Australian property under $500,000

23 July 2016 by News Desk   |   SHARE  

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

Australian 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”.

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