Every regional market around Australia is tipped to rise so what does $700,000 buy you?
The ongoing pandemic has meant moving to regional Australia has never been more in vogue, with every property market outside the capital cities tipped to rise as result, a new report has found.
Independent property valuer Herron Todd White revealed in its June Month in Report that every regional property market around the country is experiencing a rising market, with a handful already at their peak.
Adelaide-based Herron Todd White director of valuation policy and compliance Kevin Brogan said buyers who were no longer constrained by travel or distance and historically low interest rates had led to this widespread market upturn.
“What we’ve seen across all the regional markets is quite strong and sustained growth,” Mr Brogan said. “People don’t seem to be constrained by the geographical locality any more.”
With plenty of good buying opportunities and a strong run in growth left in many pockets of the market, Herron Todd White has picked out a number of coastal and non-coastal areas around the country where you can still get into the property market for $700,000.
NSW
Less than one year ago, $700,000 could get you a foot in the door of most suburbs along the coast in the Shoalhaven region, but not any more, the report found.
Buyers would now be able to get a free-standing Torrens title property around the $700,000 mark close to the shores of Jervis Bay, and even cheaper than that closer to Nowra.
This charming four-bedroom Nowra house with a pool has a price guide of $649,000 to $699,000.
Victoria
For sea-changers in Victoria, $700,000 is an “active price point” in Warrnambool, with that budget covering almost all property types and the majority of suburbs in the region.
The report found that the most common buyers were upgraders, investors and sea-changers. But first-home buyers moving to the region were purchasing property at an even lower price point.
This three-bedroom house in the heart of Warrnambool has an asking price of $429,000.
Queensland
The Sunshine Coast has been a top pick for Herron Todd White valuers, with the report suggesting buyers would have made their money if they had parked their $700,000 in a property prior to the pandemic.
While it is harder to crack this coastal market now, it is not impossible. There are plenty of suburbs, such as Golden Beach, Battery Hill, some parts of Kawana and Mount Coolum, where buyers could still get a freestanding house for around $700,000.
Buyers would be spoilt for choice if they opted to buy a unit, although the same budget would buy you less property.
This two-bedroom, two-bathroom unit with beachfront views has a price guide of $600,000 and higher.
South Australia
Properties in the coastal suburbs south of Adelaide, including Seaford, Moana and Noarlunga, were popular sub-$700,000 picks.
This two-bedroom house at Seaford Rise has a price guide of $349,000 to $379,000 and is within minutes’ drive of southern beaches, parks and shops.
Western Australia
A $700,000 budget could buy you a range of properties and lifestyles in Western Australia, including houses in a range of inner-city suburbs or near the beach.
In some cases, buyers would have $200,000 change left over if they bought at the median house price.
This one-bedroom unit with ocean views in Cottesloe has a price guide of $389,000.
But if buyers prefer more cosmopolitan living, then this three-bedroom house in Leederville, three kilometres north of Perth’s CBD, is going for $659,450.
Northern Territory
Herron Todd White’s report said organic growth in Darwin’s residential property was “non-existent”, and encouraged buyers to invest $700,000 in Alice Springs instead.
It promised strong rental returns and might offer slight capital gains, the report said.
It suggested the suburbs of Desert Springs and Mount Johns as good areas to buy. So what would that buy you? A lot.
This four-bedroom, four-bathroom house, which is located on an almost 1000-square-metre block, is going for $629,000.
Australian Capital Territory
In the nation’s capital, $700,000 does not buy anywhere near as much, with the local market having skyrocketed since the pandemic began.
In the Tuggeranong area, buyers could now purchase a three-bedroom house in suburbs such as Gordon, Conder and Bank for $700,000, whereas a year ago the money would have bought four bedrooms, the report found.
There is little to choose from. This three-bedroom house at 34 Abercrombie Circuit, Banks, was one of the few houses for under $700,000.
Tasmania
It was a similar story in Hobart, where $700,000 could have bought you two homes a year ago but certainly not any more, according to the report.
The suburbs of Claremont, Austins Ferry, Brighton and New Norfolk were some of the postcodes where buyers could pick up a property for less than $700,000 and expect good rental returns and capital growth.
The report said buyers should expect most of them to sell for well over the listed price, with many advertising it as a starting point.
This humble three-bedroom house at 1/6 Main Road, Claremont, is expecting offers of over $489,000.
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