Moving to Australia: Sydney homes under $500k
17 July 2016 by News DeskWhen first moving to Australia most people rent a home to start then buy a property when they have settled.
The average cost of a house in central Sydney is now around $1 million but the good news for young people moving to Australia is that properties costing under $500,000 are still available.
First time buyers and young couples can find apartments (units) at relatively ‘reasonable’ prices if they look outside the centre of Sydney.
“If you’re thinking of moving to Australia it’s worth looking at East Sydney and the Inner West of the city,” says Darrell Todd, founder of thinkingaustralia.
“You can find studio-style apartments in central Sydney costing around $500,000 but if you go slightly further out to the East you can find one-bedroom apartments (units) for the same price”.
If you’re thinking about moving to Australia it’s worth looking at suburbs such as Chippendale, Potts Point, Surry Hills and Elizabeth Bay.
Moving to Australia: Sydney homes under $500k
A typical example in Elizabeth Bay is a 1930’s-style studio apartment with combined living room and bedroom and a modern kitchen and bathroom. Recent sale prices have been around $450,000. To rent such a property will cost around $450 per week.
In the Inner West area of Sydney properties under $500k include studio apartments, one-bedroom units and older two-bedroom units. A studio apartment in Camperdown recent sold for $490,000.
In Haberfield, Summer Hill and Ashfield, you can find single bedroom units for under $500k. A one bedroom apartment in Ashfield was recently sold for $472,000.
“The good news for anyone thinking of moving to Australia is that the recent property boom has peaked,” says Darrell Todd. “Prices have stabilized and in many capital cities prices are now falling”.
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