The price of real estate may have skyrocketed since the turn of the millennium, but you might be surprised at what $500,000 can still get you. Depending on where you are along the eastern seaboard of Australia – New South Wales, Victoria, or Queensland – half a million dollars can buy a nice starter home near the CBD, a larger family residence in the suburbs or a palatial mansion.
Here’s what $500,000 can get you in your state.
New South Wales
Want to live in the inner suburbs of Sydney but your budget only extends to $500,000? You might think it’s impossible to find any property even close to that, but the truth is actually surprising. This property in Stanmore (less than 8km to the CBD) recently sold for $495,0001 – it is a one bed, one bathroom apartment with no off-street parking.
Slightly further afield, Newcastle is becoming a hugely popular place to buy with Sydney prices out of reach for many young and first-time buyers. Investing in a new development like Waterford in the Maitland area could be the best way to purchase a home-and-land package within your $500,000 budget.
Living north of the Melbourne CBD doesn’t come cheap these days – but it is still possible to find a property under $500,000. This two-bedroom, one-bathroom property recently sold for $485,0001 in Glenroy, just under half an hour’s drive to the city.
If you’d prefer the freedom of wide-open spaces with all the essential amenities nearby, consider buying a property at Savana in Wyndham Vale, nestled halfway between seaside Geelong and the Melbourne CBD. You can buy large blocks of land2 right now and still have plenty left over to build the home of your dreams.
Head north-west and you’ll find a special development surrounded by heritage and beauty, Bloomdale. Just a short 30-minute drive to the Melbourne CBD and with major amenities like Watergardens Shopping Centre, Melbourne Airport and the Sunbury rail line all nearby, you might be surprised that house-and-land packages start from just over $440,0001 – well below the half-million-dollar mark.
In Brisbane there’s been a rise in the number of home buyers looking to the north and south. And in the north-eastern suburb of Deacon, one seller has put their high-set three-bedroom home on the market for just a touch under $500,000. While it’s a 30-minute drive into the Brisbane CBD, Moreton Bay being nearby might make up for the distance.
If you’re more of a coastal lover, there are some amazing new developments popping up on the Sunshine Coast. Harmony, for example, offers the best of both the beach and the hinterland, and is selling terrace homes for under $500,0001, as well as home-and-land packages.
Head west from the state’s capital and you’ll find hordes of Australians looking to purchase in the rapidly expanding western growth corridor. Brentwood Forest is located between Brisbane and Ipswich, in the Greater Springfield area, that’s been designed to provide home owners with a sense of place, privacy and open space. The region is also seeing major investments into its infrastructure, meaning improved transport links between Brisbane, Ipswich and Greater Springfield. Best of all, home-and-land packages start from as little as $323,5001 – ready to move in!
1 House and Land Terms and Conditions – AVID
2 Land Terms and Conditions – AVID