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Australian property under $500,000

23 July 2016 by News Desk

Australian property – popular areas of Sydney and Melbourne are expensive but you can still find a home for under $500,000.

Australian propertyAustralian property prices have reached an average of $782,000 in Sydney while an average unit in Melbourne costs around $662,000.

But if you are prepared to be flexible, live a bit further away from the city centre and don’t mind an older-style property you can find a home for less than $500,000 in both cities.

Despite house price inflation of over 13 per cent year on year, relatively affordable housing options are available in Sydney’s northern suburbs for half a million dollars.

In Waitara, northern Sydney, $500,000 could get you a semi-modern one-bedroom unit with a car parking space.

With the same money you could purchase a 45 year-old one-bedroom unit with a car parking space in Lane Cove or, in St Leonards it will get you a small studio apartment with no parking space.

Australian property under $500,000

In the central business district of Melbourne it is possible to buy a two-bed, one-bathroom apartment with a car space for $500,000.

A one-bedroom apartment at Queens Road in Melbourne recently sold for $475,000.

If you travel further out to the city fringe you can find one-bedroom, one-bathroom apartments with a car parking space for less than $500,000.

In Melbourne’s middle east, two and three-bedroom units can be found in Box Hill and Blackburn for under $600,000.

“Melbourne is an engine-room of the Australian economy and is growing fast,” says Darrell Todd founder of thinkingaustralia.

“It is still possible to find relatively affordable housing in and around the city but a buyer’s market won’t last forever.

“At the rate Melbourne is growing the thousands of new properties now coming onto the market will be sold and soon filled with residents”.

For expert help and support when buying property in Australia, Click here: buy property in Australia

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