Buy a house in a capital city on a $700k budget
Buyers hoping to crack the property market with a $700,000 budget have access to over 200 capital city suburbs across Australia, according to a new analysis.
The Domain House Price Report reveals a list of affordable suburbs spreading across all the major capitals, excluding Sydney.
While the list has shrunk over the past year, it’s important to note that pockets of affordability still exist – but you need to know where to look, says Domain chief of research and economics, Dr Nicola Powell.
“Finding that slice of affordability is becoming harder and harder,” Powell says. “[Affordable suburbs] all seem to be in the very outer suburbs. And quite often, what you’ll find is in kind of new developing zones, too.”
An example is the suburb of Melton in Melbourne, where the median house price is $470,000, and it’s 30 kilometres away from the CBD.
“Melton is, you know, that big development corridor, which is an absolute magnet for first-time buyers,” says Powell.
“Melbourne has been able to provide a better affordable landscape relative to Sydney because it can sprawl, you know, almost endlessly sprawl. But I think the issue then becomes connectivity and making sure the infrastructure is there to support those outer suburbs, the growth, and the infrastructure and amenities that need to go with urban sprawl.”
Berrimah in Darwin is the most affordable suburb, with a median house price of $254,250, followed by Elizabeth North in Adelaide, which sits at $430,000.
Affordable houses in Melbourne
In Melbourne, there are 52 suburbs where a $700,000 budget could secure a house. Melton (median price $470,000), Melton South ($488,000), Melton West ($520,000) and Kurunjang ($521,500) are some of the most affordable locations.
5 Princess Place, Melton West VIC 3337
This three-bedroom home in Melton West has a $499,000-$549,000 price tag and comes with an old-world charm perfect for those looking for a cottagecore aesthetic in their home. It has two deck areas and an outdoor patio – perfect for those who love being outdoors.
5 Drake Court, Melton VIC 3337
This three-bedroom red-brick home sits on 591 square metres of land and is a short distance from a couple of parks. The house has two sheds, a patio, and plenty of garden space.
11 Songlark Street, Melton South VIC 3338
This brand-new Melton South home is on 315 square metres of land and has four bedrooms and two bathrooms. It has an open-plan kitchen, living area, and stainless steel appliances.
Affordable houses in Brisbane
In Greater Brisbane, house buyers should begin their search in East Ipswich, which has a median price of $488,500. The Logan suburb of Woodridge ($495,000), North Booval, also in Ipswich ($508,750) and Brendale in Brisbane’s northern suburbs ($512,000) are also very affordable options.
15 Avoca Street, Woodridge QLD 4114
This three-bedroom house sits on 668 square metres of land and has a brand-new kitchen and bathroom. It has a fully fenced yard, so dogs will have difficulty running after any pesky bird.
37a Alexandra Street, North Booval QLD 4304
Just a few minutes away from Ipswich, this two-bedroom, one-bathroom house sits on 809 square metres of land, making it a perfect development and investment opportunity for building townhouses.
118/2 Nicol Way, Brendale QLD 4500
This white brick three-bedroom villa is on 128 square metres of land and is perfect for anyone with a $700,000 budget. It has an open-plan living-dining area, solar panels and is fully fenced.
Affordable houses in Adelaide
In Adelaide, house buyers can find affordable properties in Elizabeth North (median price of $430,000), Elizabeth Downs ($460,000), Davoren Park ($463,750) and Smithfield Plains ($475,000).
54 Bristol Crescent, Davoren Park SA 5113
This four-bedroom, two-bathroom single-level house sits on 702 square metres of land. It comes with solar panels, a rainwater tank, a double carport and a lawn with an irrigation system. It also has a patio that wraps around the house, perfect for summer barbecues.
3 Chilwell Street, Elizabeth North SA 5113
Buy this three-bedroom, one-bathroom semi-detached house for less than $500,000. It’s on 472 square metres of land and has a massive backyard, which is great for kids or dogs.
38 Small Crescent, Smithfield Plains SA 5114
This four-bedroom, two-bathroom house is on 419 square metres of land and comes with a massive garage. It’s close to Munno Para Shopping Centre, Playford Shopping Centre, schools, and local parks – great for starting a family.
Affordable houses in Perth
In Perth, people looking to buy an affordable house should turn to Midland, which has a median price of $440,000, Medina ($450,000), Cannington ($490,000) and Armadale ($495,000).
2/52 Sayer Street, Midland WA 6056
This three-bedroom brick villa is 200 metres from Midland Gate and has an open-plan kitchen and dining area. The outdoor area is paved, making it great for those who don’t want the hassle of mowing grass.
13/7 Leslie Street, Cannington WA 6107
Built in 2014, this four-bedroom white-brick house is on 313 square metres of land and is at the end of a cul-de-sac. It also has an outdoor entertaining area, great for summer parties.
10 Namoi Place, Armadale WA 6112
For less than $700,000, acquire this three-bedroom house with a massive backyard pool – perfect to cool down on a hot summer day. It also has a fully renovated kitchen, a sunroom and a covered patio.
If living in an outer suburb isn’t for you, Powell suggests redefining what a first home looks like and that the first home one purchases will not be one’s forever home; it’s just the first foot in the property market.
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