourne. However, if seekers are targeting to enter the two biggest housing markets, they 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. 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," she said.

Porter noted a property at 114 Moore Street, Liverpool which was sold for only $380,000 early this month. The property is roughly 32 kilometres away from Sydney CBD, in an area where there are a lot of dated units and a high concentration of government style housing.

"The prices are held down because of that and the unit market being very oversupplied in this location and Sydney in general," Porter said.

The property also has two bedrooms, a car accommodation, and an updated bathroom.

For those who think snapping up a property in Sydney and Melbourne are way beyond their means, Porter said the next ideal market to consider is Adelaide.

"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," she said.

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Mortgage News and Articles

What could be discouraging Australians from taking out a home loan? What could be discouraging Australians from taking out a home loan?

The number of first-home buyers planning to apply for a mortgage declined significantly Read more

Bendigo embraces fintech to offer instant home loans Bendigo embraces fintech to offer instant home loans The service is expected to become available to customers in early 2019 ... Read more

Labor's negative gearing overhaul to prolong housing downturn Labor's negative gearing overhaul to prolong housing downturn Industry experts predict a 19% two-year price decline should policies change ... Read more

Former CBA executive to be the CFO of a new digital bank Former CBA executive to be the CFO of a new digital bank Following its merger with Finsure, Goldfields Money appoints a new CFO ... Read more

More mortgage news and articles

Sponsored Links

Monday, Nov 19, 2018
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords