The most affordable properties for sale in Australia's most expensive suburbs
Feel like hobnobbing with the super-rich? Love the idea of bumping into the odd billionaire while out walking the dog?
We know all about buying the worst house in the best street, but buying the most affordable home in the most expensive suburb has become the aim for many who dream of a blue-chip lifestyle on a pie-’n’-chips wage.
“It makes perfect sense,” said agent Marcus Abraham of BresicWhitney Inner East.
“Why not buy in a certain location for the lifestyle you know will come with it? I think a lot of people are now prepared to sacrifice a bit of space in their home for the chance to live in a really premium area.”
For no matter how pricey a location is, there’s almost always an affordable bolthole somewhere in there for sale.
In Australia’s most exclusive suburb, Bellevue Hill, for instance, with its median house price a cool $9 million, Abraham is currently selling a one-bedroom apartment at 16/177 Bellevue Road with a price guide of $750,000.
It’s a great entry level home for Bellevue Hill, he said.
“It’s close to the heart of Double Bay, has a lovely leafy outlook and gives you all the benefits of the area.”
Even in Melbourne’s ritzy Toorak, there’s usually a cut-price opportunity.
Despite the suburb’s median house price of $4.9 million, check out the one-bedroom apartment nestled among the mansions at 19/298 Williams Road for just $270,000 to $297,000.
“A property in this kind of area you know will always hold its value,” said selling agent Sean Evans of Woodards South Yarra.
“At the same time, you have access to a great lifestyle, close to all the boutiques and cafes of Toorak Village, and with the park across the road and the Yarra River nearby.
“The apartment does need a renovation with repainting and a bit of a kitchen and bathroom renovation, but it is such a fabulous location.”
Handsome Hamilton in Brisbane, with the city’s highest median at $2.3 million, is no exception. It also has reasonably priced property if you look hard enough, like a one-bedroom apartment at 1101/35 Hercules Street, with comparable sales in the mid to high $400,000s.
“It is like buying the worst house in the best street,” said agent Jon Smith of Smith & Li.
“It surrounded by so much amenity, the best the area can offer and it’s just a short bike ride to the CBD with a great riverside lifestyle.”
It’s the same for every city in Australia.
While O’Connor is one of Canberra’s top suburbs with its lofty median price of $1.451 million, there’s a two-bedroom apartment at 14/39 Brigalow Street for sale with a guide of $430,000 to $460,000.
In Adelaide, you could choose the fabulous Medindie, where a house sold eight months ago for $9.25 million, or opt for a townhouse off the plan at 34 Robe Terrace for sale at $2 million to $2.2 million.
Perth also has its ups and downs. Dalkeith has a median price of $2.925 million and a two-bedroom, two-bathroom house at 1/8 Philip Road for sale with a guide in the early $1 millions.
Even in Tasmania, it’s location, location, location. Sandy Bay commands a median of $1,275,000, but it has its cheapies, including a studio at 12/8 Margaret Street for offers over $395,000.
“For buyers going for these kind of affordable homes, it’s often much more about where it is rather than what it is,” said Daniel Gillespie, of Belle Property Bondi Junction, who’s selling a two-bedroom unit for $885,000 at 3/1 Palmerston Avenue, Bronte – a suburb where the median cash splash is $5.55 million.
“They’re willing to compromise on size and space for the chance to live in one of the city’s best locations.”
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