The (almost) impossible hunt for homes under $750,000 in Australia's big cities

With property prices continuing to grow across most Australian capital cities the dream of buying a first home has not only slipped out of reach, but turned into a nightmare for many first homebuyers. 

Those hoping to get into the market often turn to the outer suburbs or apartments to get a foot on to the property ladder, thinking that their savings and borrowing capacity makes buying a home closer to the city impossible.

But it turns out that it’s actually possible (Warning: You may have to throw the concept of your dream home out the window).

Even in Sydney, which has a median house price of $1,021,968, you can find two-bedroom homes for under $750,000, that are less than 15 kilometres away from the CBD. We know that’s not exactly cheap, but it’s a start and it only gets cheaper as you move on to more affordable cities.

To show you what you can get for your money in different cities we set ourselves a challenge to find homes currently on the market, that have at least two-bedrooms and are within 15 kilometres of the city centre. The homes also had to be advertised for under $750,000 (for Melbourne and Sydney) and under $550,000 the remaining cities, which have a lower median house price.

Sydney

Price: $710,000-$730,000                                

Distance to city centre: 12km

This Campsie townhouse may not be within walking distance of the CBD (well maybe if you’re nice and fit) but it’s about as close to the CBD that you’ll get if you’re looking for a two-bedroom house that is under $750,000 in Australia’s most expensive city. 

The two-storey property, which sits on a quiet tree-lined street a couple of minutes walk from Campsie train station, school and shops, has two bedrooms, a living and dining area, bathroom, courtyard, laundry, solid kitchen and a lock up garage.

The suburb ranked 398th out of the 555 suburbs in Domain’s recent liveability study, receiving good marks for telecommunication coverage, trains and shopping. In most other areas, its results were around the average, including for culture, proximity to employment hubs, cafes, bus links, crime and education.

Melbourne

Price: $680,000

Distance to CBD: 5km

As you head south, things start to look up and it becomes slightly easier to find a property under $750,000 that’s closer to the CBD.

This two-bedroom townhouse in Fitzroy North, has a private north-east facing courtyard, designated parking, an open plan living and dining space, well-equipped kitchen, plus two large upper level bedrooms separated by a bathroom/laundry.

Nelson Alexander property consultant Alexander Hill said Fitzroy North was popular with young families thanks to the good schools in the area, parklands and cafes.

“It’s fantastic…It has a really strong community feel,” he said. “And you can hop on the Brunswick Street tram which takes you straight into the city in no time.”

He said he didn’t think the market had fully realised the value of older townhouses yet, noting that they generally offered more space than off-the plan apartments for the same price.

Brisbane

Price: $525,000

Distance to city centre: 7km

For under our revised budget of $550,000 for Brisbane, which has a lower median house price, we found this three-bedroom townhouse that’s just a 15-minute drive from the city centre.

The Coorparoo property has a master bedroom with a walk in wardrobe and en suite, two more spacious bedrooms, another 1.5 bathrooms, a kitchen and open dining and living area, a laundry room and a garage.

The home is in Wellington Manors, a tightly held complex of six townhomes, and in a nice neighbourhood with multimillion-dollar homes at the top of the hill on Welwyn Street.

Canberra

Price: $430,000

Distance to city centre: 8km

This single-level townhouse may not be in the city centre, but it’s only about a 12-minute drive away from the CBD.

It has two good size bedrooms, an open plan living area that connects to the new kitchen, a large courtyard and an oversized single garage.

The home, which is priced well under $550,000, is just a short stroll to playing fields, Jamison shopping precinct, local schools and only minutes away from Canberra University, Calvary Hospital, Belconnen and Canberra City.

Adelaide

Price: $549,000

Distance to city centre: 3.6km

This stylish courtyard home in popular Parkside, which comes in just under our budget, is an eight-minute drive from the city centre.

The home has two large bedrooms, a spacious bathroom, open plan living and dining, a social kitchen space that opens on to a central courtyard, as well as an external courtyard and a single carport.

It’s close to quality schools, public transport is just a short stroll away and has easy access to both Frewville Foodland and the Arkaba Shopping Centre.

Perth

Price: $549,000

Distance to city centre: 2km

When you move west to Perth, you can get this semi-detached home in the inner suburb of Highgate, north of the CBD, for just under $550,000.

The character filled home, complete with fire places, has two bedrooms, one bathroom, an open plan kitchen, dining and living area and three small courtyards.

It’s also in a pretty good location, with the city centre, Northbridge and the vibrant cafe and boutique wine bars of Mount Lawley, all within walking distance.

Hobart

Price: $500,000+

Distance to city centre: 5km

This two-bedroom, two bathroom Sandy Bay townhouse would be a pretty great place to watch the sun go down thanks to its spacious deck with stunning water views.

The two-storey home also has an open plan living and dining area that leads to a modern kitchen, a large rumpus/study room, a separate laundry, a courtyard garden and off-street parking.

The home is also close to local schools, sporting ovals and walking tracks, Sandy Bay Village and Lower Sandy Bay shops and beaches. Although we did find Hobart properties closer to the CBD, we just couldn’t go past a home with a view.